The global travel retail market size is expected to reach USD 128.80 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to expand at a strong CAGR of 8.7% over the forecast years. Rapidly expanding retail and travel and tourism industry along with increasing per capita income levels is expected to drive the market growth. Different retail channels help in improving the retail experience of passengers while contributing to economic growth.
The
airport retail segment is expected to gain traction over the forecast period
and is expected to reach over USD 91.75 billion by 2025. On the basis of
products, the perfume & cosmetics segment held a significant share of the
market in 2017. Driven by the rising demand for branded cosmetics, such as
makeup and skincare products, which are available discounted rates at the
duty-free stores, the segment is projected to expand further.
The
travel retail industry is focusing on enhancing customer experience and use
data to provide customers an integrated experience. For example, Kuala Lumpur
International Airport has integrated big data platform deployed for its KLIA2
terminal. This platform will extract passenger’s real-time location throughout
the airport for real-time status checks, travel plans, and so on.
Full Research Report On Travel Retail Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/travel-retail-market
Travel Retail
Market Report Highlights
- The global
market accounted for USD 67.3 billion in 2017 and is expected to register
a CAGR of 8.7% from 2018 to 2025
- Increasing
number of international travelers across the globe is expected to boost
the market growth
- The perfume
& cosmetics segment is anticipated to witness the highest CAGR of 9.9%
followed by the fashion & accessories segment over the forecast period
- Asia Pacific
is anticipated to be the fastest-growing regional market due to increasing
disposable income levels and expanding the travel industry in the region
- Key companies
in the global travel retail market include Shilla DFS, Lagardere Group,
Lotte Corp., Heinemann, and Dufry AG
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https://www.grandviewresearch.com/industry-analysis/travel-retail-market/request/rs1
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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