According to the latest report published by Acute Market Reports “Global Travel Retail Market - Growth, Future Prospects, and Competitive Analysis, 2020-2028,” the global Travel Retail market was valued at US$ 74.31 Bn in 2019 is expected to reach only US$ 33.43 Bn in 2020, declining by over 55%. However, with reduced travel restrictions from the 2nd half of 2020, the travel retail market is expected to grow at a CAGR of 4.1% during the forecast period from 2020 to 2028. 

Market Insights

The global market for travel retail is valued at US$ US$ 33.43 Bn in 2020 and is expected to grow at a CAGR of 4.1% during the forecast period from 2020 to 2028. The travel retail market took a significant hit with the onset of COVID-19 pandemic in 2020 thereby, the market value in 2020 reduced significantly as compared to previous recent years. However, with several governments planning to reduce travel restrictions and encourage international travel from 2021, the travel retail market is expected to witness some growth during the initial years of the forecast period. With the expected rise in footfall as compared to 2020 and companies adopted more digital channels to drive sales, the travel retail market is expected to witness positive growth in the following years. 

Browse the full report Global Travel Retail Market - Growth, Future Prospects, and Competitive Analysis, 2020 - 2028 at  https://www.acutemarketreports.com/report/travel-retail-market

The emerging middle class in the new markets is one of the main driving factors for the increasing demand for travel retail. The emerging middle class in many of the countries in the region is a major factor resulting in the increasing number of travelers in the developing countries is. As travel becoming more accessible, consumers have shown a great desire for it and filling the seats of airlines. More prominently due to the increasing number of the middle-class population, China is the largest source of outbound tourists. In 2019, China followed by Russia represented approximately 30% of total tax-free spending worldwide. Retail benefits, a good selection of shopping malls, famous international brand stores, and desire to buy products at a better price are some of the major factors considered by the middle-class customers during travel retail shopping. 

In 2019, Asia Pacific dominated the travel retail market in terms of value. China, India, and Japan are the prime markets for travel retail in the Asia Pacific accounting for a significant share of total regional revenue. Asia-Pacific is growing at the fastest rate owing to improving the standard of living, rise in disposable income, and development of the tourism industry. Furthermore, owing to a stronger base of luxury brands, Europe is one of the prominent travel retail markets across the globe. The region holds headquarters of some of the biggest apparel and cosmetics brands, namely, H&M from Sweden and LVMH from France, which hold a substantial share in the luxury perfumes, apparel, and cosmetics sector, thus making Europe the second-largest travel retail market. Europe's market accounts for a major share of the travel retail sector as the region has headquarters of most of the luxury brands. Wealthy tourists from the Middle East, China, and the U.S. contribute considerably towards the growth of the European travel retail market. 

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.

The Global Travel Retail Market is Segmented into:

*Complete segmentation list is on a report page