Global Travel Retail Market to Reach USD 156.3 Billion by 2030, Outlines a New Report by Next Move Strategy Consulting

The rising international travel owing to affordable airfare and improved transportation infrastructure. As more people travel for leisure, business, and other purposes, the demand for retail services in travel environments has also increased.


New York, May 23, 2023 (GLOBE NEWSWIRE) -- According to a report published by Next Move Strategy Consulting, the global Travel Retail Market size generated USD 64.8 billion in 2022 and is projected to generate USD 156.3 billion by 2030, witnessing a CAGR of 10.7% from 2023 to 2030. The study provides a detailed analysis of market drivers, constraints, and opportunities to highlight changing market dynamics. Furthermore, the research gives a thorough analysis of major segments and their sub-segments to identify the fastest-growing and highest revenue-generating segments.


Equipping the extensive analysis of each and every aspect of the market in 246 pages, accompanied by 136 tables and 106 figures, the report aims to become a source of guidance for market players, investors, and startups to determine strategies for the next few years and achieve sustainable growth.

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Report CoverageDetails
Forecast Period 2023–2030
Base Year 2022
Market Size in 2022USD 64.8 Billion
Market Size in 2030USD 156.3 Billion
CAGR10.7%
No. of Pages246
Tables136
Figures106
Segments coveredProducts, Distribution Channel, and Region
DriversRising international travelers due to the development in the tourism industry
Growing cruise industry owing to personalized trips
OpportunitiesIncreasing focus to offer leisure and entertainment including, spas and beauty salons, and sports activities creates opportunity

The report offers a comprehensive analysis of the travel retail market dynamics based on drivers, restraining factors, and opportunities. The demand for travel retail is being fueled by retailers continuously providing duty-free campaigns, which results in increased demand for products. However, the high cost of products due to their brand value restrains the market growth.

Lead Analyst for Consumer Goods at Next Move Strategy Consulting, stated, “The introduction of online duty-free shopping that offers a wider selection of products and brands than traditional duty-free shops, which can appeal to a wider range of travelers in terms of convenience and saves time for the travelers is creating new avenues for growth.”

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Asia Pacific accounted for the highest share in 2022. This is attributed to factors such as the rapidly evolving tourism industry, as many foreign investors visit countries such as Hong Kong and Malaysia for tax-free shopping. Moreover, the high expenditure on duty-free products by international and domestic travelers across countries such as South Korea, India, and China thrives the market growth. In addition, the increase in tourist destinations, and tourist spending coupled with rising disposable income, and improved lifestyles fuel the market growth. On the other hand, North America is estimated to grow steadily during the forecast period, owing to the rising preference towards luxury liquor and cosmetics products that are offered by duty-free shops. Furthermore, the rapidly rising the international passengers across the world, owing to the business-related visits is driving the market growth in this region.

The research offers an analysis of each region and its countries based on segments and their sub-segments to outline steps to be taken to consolidate their presence in the travel retail industry. This analysis is also helpful in determining the highest revenue-generating and fastest-growing segments and taking the next steps accordingly.

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The report offers an extensive analysis of the competitive landscape of the global travel retail market. Some of the major market players in the travel retail market are China Duty-Free Group, Dufry, Lotte Duty-Free, The Shilla Duty-Free, Lagardère Travel Retail, Gebr Heinemann, DFS Group, Sinsegae Duty-Free, Ever Rich Duty-Free, and Dubai Duty-Free among others.

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