Travel Retail Market Insights
Travel Retail Market Size is expected to reach USD 202.95 Billion by 2030, from the value of USD 95 Billion in 2021, and register a CAGR of 8.8% during the forecast period (2022-2030).
The travel retail market refers to the sales of goods and services to passengers in transit, typically in airports, seaports, and other transportation hubs.
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The travel retail market can be segmented based on product type, channel type, and geography. Based on product type, the market can be further segmented into perfume cosmetics, wine spirits, tobacco, electronics, and others. The perfume cosmetics segment is the largest product segment, accounting for over 30% of the global market share. This can be attributed to the increasing demand for luxury beauty products and the availability of exclusive products in the travel retail market.
Based on channel type, the travel retail market can be further segmented into airport, seaport, and others. The airport segment is the largest channel segment, accounting for over 70% of the global market share. This can be attributed to the large number of passengers traveling by air and the presence of duty-free shops and luxury brands in airports.
Market Segment
By Type :
Perfume Cosmetics, Electronics, Wine Spirits, Food, Confectionery Catering, Tobacco, Luxury Goods, and Others
By Sales Channel:
Airports, Cruise liners, Railway Stations, Border, Down-Town Hotel Shop
By Geography:
North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Geographically, the travel retail market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Asia Pacific is the largest market for travel retail, accounting for over 40% of the global demand. The growth of the market in this region can be attributed to the increasing number of international tourists and the rapid expansion of airports in countries such as China and India.
In conclusion, the global travel retail market trends is expected to see significant growth in the coming years due to the increasing demand for luxury goods and exclusive products in airports and other transportation hubs. The market can be segmented based on product type, channel type, and geography, with the perfume cosmetics segment and airport channel being the largest segments, respectively. Asia Pacific is expected to be the largest market for travel retail.
The study provides answers to the following key questions:
- What type of customers buying the products and services from companies operating in the Travel Retail Market?
- What will be the roadmap for the product manufacturers operating in the Travel Retail Market for the forecast period, 2022-2030?
- What are the recent developments in the competitive landscape to look out for during the estimated period?
- What are the major trends influencing customers’ lives and their buying behaviour?
- How can brands best communicate with the customers they intend to target?
- When, where and how the customers want to use or consume the products or services?
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