PORTLAND, Oregon, Sept. 9, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Travel Retail Market by Product (Perfume & Cosmetics, Wine & Spirit, Electronics, Luxury Goods, Food, Confectionery & Catering, Tobacco, and Others) and Channel (Airport; Cruise Liner; Railway Station; and Border, Downtown, & Hotel Shop): Global Opportunity Analysis and Industry Forecast, 2018 – 2025".
According to a new report published by Allied Market Research, titled "Global Travel Retail Market by Product and Channel: Global Opportunity Analysis and Industry Forecast, 2018–2025," the global travel retail market size accounted for $74.9 billion in 2017, and is expected to reach $153.7 billion by 2025, growing at a CAGR of 9.6% from 2018 to 2025. In 2018, Asia-Pacific dominated the global market, in terms of revenue, accounting for about 33.3% share, followed by Europe.
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Shopping has evolved from being merely a complementary tourist activity to a pertinent motivational pursuit to select a destination. Moreover, increase in travel and tourism has revolutionized the scope of the travel retail industry. Travel has become more feasible than it was earlier, and thus customers are getting attracted toward the retail channel. Furthermore, travel retail spaces have experienced major modifications in the recent past, which have enabled travel retail brands to offer unique shopping experiences for their customers. In addition, economic development, rapid urbanization, and upsurge in disposable income have increased the traveler's capacity and affordability to purchase exclusive products. This has created a positive impact on the expansion of the travel retail market.
In 2018, Asia-Pacific was the major shareholder in the travel retail market, and is expected to retain its dominance throughout the forecast period. This is attributed to factors such as improved living standards, rise in disposable income especially in India and China, and development of the tourism industry. Moreover, increase in purchasing power parity, accessibility to luxury brands through travel retail outlets, and introduction of budget-friendly airfares by airlines have significantly contributed toward the expansion of the travel retail channel in the region.
The competition for shelf space in travel retail outlets is witnessed to be fierce. This is attributed to the fact that the travel retail market is fragmented, comprising a plethora of brands competing by means of distinct approaches and strategies.
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The key players operating in the industry include Dufry AG, Lagardère SCA, Duty Free Americas, King Power International, and Lotte Duty Free. Among the existing players in the market, Dufry AG has been dominant, in terms of revenue generation.
According to Shankar Bhandalkar, Senior Research Analyst, Consumer Goods at Allied Market Research, "Rapid urbanization coupled with boom in budget airlines and development of travel and tourism industry augment the demand for travel retail goods, thereby driving the growth of the market. In addition, easy accessibility to luxury brands through travel retail outlets has boosted the growth of the travel retail industry."
Key Findings of the Study
- By channel, the airports segment accounted for the maximum market revenue in 2017, and is projected to grow at a CAGR of 9.6% during the forecast period.
- On the basis of channel, the border, downtown, & hotel shops segment is expected to grow at the highest CAGR of 10.1%.
- By product type, the luxury goods segment is expected to grow at the highest CAGR of 12% during the forecast period.
- China was the major shareholder in the Asia-Pacific travel retail industry, accounting for around 67.4% share in 2017.
The key players in travel retail industry have focused on expanding their business operations in emerging countries by adopting various strategies, such as acquisition and contact/agreement. The major players profiled in this report include DFS Group, Dufry, LS travel retail, Lotte Duty Free, King Power International Group, The Shilla Duty Free, Gebr, Heinemann, China Duty Free Group (CDFG), Aer Rianta International (ARI), and The Naunace Group.
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SOURCE Allied Market Research