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Travel Retail Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028

  • ID: 5232540
  • Report
  • October 2020
  • Region: Global
  • 90 Pages
  • Acute Market Reports

FEATURED COMPANIES

  • DFASS Group
  • DFS Group
  • Dufry AG
  • Lagardère Group
  • Lotte Group
  • The Naunace Group

Industry Outlook

The global travel retail sector is not limited to only airports; it also includes cruise lines, ferries, and ports. However, an airport still enjoys the pole position in the market and is expected to remain the dominant player in the upcoming years. The travel retail market was valued at US$ 74.31 Bn in 2019 and for the last two decades, the travel retail market has grown constantly. However, with the onset of the ongoing COVID-19 pandemic and the resulting travel restrictions, some of the major airports witnessed a drop in international passengers by about 90% for the months of March, April, and May 2020. Thereby, retail sales in the global retail market took a significant hit in the 1st half of 2020.

Some of the key observations for international travel in the 1st half of 2020 include:

  • Major airports across the world witnessed a decline in passengers by about 60%
  • Leading duty-free operators experienced a 55% to 65% fall in turnover
  • Popular beauty brands saw a decline of about 20% in overall sales

People traveling for work during the pandemic have significantly avoided visiting retail stores at airports thereby, impulsive sales of leisure products have taken a hit

As a result, the travel retail market which was valued at US$ 74.31 Bn in 2019 is estimated to reach only US$ 33.43 Bn in 2020, registering a year-on-year decline of over 55%. However, with expected relaxations in travel restrictions from the start of 2021, the market can expect a steady increase in retail sales during the forecast period from 2020 to 2028. However, at a conservative growth forecast of about 4.1% during the forecast period, the travel retail market is expected to reach US$ 46.11 Bn by 2028. Some of the factors driving this estimated growth include an uptick in international travel post COVID-19 restrictions, travel retailers adopting digital technologies to drive online sales, and promotional activities planned by leading retailers.

Growing demand for perfumes & cosmetics sub-segment by product category type is likely to propel the market in upcoming years

In 2019, the perfumes & cosmetics segment accounted for the major market share and expected to maintain its dominance over the forecast period. The wine & spirits and fashion & accessories segment followed the perfumes & cosmetics segment with a substantial market share in the base year 2019. Furthermore perfumes & cosmetics segment expected to witness the highest CAGR in upcoming years owing to the increasing demand for branded products from Asia Pacific consumers.

Airport segment expected to dominate the travel retail market by sales channel throughout the forecast period

Though it has been observed that only 5-10% of the total number of travelers at airport tend to visit duty-free shops, the airport segment accounted for over 50% market share of the global travel retail market in terms of market value in 2019. Market players are also paying more attention to the comfort and convenience of the customers coming to the airport. For instance, several major airports have already started investing in increasing their online retail sales such as Heathrow Airport’s “Heathrow Boutique” and Brisbane airport’s “BNE Marketplace”. Thereby, several major airports are expected to adopt such digital platforms to drive retail sales to offer higher convenience and health safety for travelers.

Growing demand from the Asia Pacific projected to catapult the market growth

Asia-Pacific travel retail market held the largest market value share in 2019. In 2019, Asia Pacific witnessed an increase in sales by 9% whereas other regions posted stagnant or negative growth. With post COVID-19 travel restriction relaxations, the region is expected to witness higher growth as compared to other regions due to the large base of international travelers for both business and leisure purposes.

Leading brands are aggressively looking for digital platforms

As a part of strategic development leading companies such as Revlon, Estee Lauder, Rituals Cosmetics, L'Oréal, and others with an exclusive and wide range of fragrances and skin care products; expanding their offerings over digital platforms at every international airport. Aer Rianta International (ARI), China Duty Free Group (CDFG), DFASS Group, DFS Group, Dufry AG, Gebr. Heinemann SE & Co. KG, King Power International Group, Lotte Group, Lagardère Group, The Naunace Group and The Shilla Duty Free among others are some of the prominent players in the global travel retail market.

