Travel Retail Market Insights
The Travel Retail Market is expected to expand substantially and reach USD 202.95 billion by 2030, indicating a substantial surge from its worth of USD 95 billion in 2021, experiencing a compound annual growth rate (CAGR) of 8.8% over the projected period of 2022 to 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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Categorically, the travel retail market can be classified based on its channel type, product type, and geographic location. Product type-wise, the market can be classified into wine spirits, perfume cosmetics, electronics, tobacco, and other categories. The perfume cosmetics division dominates the market share, accounting for over 30% of the worldwide market share. This is attributed to the increasing demand for high-end beauty products and the accessibility of exclusive merchandise in the travel retail market.
The travel retail market can be classified further based on its channel type, which includes airport, seaport, and other categories. The airport segment is the most significant channel category, representing over 70% of the global market share. This can be explained by the vast number of air passengers and the availability 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 divided into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa regions. The Asia Pacific area commands the leading market share for travel retail, with more than 40% of the global demand. The market's growth in this region can be attributed to the increasing count of international tourists and the swift development of airports, particularly in 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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