Travel Retail Market Modern Lifestyle, And Rising Spending Power Forecast 2022-2030 in Market Research Community

Travel Retail Market Insights

The Travel Retail Market is projected to expand significantly and reach USD 202.95 billion by 2030, which indicates a substantial increase from its 2021 value of USD 95 billion. This growth is expected to be driven by a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period of 2022 to 2030.

The travel retail market refers to the sales of goods and services to passengers in transit, typically in airports, seaports, and other transportation hubs.

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The travel retail market can be categorized based on channel type, product type, and geographic location. When segmented based on product type, the market can be classified into wine & spirits, perfume & cosmetics, electronics, tobacco, and other categories. Among these, the perfume & cosmetics segment dominates the market share, accounting for over 30% of the worldwide market share. This is due to the rising demand for high-end beauty products and the availability of exclusive merchandise in the travel retail market.

The travel retail market can be classified further based on its channel type, which includes airport, seaport, and other categories. The airport segment is the most significant channel category, representing over 70% of the global market share. This can be explained by the vast number of air passengers and the availability of duty-free shops and luxury brands in airports.

Market Segment

By Type :
Perfume & Cosmetics, Electronics, Wine & Spirits, Food, Confectionery & Catering, Tobacco, Luxury Goods, and Others

By Sales Channel:
Airports, Cruise liners, Railway Stations, Border, Down-Town & Hotel Shop

By Geography:
North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Geographically, the travel retail market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions. The Asia Pacific area commands the leading market share for travel retail, with more than 40% of the global demand. The market's growth in this region can be attributed to the increasing count of international tourists and the swift development of airports, particularly in China and India.

In conclusion, the global travel retail market trends is expected to see significant growth in the coming years due to the increasing demand for luxury goods and exclusive products in airports and other transportation hubs. The market can be segmented based on product type, channel type, and geography, with the perfume & cosmetics segment and airport channel being the largest segments, respectively. Asia Pacific is expected to be the largest market for travel retail.

The study provides answers to the following key questions:           

• What type of customers buying the products and services from companies operating in the Travel Retail Market?
• What will be the roadmap for the product manufacturers operating in the Travel Retail Market for the forecast period, 2022-2030?
• What are the recent developments in the competitive landscape to look out for during the estimated period?
• What are the major trends influencing customers’ lives and their buying behaviour?
• How can brands best communicate with the customers they intend to target?
• When, where and how the customers want to use or consume the products or services?

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