According to ‘Travel Retail Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026’ published by The Business Research Company, the travel retail market size is expected to grow from $58.89 billion in 2021 to $68.54 billion in 2022 at a compound annual growth rate (CAGR) of 16.4%. As per TBRC’s travel retail market research the market size is expected to grow to $111.02 billion in 2026 at a CAGR of 12.8%. The growing number of international travelers is expected to propel the growth of the travel retail market going forward.
The travel retail market consists of sales of travel retail by entities (organizations, sole traders, and partnerships) that refer to the business mainly revolving around airports, airplanes, cruise ships, and downtown duty-free stores. Travel retail products are sold during a travel environment where taxes and duties are payable, even during international travels. It is also referred to as the business of catering to shoppers while they are in transit.
Global Travel Retail Market Trends
Technological advancement is a key trend gaining popularity in the travel retail market. Technological advancement is a discovery of knowledge that advances technology. Travel retailers are using data insights such as advanced knowledge about the arrival and destination of the customer, and to cater to specific needs. Staff and retail displays are designed to accommodate incoming passenger language and cultural sensitivity so that the right products are plainly visible to the right customers.
Global Travel Retail Market Segments
The global travel retail market is segmented:
By Product Type: Perfume and Cosmetics, Wine and Spirit, Electronics, Luxury Goods, Food, Confectionery, and Catering, Tobacco, Others
By Channel: Airports, Cruise Lines, Border, Down Town and Hotel Shops, Railway Stations, Others
By End-User: Children (less than 18 years old), Youth (18-30 years old), Middle-Aged (30-59 years old), Elder (greater than 60 years old)
By Geography: The global travel retail market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific accounts for the largest share.
Travel Retail Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides travel retail global market overviews, travel retail global market analysis and forecasts market size and growth for the global travel retail market, travel retail global market share, travel retail global market segments and geographies, travel retail industry trends, travel retail global market players, travel retail global market leading competitor revenues, profiles and market shares. The travel retail global market report identifies top countries and segments for opportunities and strategies based on market trends and key competitors’ approaches.
TBRC’s Travel Retail Global Market Report 2022 includes information on the following:
Data Segmentations: Market Size, Global, By Region and Country, Historic and Forecast, and Growth Rates for 60 Geographies
Key Market Players: Aer Rianta international, China duty free group co.ltd., Dufry AG, Duty free americas Inc, Gebr. Heinemann se & co.kg, King power international, Lotte Hotel, Lagardère sca, The shilla duty free, DFS Group, Flemingo International, The Naunace Group, Dufry, Dubai Duty Free, James Richardson Group, Lotte, and Qatar Duty Free.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read more on the global travel retail market report at:
https://www.thebusinessresearchcompany.com/report/travel-retail-global-market-report