Historical & Forecast Period

Our study analyzed each market segment during the period of 2018 to 2028 with 2019 as the base year. Forecast period between 2020 and 2028 considered for the CAGR calculation.

This research report describes leading continents and their major countries, along with profiles of key players operating in the overall market and their planned developments. Our report further defines the overall market dynamics such as drivers, challenges, and opportunities prevalent in the market to understand the global travel retail market more explicitly. Our in-depth quantitative and quantitative analysis of each segment up to country level highlights revenue pockets and investment opportunities in the market.

Key questions answered in this report

  • What are the current market trends in the travel retail market and valuable opportunities for the players?
  • How the regulations affect global as well as regional markets?
  • Which are the prominent and recent innovations in the market?
  • Which is the most lucrative region for investment?
  • What is the market size and trends in emerging markets?
  • Which are the major sales channels of travel retail and their market sizes?
  • Which are the leading players and their market position?
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • DFASS Group
  • DFS Group
  • Dufry AG
  • Lagardère Group
  • Lotte Group
  • The Naunace Group

Chapter 1 Preface
1.1 Report Scope and Description
1.1.1 Study Purpose
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I - Secondary Research
1.3.2 Phase II - Primary Research
1.3.3 Market Size Estimation
1.3.4 Top-Down Approach
1.3.5 Bottom-Up Approach
1.3.6 Phase III - Expert Panel Review
1.3.7 Assumptions
1.4 Market Segmentation

Chapter 2 Executive Summary
2.1 Market Snapshot: Global Travel Retail Market
2.1.1 Global Travel Retail Market, by Product Category, 2019 (US$ Bn)
2.1.2 Global Travel Retail Market, by Sales Channel, 2019 (US$ Bn)
2.1.3 Global Travel Retail Market, by Geography, 2019 (US$ Bn)

Chapter 3 Market Dynamics
3.1 Introduction
3.2 Market Dynamics
3.2.1 Market Drivers
3.2.1.1 The Emerging Middle Class in The New Markets
3.2.1.2 The Boom in the Asia-Pacific Travel Retail Market
3.2.2 Market Challenges
3.2.2.1 High Operating Expenses
3.2.2.2 Stringent Regulations in Airport Retailing
3.2.3 Market Opportunities
3.2.3.1 Digitizing Travel Retail
3.2.3.2 Increasing Demand From Emerging Economies
3.3 Attractive Investment Proposition, by Geography, 2019
3.4 Market Positioning of Key Players, 2019

Chapter 4 Global Travel Retail Market, by Product Category
4.1 Overview
4.1.1 Global Travel Retail Market Value Share, by Product Category, 2019 & 2028 (Value, %)
4.1.2 Global Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
4.2 Perfumes and Cosmetics
4.2.1 Global Travel Retail Market, by Perfumes and Cosmetics, 2018 - 2028 (US$ Bn)
4.3 Wines and Spirits
4.3.1 Global Travel Retail Market, by Wines and Spirits, 2018 - 2028 (US$ Bn)
4.4 Fashion and Accessories
4.4.1 Global Travel Retail Market, by Fashion and Accessories, 2018 - 2028 (US$ Bn)
4.5 Tobacco Products
4.5.1 Global Travel Retail Market, by Tobacco Products, 2018 - 2028 (US$ Bn)
4.6 Watches and Jewellery
4.6.1 Global Travel Retail Market, by Watches and Jewellery, 2018 - 2028 (US$ Bn)
4.7 Electronics and Gifts
4.7.1 Global Travel Retail Market, by Electronics and Gifts, 2018 - 2028 (US$ Bn)
4.8 Confectionery and Fine Foods
4.8.1 Global Travel Retail Market, by Confectionery and Fine Foods, 2018 - 2028 (US$ Bn)

Chapter 5 Global Travel Retail Market, by Sales Channel
5.1 Overview
5.1.1 Global Travel Retail Market Value Share, by Sales Channel, 2019 & 2028 (Value, %)
5.1.2 Global Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
5.2 Airport
5.2.1 Global Travel Retail Market, by Airport, 2018 - 2028 (US$ Bn)
5.3 Airlines
5.3.1 Global Travel Retail Market, by Airlines, 2018 - 2028 (US$ Bn)
5.4 Ferries and Cruises
5.4.1 Global Travel Retail Market, by Ferries and Cruises, 2018 - 2028 (US$ Bn)
5.5 Other Shops and Sales
5.5.1 Global Travel Retail Market, by Other Shops and Sales, 2018 - 2028 (US$ Bn)

