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Travel Retail Market 2023-2028: Growth, Trends Analysis, Size, Share and Forecast

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Travel Retail Market 2023-2028: Growth, Trends Analysis, Size, Share and Forecast

April 18
19:21 2023
Travel Retail Market 2023-2028: Growth, Trends Analysis, Size, Share and Forecast

According to the latest report by IMARC Group, “Global Travel Retail Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028“, the global travel retail market size reached US$ 56.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 88.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028.

Industry Definition and Application:

Travel retail involves selling goods and services to international travelers during transit. The trade is made in different travel environments, such as airports or seaports, where the buyers must show proof of nationality or travel to access the commercial area. Some commonly available travel retail products include beauty and personal care products, fashion accessories, perfumes, premium alcohol, tobacco, food and beverages, and electronics. It is widely available at hotels, cruises, border ships, international aircraft, ferries, and other marine vessels on international waters. In recent years, travel retail has gained immense traction as it generates vital revenues for national aviation, travel, and tourism industries.

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Market Trends and Drivers:

The global travel retail market is primarily driven by the increasing consumer preference to purchase premium and luxurious products while traveling. Additionally, the growing popularity of premium wines and spirits among international travelers is positively influencing the market growth. Moreover, the easy product availability via websites and mobile applications that allow customers to pre-order products and collect them on arrival is catalyzing market growth.

Besides this, numerous technological advancements, such as the introduction of touch screen and interactive retail kiosks that provide seamless ordering and payment solutions, represent another major growth-inducing factor. Other factors, including favorable government policies, rapid expansion in the travel and tourism industry, rising urbanization, inflating consumer expenditure capacities, and changing lifestyle preferences, are also anticipated to propel the market growth.

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Travel Retail Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global travel retail market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Aer Rianta International, Lotte Hotels & Resorts (Lotte Corporation), LVMH Moët Hennessy Louis Vuitton, China Duty Free Group Co. Ltd., Dufry AG, Duty Free Americas Inc, Gebr. Heinemann SE & Co. KG, KING POWER International, Lagardère S.A and The Shilla Duty Free (Hotel Shilla Co. Ltd.).

Key Market Segmentation:

The report has segmented the global travel retail market based on product type, sector, distribution channel and region.

Breakup by Product Type:

  • Perfume and Cosmetics
  • Wine and Spirit
  • Electronics
  • Luxury Goods
  • Food, Confectionery and Catering
  • Tobacco
  • Others

Breakup by Sector:

  • Duty-Free
  • Duty Paid

Breakup by Distribution Channel:

  • Airports
  • Cruise Liner
  • Railway Station
  • Border, Downtown and Hotel Shop

Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Ask Analyst for 10% Free Customized Report:

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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