Travel Retail Market Trends and Forecast
The future of the global travel retail market looks promising with opportunities in the men and women markets. The global travel retail market is expected to reach an estimated $118.6 billion by 2030 with a CAGR of 10.1% from 2024 to 2030. The major drivers for this market are increasing global travel and growing demand for luxury products in airports.
• Lucintel forecasts that beauty is expected to witness the highest growth over the forecast period.
• Within this market, men is expected to witness the higher growth.
• APAC is expected to witness highest growth over the forecast period.
United States: Duty Free Americas announced plans to expand its retail presence in major airports, targeting a 20% increase in sales through strategic partnerships with luxury brands and government support for tourism promotion.
China: China Duty Free Group unveiled a digital transformation initiative, aiming to enhance online travel retail platforms and provide personalized shopping experiences for travelers, aligning with government efforts to boost domestic tourism and consumer spending.
United Kingdom: Heathrow Airport retail operators are collaborating to implement sustainable practices and reduce plastic waste in travel retail operations, supported by government initiatives promoting environmental sustainability in the aviation and retail sectors.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Travel Retail by Segment
The study includes a forecast for the global travel retail by type, application, and region.
Travel Retail Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Beauty
• Wines & Spirits
• Fashion & Accessories
• Tobacco
• Others
Travel Retail Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Men
• Women
Travel Retail Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Travel Retail Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies travel retail companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the travel retail companies profiled in this report include-
• Autogrill
• Bahrain Duty Free Shop Complex
• Baltona Duty Free
• DFS Group
• Dubai Duty Free
• Dufry
• Duty Free Americas
• Gebr. Heinemann
• Lagardere Travel Retail
• Le Bridge Duty Free
Recent Development in the Travel Retail Market
Dufry Group: Dufry has launched a digitalization initiative in partnership with tech companies to enhance the online shopping experience for travelers, integrating virtual reality and mobile apps to offer personalized recommendations and exclusive deals, driving sales growth in the travel retail sector.
LVMH: LVMH has expanded its luxury retail footprint in major airports, introducing exclusive collections and immersive shopping experiences for affluent travelers, leveraging partnerships with airlines and airports to create a seamless luxury retail environment in travel hubs worldwide.
DFS Group: DFS Group has invested in sustainability initiatives, introducing eco-friendly packaging and promoting responsible consumption practices in travel retail stores, aligning with global trends towards sustainable tourism and environmental consciousness among travelers.
Heinemann: Heinemann has implemented innovative retail technologies like AI-powered chatbots and contactless payment systems in duty-free shops, enhancing customer engagement and safety measures post-pandemic, while also focusing on expanding its product range to cater to diverse traveler preferences in the global travel retail market.
Shilla Duty Free: Shilla Duty Free has collaborated with local tourism boards to promote cultural experiences and destination-based retail offerings in travel retail stores, creating unique shopping experiences for travelers and supporting tourism development initiatives in key travel destinations worldwide.
Features of the Global Travel Retail Market
Market Size Estimates: Travel retail market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Travel retail market size by type, application, and region in terms of value ($B).
Regional Analysis: Travel retail market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the travel retail market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the travel retail market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the travel retail market size?
Answer: The global travel retail market is expected to reach an estimated $118.6 billion by 2030.
Q2. What is the growth forecast for travel retail market?
Answer: The global travel retail market is expected to grow with a CAGR of 10.1% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the travel retail market?
Answer: The major drivers for this market are increasing global travel and growing demand for luxury products in airports.
Q4. What are the major segments for travel retail market?
Answer: The future of the travel retail market looks promising with opportunities in the men and women markets.
Q5. Who are the key travel retail market companies?
Answer: Some of the key travel retail companies are as follows:
• Autogrill
• Bahrain Duty Free Shop Complex
• Baltona Duty Free
• DFS Group
• Dubai Duty Free
• Dufry
• Duty Free Americas
• Gebr. Heinemann
• Lagardere Travel Retail
• Le Bridge Duty Free
Q6. Which travel retail market segment will be the largest in future?
Answer: Lucintel forecasts that beauty is expected to witness the highest growth over the forecast period.
Q7. In travel retail market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the travel retail market by type (beauty, wines & spirits, fashion & accessories, tobacco, and others), application (men and women), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Travel Retail Market Market, Travel Retail Market Market Size, Travel Retail Market Market Growth, Travel Retail Market Market Analysis, Travel Retail Market Market Report, Travel Retail Market Market Share, Travel Retail Market Market Trends, Travel Retail Market Market Forecast, Travel Retail Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.