Chapter 6 Global Travel Retail Market, by Geography
6.1 Overview
6.1.1 Global Travel Retail Market Value Share, by Geography, 2019 & 2028 (Value %)
6.1.2 Global Travel Retail Market, by Geography 2018 - 2028 (US$ Bn)
6.2 North America
6.2.1 North America Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.2.2 North America Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.2.3 North America Travel Retail Market, by Country, 2018 - 2028 (US$ Bn)
6.2.4 U.S.
6.2.4.1 U.S. Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.2.4.2 U.S. Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.2.5 Canada
6.2.5.1 Canada Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.2.5.2 Canada Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.3 Europe
6.3.1 Europe Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.3.2 Europe Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.3.3 Europe Travel Retail Market, by Country/Region, 2018 - 2028 (US$ Bn)
6.3.4 U.K.
6.3.4.1 U.K. Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.3.4.2 U.K. Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.3.5 Germany
6.3.5.1 Germany Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.3.5.2 Germany Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.3.6 France
6.3.6.1 France Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.3.6.2 France Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.3.7 Rest of Europe
6.3.7.1 Rest of Europe Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.3.7.2 Rest of Europe Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.4 Asia-Pacific
6.4.1 Asia-Pacific Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.4.2 Asia-Pacific Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.4.3 Asia-Pacific Travel Retail Market, by Country/Region, 2018 - 2028 (US$ Bn)
6.4.4 China
6.4.4.1 China Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.4.4.2 China Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.4.5 Japan
6.4.5.1 Japan Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.4.5.2 Japan Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.4.6 Rest of Asia-Pacific
6.4.6.1 Rest of Asia-Pacific Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.4.6.2 Rest of Asia-Pacific Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.5 Latin America
6.5.1 Latin America Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.5.2 Latin America Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.5.3 Latin America Travel Retail Market, by Country/Region, 2018 - 2028 (US$ Bn)
6.5.4 Brazil
6.5.4.1 Brazil Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.5.4.2 Brazil Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.5.5 Mexico
6.5.5.1 Mexico Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.5.5.2 Mexico Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.5.6 Rest of Latin America
6.5.6.1 Rest of Latin America Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.5.6.2 Rest of Latin America Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.6 Middle East & Africa
6.6.1 Middle East & Africa Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.6.2 Middle East & Africa Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.6.3 Middle East & Africa Travel Retail Market, by Region, 2018 - 2028 (US$ Bn)
6.6.4 GCC
6.6.4.1 GCC Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.6.4.2 GCC Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)
6.6.5 Rest of Middle East & Africa
6.6.5.1 Rest of Middle East & Africa Travel Retail Market, by Product Category, 2018 - 2028 (US$ Bn)
6.6.5.2 Rest of Middle East & Africa Travel Retail Market, by Sales Channel, 2018 - 2028 (US$ Bn)

Chapter 7 Company Profiles
7.1 Aer Rianta International (ARI)
7.2 China Duty Free Group (CDFG)
7.3 DFASS Group
7.4 DFS Group
7.5 Dufry AG
7.6 Gebr. Heinemann SE & Co. KG
7.7 King Power International Group
7.8 Lotte Group
7.9 Lagardère Group
7.10 The Naunace Group 100
7.11 The Shilla Duty Free 102

