PORTLAND, Oregon, October 26, 2018
PORTLAND, Oregon, October 26, 2018 /PRNewswire/ --
Surge in travel and tourism, increase in urbanization, and changes in lifestyle are expected to boost the growth of the global travel retail market
Allied Market Research recently published a report, titled, "Travel Retail Market by Product (Perfumes & Cosmetics, Wine & Spirits, Tobacco, Electronics, Luxury Goods, Food & Confectionery, and Catering & Others) and Channel (Airports; Cruise Liners; Railway Stations; and Border, Downtown, & Hotel Shops): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report offers in-depth analyses of the top investment pockets, industry trends, drivers & opportunities, key market segments, and competitive landscape. According to the report, the global travel retail market was pegged at $74.9 billion and is projected to reach $153.7 billion by 2025, registering a CAGR of 9.6% during 2018-2025.
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Increase in travel & tourism worldwide has fueled the demand for cosmetics, apparels, food items, and electronic retail, which in turn drives the growth of the global travel retail market. However, unorganized local markets and stringent government regulations pertaining to airport retailing hamper the market growth. On the contrary, increase in urbanization and changes in lifestyle are expected to create lucrative opportunities in the market in future.
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Luxury goods segment to manifest fastest growth by 2025
The luxury goods segment is expected to register the fastest CAGR of 12% during the forecast period, owing to the increased adoption of premium lifestyle. However, the perfumes & cosmetics segment held the largest share in 2017, accounting for about one-third of the total market revenue. This is majorly attributed to the improvement in lifestyle and increase in disposable across developed and developing economies. The other segments analyzed in the report include wine & spirits, tobacco, electronics, food, confectionery & catering, and others.
Airports segment to hold largest market share
In 2017, the airport segment accounted for the maximum market share and is expected to continue its dominance throughout the study period, owing to the availability and ease of purchasing a wide range of premium apparels and designer clothes under one roof. However, the border, downtown & hotel shop segment is expected to manifest the fastest CAGR of 10.1% during the study period, as these establishments offer a one-stop platform for purchasing products conveniently. The other segments analyzed in the report include cruise liners and railway stations.
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Europe to portray fastest CAGR
Europe region is expected to grow at the fastest CAGR of 7.2% from 2018 to 2025. However, the Asia-pacific region holds the maximum share, i.e. about 40% of the total market revenue, owing to rise in disposable income and significant impetus to the tourism industry in developing countries such as India and China.
Leading market players
The report analyzes the key market players in the global travel retail industry such as DFS Group, LS Travel Retail, King Power International Group, Gebr. Heinemann, Aer Rianta International (ARI), Dufry, Lotte Duty Free, The Shilla Duty Free, China Duty Free Group (CDFG), and The Nuance Group. These leading players have adopted various strategies such as partnerships, collaboration, mergers & acquisitions, and new product launch to maintain its foothold in the market.
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