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Travel Retail Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2032

Travel Retail Market Size, Share, Competitive Landscape and Trend Analysis...

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Travel Retail Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2032
Travel Retail Market Size, Share,...
Report Code
RO5/128/1119

Publish Date
12/Jun/2024

Pages
200
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The global travel retail market revenue was around US$ 63.3 billion in 2023 and is estimated to reach US$ 144.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.6% during the forecast period from 2024 to 2032.
The selling of goods and services to tourists at airports, train stations, cruise terminals, and border stores is referred to as the travel retail industry. This particular sector of the retail industry makes use of travelers' disposable income and free time. It includes a broad variety of goods, such as electronics, candy, fashion and accessories, skincare and cosmetics, luxury goods, and alcohol.
Factors Influencing Market Growth
- Many countries have relaxed their regulations regarding duty-free shopping, allowing visitors to make tax-free purchases. To give customers a more immersive and engaging shopping experience, retailers are investing in the layout and design of their stores. This has increased the demand for travel retail, thus expanding the market.
- Due to the increase in the number of travelers passing through airports, train stations, and other transportation hubs, the demand for travel retail has increased, propelling market growth.
- Globally, more people can purchase luxury and premium goods and apparel, cosmetics, fragrances, and apparel as disposable income rises. This has increased the demand for travel retail, ultimately expanding the market.
- Unorganized local markets and stringent government regulations in airport retailing may hamper market growth.
Impact of COVID-19
COVID-19 negatively impacted the market. Governments all over the world implemented lockdowns and other travel restrictions to slow the spread of the coronavirus infection. Due to this factor, fewer people traveled by air and sea, which put the pace of market expansion at risk. For instance, the number of cruise passengers fell by 81% from 29.7 million in 2019 to 5.8 million in 2020, according to the Cruise Lines International Association, a trade association with headquarters in the United States.
Regional Insights
Asia Pacific dominated the market in 2023. This is a result of the region benefiting from increased expenditure on duty-free goods by both domestic and foreign tourists, especially from countries like South Korea and China. Following the negative consequences of COVID-19, China's duty-paid and duty-free markets have greatly recovered, and more travelers are using airports. Travel agencies that offer holiday packages that include hotel reservations, and airline and train tickets, such as MakeMyTrip and Yatra, will also support the growth of the local market.
Leading Competitors
- King Power International
- Aer Rianta International
- The Shilla Duty Free
- Lotte Corporation
- Duty Free Americas, Inc.
- Dufry AG
- China Duty Free Group Co., Ltd
- Gebr. Heinemann SE & Co. KG
- Lagardere
- LVMH Group
- Other Prominent Players
Segmentation Analysis
The global travel retail market segmentation focuses on product type, distribution channel, and region.
Segmentation based on Product Type
- Perfume and Cosmetics
- Food, confectionery and catering
- Wine and spirits
- Luxury goods
- Tobacco
- Electronics
- Others
Segmentation based on Distribution Channel
- Airports
- Cruise Liners
- Railway Stations
- Border, Downtown and Hotel Shops
Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa

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