Travel Retail Market to Garner $225,663.8 Million and Grow at a Fascinating CAGR of 16.0% in the 2022-2031 Timeframe

The global travel retail market is expected to grow significantly during the forecast period (2022-2031) due to the rising number of international travelers across the globe. The Asia-Pacific region is expected to be the most dominant by 2031.

As per the report published by Research Dive, the global travel retail market is expected to register a revenue of $225,663.8 million by 2031 at a CAGR of 16.0% during the forecast period 2022-2031.

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Dynamics of the Market

The rapidly increasing travel and tourism across the globe along with the growing demand for cosmetics, garments, food, and electronics in the travel retail sector are some factors estimated to drive the growth of the global travel retail market during the forecast period. Besides, rise in the urbanization and changes in the lifestyle of people are expected to boost the market growth during the 2022-2031 analysis timeframe. Moreover, the increasing use of mobiles and laptops to book airplane tickets and other travel itineraries as well as the adoption of digitalization by travel retailers as an evolved mode for their product sales are some factors to create abundant growth opportunities for the global travel retail market by 2031. However, shifting socio-economic conditions brought by different events like riots, terrorist attacks, etc. is the major factor hampering the market growth.

COVID-19 Impact on the Travel Retail Market

The onset of the devastating COVID-19 pandemic has had an adverse impact on the global travel retail market mainly due to travel restrictions and social distancing norms imposed by governments. Economic slowdown across several countries forced people to cancel their travel plans that created a negative impact on industry. Moreover, retail stores present in the airports were prone to face several financial issues because of no travelers, that led to no source of income. These factors declined market growth amid the catastrophic stress.

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Segments of the Market

The report has divided the global travel retail market into product type, sales channel, and region.

By product type, the perfume & cosmetics sub-segment garnered a revenue of $16,442.0 million in 2021. Cosmetics like skin cream, nail polish, perfumes, makeup products, soaps, shampoos, shaving creams, essential oils, etc. are easily available at various travel terminals. Besides, retailers also provide discounts, cashbacks, and sale offers on particular goods. These factors are estimated to bolster the sub-segment's growth by 2031.

By sales channel, the airports sub-segment is expected to garner a revenue of $137,236.9 million by 2031. Air travel is becoming more affordable and convenient for people. Besides, the high availability of customer-focused cosmetics and beverage products by airport retailers is also expected to propel the sub-segment's growth during the 2022-2031 analysis period.

By region, the Asia-Pacific travel retail market is predicted to grow at a CAGR of 16.6% during the forecast period. Many foreign investors prefer travelling to Malaysia, Hong Kong, and other Asian countries to shop tax-free. Besides, the airports in the region have advanced in terms of infrastructure & technology and offer various customer-focused goods. These factors are projected to uplift the market growth in the Asia-Pacific region by 2031.

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Key Players of the Market

The major players of the global travel retail market include China Tourism Group Duty Free Corporation Limited, Aer Rianta International, DUFRY GROUP, Gebr. Heinemann SE & Co. KG, Duty Free Americas, Inc, King Power International, Lagardère sca (lagardère travel retail), Lotte hotel, THE SHILLA DUTY FREE, and LVMH Group. These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

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