Airport Retail Market Expected to Reach $40,592.8 Million in 2027, Perfumes & Cosmetics Segment Grows at a CAGR of 13.7%
According to a new, the global airport retail market is segmented into product type, airport size, distribution channel and region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, Nov. 9, 2022 /EINPresswire.com/ — Allied Market Research has released a new report titled “Airport Retailing Market by Product Type, Airport Size, and Distribution Channel: Global Analysis Industry Opportunities and Forecast, 2021-2027”. The report offers an in-depth analysis of changing market trends, key segments, major investment pockets, regional scenario, Porter’s Five Forces and competitive scenario. The global airport retail market size was valued at USD 27,552.8 million in 2019 and is projected to grow at a CAGR of 12.6% between 2021 and 2027 to reach USD 40,592.8 million in 2027.
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Rising inclination of people towards unique and exotic vacation experiences, rising middle and upper class incomes, and growing interest of people to spend more money on shopping are fueling the growth of the market world of airport retail. On the other hand, strict government regulations are hampering the growth to some extent. Nonetheless, the upsurge in the tourism sector, affordable air fares, increased investment in airports to expand retail space, and the introduction of new terminals are expected to create lucrative opportunities in the industry.
Airport retail has grown in popularity in recent years. Often referred to as travel retail (because it takes place primarily but not entirely at an airport), it has emerged as an important strategy for businesses looking to promote and build brand awareness. Airports with low airfares are unable to generate significant revenue from aviation activities. As a result, they transformed their operations into non-aeronautical businesses such as retail stores, restaurants, bars and cafeterias. Airport retail may also include hotels, nursing homes, car rental agencies, banks, currency exchange offices, pharmacies and other stores selling jewelry, books and magazines, gifts and crafts, apparel and accessories, convenience stores, optical, perfumes and fragrances.
Based on product type, the perfume and cosmetics segment accounted for nearly two-fifths of the global airport retail market share in 2019 and is expected to reign supreme by the end of 2027. The same segment would also register the fastest CAGR of 13.7% from 2021 to 2027. Improving lifestyle along with increasing affluent population is driving the growth of the segment.
The airport distribution market is driven by an increase in the number of passengers, particularly in countries with high rates of public transport, such as India and China. The airport retail market is also driven by travelers’ desire to shop on the go and the growing ability of retailers to sell products. The time spent by passengers at airports has also increased due to earlier check-in times set by airlines for security and operational reasons. This gave retailers the ability to sell products more efficiently.
Based on airport size, the large airport segment contributed almost three-fifths of the global airport retail market revenue in 2019 and is expected to lead the way by 2027. Large airports are located in the countries capital region and are popular vacation destinations. . These airports welcome a considerable number of business class travelers who contribute in particular to the sale of products via the travel retail hubs. These factors are propelling the growth of the segment.
The Asia-Pacific region, followed by Europe and North America, held the largest share in 2019, attracting nearly two-fifths of the global airport retail market. The same region would also cite the fastest CAGR of 13.7% from 2021 to 2027. This is due to the increase in the number of new air routes and the introduction of Low Cost Carriers (LCCs) in the province.
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The global market is fragmented with the presence of several market players in various regions such as Airport Retail Group LLC, Dubai Duty Free, Dufry AG, DFS Group Ltd, King Power International, The Shilla Duty Free, China Duty Free Group Co., ltd. , Gebr. Heinemann SE & Co. KG, Japan Airport Terminal Co., Ltd and Flemingo International.
Main results of the study:
○ The alcohol and tobacco segment is expected to grow at a CAGR of 12.0% during the forecast period.
○ Perfumes and cosmetics segment is expected to lead the airport retail market growth, registering a CAGR of 13.7%
○ The large airport segment is expected to gain the highest airport retail market share of approximately 57% by 2027, registering a CAGR of 12.5%.
○ The specialty retailer segment is expected to dominate the global airport retail market with a CAGR of 13.2%.
○ The direct retailer segment is expected to grow at a CAGR of 13.8% during the forecast period.
Reason to buy:
• Save and reduce time spent on entry-level research by identifying the growth, size, leading players and segments in the global airport retail market.
• Highlights key business priorities to guide companies in reforming their business strategies and establishing themselves in the vast geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Airport Retail Market, thereby allowing players to develop effective long term strategies in order to generate their market revenue.
• Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
• Dig deep into the global market trends and outlook associated with the factors that are driving the market, as well as those that are limiting the growth to some extent.
• Improve the decision-making process by understanding the strategies that drive business interest with respect to products, segmentation, and industry verticals.
○ The luxury cosmetics market is expected to bring in $81,247.6 million by 2026
○ The Sunglasses Market is expected to reach $18,164 million by 2027
○ Luxury footwear market is expected to reach $39,987.4 million by 2030
○ The luxury jewelry market is expected to reach $40.19 billion by 2031
○ Luxury Clothing Market is expected to reach $278,181.5 million by 2031
Source: https://www.globenewswire.com/news-release/2021/06/08/2243787/0/en/Airport-Retailing-Market-to-Reach-40-5-Bn-Globally-by-2027- at-12-6-CAGR-Allied-Market-Research.html
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