New York, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global travel retail market generated USD 30.05 billion in 2021, and is predicted to reach USD 174.86 billion by 2030, with a CAGR of 18.9% from 2022 to 2030. The research provides an extensive analysis of key segments and their sub-segments along with leading market players to outline the competitive scenario. Moreover, the research also mentions drivers, restrains, and opportunities of the market to highlight changing market dynamics.
Covering a detailed analysis in 246 pages, mentioning statistics, and enabling better understanding with 136 tables and 106 figures, the report aims to become a source of guidance for market players, stakeholders, investors, and investors in taking the next steps for achieving sustainable growth., the report also covers the impact of the Covid-19 pandemic on the global travel retail market size.
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| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2021 |
| Market Size in 2021 | USD 30.05 Billion |
| Market Size in 2030 | USD 174.86 Billion |
| CAGR | 18.9% |
| No. of Pages | 246 |
| Tables | 136 |
| Figures | 106 |
| Segments covered | Product, Channel, and Geography. |
| Drivers | Increase in number of international travelers with the development in the tourism & travel industry in many countries |
| Innovative offerings by cruise operators such as multiple destinations in a single trip, trip personalization, and entertainment-related onboard activities | |
| Opportunities | The implementation of modern technologies such as artificial intelligence (AI), voice search & voice control, and virtual reality |
| Rise in sales of duty-free products |
The research provides a detailed analysis of changing dynamics with the help of drivers, restrains, and opportunities. Increase in number of international travelers with the development in the tourism & travel industry in many countries across the world and innovative offerings by cruise operators such as multiple destinations in a single trip, onboard retail outlets with duty-free products, and entertainment-related onboard activities drive the growth of the global travel retail market. However, the prevalence of highly infectious diseases in various parts of the world restrains the market growth.
Outlining the opportunities that help leading players raise their travel retail market share in the coming years, the Lead Analyst for the Consumer Goods at Next Move Strategy Consulting, stated, “The implementation of modern technologies such as artificial intelligence (AI), voice search & voice control, and virtual reality present new opportunities in the coming years. Moreover, rise in sales of duty-free products is estimated to present new avenues for growth.”
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The research provides an extensive segmentation of the global travel retail market based on top segments such as product, channel, and geography. Based on product, the report further divides the market into perfume & cosmetics, wine & spirit, luxury goods, food, electronics, confectionery & catering, tobacco, and others. On the basis of channel, the research categorizes the market into airport, cruise liner, railway station, and border, downtown, & hotel shop. These segments and sub-segments are analyzed in the research with the help of tables and figures to enable improved understanding for readers.
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Based on geography, the research further classifies the global travel retail industry into North America, Europe, Asia-Pacific, and RoW. North America dominated the market in 2021, and is projected to maintain its highest contribution throughout the forecast period. This is attributed to surge in travel expenditure by millennial population and large number of international visitors. On the other hand, Asia-Pacific is estimated to register a steady growth rate throughout the forecast period. This is attributed to rise in number of low-cost carrier (LCC) airlines and surge in promotional campaigns by international airports.
The report discusses the regions and their countries based on the segments and sub-segments to help market players and investors determine regional landscape and devise strategies accordingly.
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The research provides a detailed competitive landscape by analyzing the leading market players. The key players profiled in the report include Aer Rianta International (ARI), Flemingo International, Duty Free Americas, China Duty Free Group Co. Ltd. (CDFG), The Shilla Duty Free, King Power, GEBR Heinemann SE & CO. KG, LVMH Group, Dufry Ltd., and Lotte Corporation. The report analyzes these players based on key strategic developments, product portfolio, and primary competitors.
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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analyzed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top quality research and the obsession of turning data into knowledge by dissecting every bits of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enable them to move beyond time and have competitive edge in the industry.
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