Travel Retail Market Size to Record 10.32% CAGR Over 2024-2032; Introduction of Promotional Campaigns by Leading Companies to Augment Market Growth

The global travel retail market size touched USD 60.72 billion in 2023 and is predicted to reach USD 66.30 billion in 2024. The market is anticipated to touch USD 145.46 billion by 2032, recording a CAGR of 10.32% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Travel Retail Market Size, Share & Industry Analysis By Product Type (Cosmetic & Fragrances, Wines & Spirit, Confectionery & Fine Foods, Tobacco Products, Fashion & Accessories, and Others), Sector (Duty Free and Duty Paid), Sales Channel (Airport & Airline Shops, Seaport & Cruise line Shops, Border Downtown Hotel Shops, Railway Station, and Others), and Regional Forecasts, 2024-2032”.

Travel retail business offer their products and services in travel environments, such as cruises, airlines, and airports. Many seaports and airports view these stores as a major source of their revenue as the volume of air and sea travelers is increasing every year. Many well-known brands are also trying to sell their products from these stores to boost their presence. These factors are anticipated to expand the network of travel retail stores.

Lagardère Travel Retail Announced Plans to Launch New Food & Drink Stores at Hamburg Airport

Lagardère Travel Retail, a French travel retailer, announced plans to open new food & drink stores at the Hamburg Airport by 2024, after it received a foodservice tender. The new stores are expected to provide food and beverage brands, such as White Monkey, Kaimug, and Burger King.  It will also construct a new food court that will cover more than 300sq. m.

COVID-19 Pandemic Negatively Impacted Market Due to Air Travel Restrictions

The COVID-19 pandemic had a negative impact on the revenue of travel retail stores as governments across the world had restricted air travel to control the spread of the virus. This factor caused a major decline in the number of air travelers during this period, which impeded the travel retail market growth.

Introduction of Promotional Campaigns by Leading Companies to Augment Market Growth

Many leading market participants are introducing promotional campaigns and offering heavy discounts on their products to increase their sales and expand their customer base. They are also increasing their focus on providing high-quality and privately labelled duty-free products to lure in customers with high spending capacity and boost their revenues. These strategies are expected to increase the sales of various products from travel stores and eventually boost the market’s growth.

However, these products are quite expensive for low-to-middle income customers, which can deter them from shopping from these stores, thereby restraining the market’s growth.

Launch of New Stores With Cutting-Edge Technologies to Help Key Market Players Maintain Their Dominance

Many top market players are launching new stores in various airports and cruises to attract new customers. They are focusing on introducing shops that are equipped with next-gen technologies to offer a seamless buying experience to customers and increase their profit margins.

Notable Industry Development:

• January 2023: Lotte Duty-Free, a South Korean company, announced that it had opened a new store for NONFICTION, a Korean beauty brand. To mark the launch, the firm offers free goods to its consumers through both offline and online distribution channels while purchasing NONFICTION products.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/travel-retail-market-104620

List of the Companies Profiled in the Report:

• Lagardere Travel Retail (France)


• Dufry AG (Switzerland)


• King Power International Group (Thailand)


• Aer Rianta International (Ireland)


• Delhi Duty Free Services Pvt. Ltd. (DDFS) (India)


• Lotte Duty Free (South Korea)


• Gebr. Heinemann SE & Co. KG (Germany)


• China Duty Free Group Co., Ltd. (China)


• Abu Dhabi Duty Free (UAE)


• DFS Group Ltd. (France)

Further Report Findings

• Asia Pacific has held a dominant position in the global market as many countries across the region are partnering with airports to help the latter expand their operations in these nations. Many airports in Asia Pacific are also collaborating with renowned retailers to offer duty-free products and help the latter expand their customer base.


• North America is also showcasing promising growth in the global market as the number of international travelers visiting countries, such as the U.S. and Canada is increasing steadily every year.

Based on product type, the cosmetics & fragrances segment accounted for a leading travel retail market share in 2023 as these stores offer tax-free pricing of a wide range of cosmetic products and perfumes from reputed brands.

Table of Segmentation