Travel Retail Market Size is Projected to Reach USD 132.95 Billion by 2032, Growing at a CAGR of 8.5%: Straits Research

New York, United States, Aug. 27, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the global travel retail market size was valued at USD 63.80 billion in 2023. It is projected to reach from USD 69.22 billion in 2024 to USD 132.95 billion by 2032, growing at a CAGR of 8.5% during the forecast period (2024–2032).

The travel retail market is projected to gain momentum during the forecast period due to rising traveling activities and increasing spending power across the globe. In 2017–2018, The travel retail market was valued at USD 68.6 billion and USD 78 billion, respectively, as per the Asia Pacific Travel Retail Association (APTRA). However, the COVID-19 outbreak has severely impacted the travel retail market due to the lockdown imposed across the globe. The airport and the aviation industry have witnessed a collapse of around 77% in the first week of April 2020. Currently, only essential services are provided by the aviation industry, further hampering the market growth.

Asia-Pacific holds the largest share of the travel retail market. In 2018, the region generated revenue of USD 36.8 billion, which is almost 50% of the global market. Increasing expenditure on the aviation industry and rising spending power drive regional market growth. 

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Rise in Travel

The number of domestic and international passengers is expected to increase, which will increase demand for travel-related products and lead to the growth of the travel retail industry. It is anticipated that the millennial generation's rising income levels and rising travel expenses would play a major role in driving industry expansion. According to figures published by the World Travel and Tourism Council, the travel and tourism industry in France is expected to grow by 34.9% by 2021. It is projected that the creation of promotional campaigns by large companies to persuade customers to buy duty-free items will boost product demand and advance travel-related retail.

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Top Six Competitive Players in Travel Retail Market

1. Dufry AG
2. Shilla Duty-Free
3. Gebr. Heinemann SE & Co. KG
4. Lagardere Travel Retail
5. Lotte Duty-Free
6. DFS Group

Recent Developments

• July 2022- Dufry, the largest airport retailer in the world, is preparing to merge with global travel food and beverage (F&B) business Autogrill to establish a strong new entity in the travel retail channel with combined revenues of $6.7 billion in 2021.
• November 2022- Beginning in 2023, the ownership of Marché International, with headquarters in Pfaffikon, Switzerland, will change hands. Lagardère Travel Retail International, based in Paris, will buy all of Marché International AG, the parent company for the Marché business.

Segmentation

1. By Product Type

1. 1. Cosmetic & Fragrances
   2. Wines & Spirits
   3. Confectionery & Fine Foods
   4. Tobacco Products
   5. Fashion & Accessories
   6. Others

2. By Sector

2. 1. Duty Free
   2. Duty Paid

3. By Sales Channel
   1. Airport & Airline Shops
   2. Seaport and cruise line Shops
   3. Border Downtown Hotel Shops
   4. Others
4. By Region
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East and Africa

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