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Travel Retail Market Share

Report ID: GMI10082
Published Date: Jul 2024
Report Format: PDF

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Travel Retail Market Share

China Duty Free Group, Avolta AG, and Lotte Duty Free held significant market share of over 35% market share in 2023. These major players are actively expanding their global footprints through strategic acquisitions and partnerships. For example, Avolta AG has been enhancing its presence by acquiring smaller regional operators and securing long-term contracts with major airports worldwide and Lotte Duty is focusing on diversifying its portfolio by integrating food and beverage services, as seen with its recent acquisition of Tastes on the Fly.

In addition to expansion, these major players are investing heavily in digital transformation and customer engagement strategies. They are leveraging data analytics to personalize marketing efforts and enhance the shopping experience through mobile apps and online pre-order services. There is also a significant push towards creating omnichannel retail environments, where physical and digital shopping experiences are seamlessly integrated. Innovations such as smart stores, augmented reality (AR), and virtual reality (VR) are being implemented to attract tech-savvy travelers and provide immersive shopping experiences. These efforts aim to meet the evolving preferences of modern travelers and capitalize on the growing market.

Travel Retail Market Companies

Major players operating in the travel retail industry are:

Avolta AG
China Duty Free Group (CDFG)
DFS Group (LVMH Group)
Everrich Duty Free
Flamingo Travel Retail
Gebr. Heinemann
Korean Air Shop
Lagardere Travel Retail
Lotte Duty Free
Paradigm Duty Free
SSP Group
The Shilla Duty Free

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of travel retail reached USD 61.2 billion in 2023 and is set to witness over 12% CAGR between 2024 and 2032, due to the expansion of airports and infrastructure along with rising disposable incomes.

The airport shops segment in the travel retail industry is anticipated to register 11% CAGR from 2024 to 2032, due to the high foot traffic and the unique retail environment provided by airports, coupled with increasing adoption of digital and omnichannel strategies.

Asia Pacific market held 50% revenue share in 2023, driven by increase in disposable incomes and robust growth in tourism.

Avolta AG, China Duty Free Group (CDFG), DFS Group (LVMH Group), Everrich Duty Free, Flamingo Travel Retail, Gebr. Heinemann, Korean Air Shop, Lagardère Travel Retail, Lotte Duty Free, Paradigm Duty Free, SSP Group, and The Shilla Duty Free.