List of Figures
Figure 1 Global Travel Retail (TR) Market: Research Methodology
Figure 2 Market Size Estimation - Top Down & Bottom up Approach
Figure 3 Global TR Market Segmentation
Figure 4 Global TR Market, by Product Category, 2019 (US$ Bn)
Figure 5 Global TR Market, by Sales Channel, 2019 (US$ Bn)
Figure 6 Global TR Market, by Geography, 2019 (US$ Bn)
Figure 7 Attractive Investment Proposition, by Geography, 2019
Figure 8 Global Market Positioning of Key Travel Retail Manufacturers, 2019
Figure 9 Global TR Market Value Share, by Product Category, 2019 & 2028 (Value, %)
Figure 10 Global TR Market, by Perfumes and Cosmetics, 2018 - 2028 (US$ Bn)
Figure 11 Global TR Market, by Wines and Spirits, 2018 - 2028 (US$ Bn)
Figure 12 Global TR Market, by Fashion and Accessories, 2018 - 2028 (US$ Bn)
Figure 13 Global TR Market, by Tobacco Products, 2018 - 2028 (US$ Bn)
Figure 14 Global TR Market, by Watches and Jewellery, 2018 - 2028 (US$ Bn)
Figure 15 Global TR Market, by Electronics and Gifts, 2018 - 2028 (US$ Bn)
Figure 16 Global TR Market, by Confectionery and Fine Foods, 2018 - 2028 (US$ Bn)
Figure 17 Global TR Market Value Share, by Sales Channel, 2019 & 2028 (Value, %)
Figure 18 Global TR Market, by Airport, 2018 - 2028 (US$ Bn)
Figure 19 Global TR Market, by Airlines, 2018 - 2028 (US$ Bn)
Figure 20 Global TR Market, by Ferries and Cruises, 2018 - 2028 (US$ Bn)
Figure 21 Global TR Market, by Other Shops and Sales, 2018 - 2028 (US$ Bn)
Figure 22 Global TR Market Value Share, by Geography, 2019 & 2028 (Value %)

List of Tables
Table 1 Market Snapshot: Global Travel Retail (TR) Market Value
Table 2 Global TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 3 Global TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 4 Global TR Market, by Geography 2018 - 2028 (US$ Bn)
Table 5 North America TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 6 North America TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 7 North America TR Market, by Country, 2018 - 2028 (US$ Bn)
Table 8 U.S. TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 9 U.S. TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 10 Canada TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 11 Canada TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 12 Europe TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 13 Europe TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 14 Europe TR Market, by Country, 2018 - 2028 (US$ Bn)
Table 15 U.K. TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 16 U.K. TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 17 Germany TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 18 Germany TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 19 France TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 20 France TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 21 Rest of Europe TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 22 Rest of Europe TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 23 Asia-Pacific TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 24 Asia-Pacific TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 25 Asia-Pacific TR Market, by Country/Region, 2018 - 2028 (US$ Bn)
Table 26 China TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 27 China TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 28 Japan TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 29 Japan TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 30 Rest of Asia-Pacific TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 31 Rest of Asia-Pacific TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 32 Latin America TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 33 Latin America TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 34 Asia-Pacific TR Market, by Country/Region, 2018 - 2028 (US$ Bn)
Table 35 Brazil TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 36 Brazil TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 37 Mexico TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 38 Mexico TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 39 Rest of Latin America TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 40 Rest of Latin America TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 41 Middle East & Africa TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 42 Middle East & Africa TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 43 Middle East & Africa TR Market, by Region, 2018 - 2028 (US$ Bn)
Table 44 GCC TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 45 GCC TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 46 Rest of Middle East & Africa TR Market, by Product Category, 2018 - 2028 (US$ Bn)
Table 47 Rest of Middle East & Africa TR Market, by Sales Channel, 2018 - 2028 (US$ Bn)
Table 48 Aer Rianta International (ARI): Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 49 China Duty Free Group (CDFG): Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 50 DFASS Group: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 51 DFS Group: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 52 Dufry AG: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 53 Gebr. Heinemann SE & Co. KG: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 54 King Power International Group: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 55 Lotte Group: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 56 Lagardère Group: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 57 The Naunace Group: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)
Table 58 The Shilla Duty Free: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development)

Note: Product cover images may vary from those shown
  • Aer Rianta International (ARI)
  • China Duty Free Group (CDFG)
  • DFASS Group
  • DFS Group
  • Dufry AG
  • Gebr. Heinemann SE & Co. KG
  • King Power International Group
  • Lotte Group
  • Lagardère Group
  • The Naunace Group
  • The Shilla Duty Free
Note: Product cover images may vary from those shown
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