The rise in preference of people towards gaining unique and exotic holiday experiences, increase in the disposable income of middle- income group & upper-income group population, and escalating inclination of people towards spending more money on shopping drives the growth of the global airport retailing market.
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Allied Market Research published a research report on the global airport retailing market. The findings of the report state that the global market for oatmeal generated $27,552.8million in 2019, and is projected to reach $40,592.8 million by 2027, witnessing a CAGR of 12.6% from 2021 to 2027. The report offers valuable information on changing market trends, key segments, key investment pockets, and the competitive landscape for market players, shareholders, investors, and new entrants.
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The report offers an extensive analysis of drivers, restraints, and opportunities to help market players in determining strategies based on driving forces and tap into new opportunities.The rise in preference of people towardsgaining unique and exotic holiday experiences, increase in the disposable income of middle- income group& upper-income group population, and escalating inclinationof people towards spending more money on shopping drives the growth of the global airport retailing market. However,strict laws enforced by the government related to retail activities can hinder the growth of the market across the globe in foreseeable future. Nevertheless, the surge in the tourism sector, affordable airfares, anhuge investment for expanding retail spaces at airports, easy access to transportation facilities, and the introduction of new terminals are expected to open new growth avenues for the global industry.
Shankar Bhandalkar, Team Lead Consumer Goods at Allied Market Research, stated,” The airport retailing market is expected to exhibit high growth potential during the forecast period. This is majorly attributed to the inclination of people toward buying international products easily available at airports, upsurge in the middle- & upper-class disposable income & related expenditure, and increase in need & interest of people to spend more money on traveling and shopping.”
The research provides detailed insights regarding the Covid-19 pandemic along with its impact on the airport retailing market across the globe. The pandemic outbreak resulted in a ban on transport globally, particularly during the first phase of the lockdown, thereby impeding the global market surge. Furthermore, disruption in the supply chain and low raw material supply will negatively affect the growth of the market globally.However, a large number of government bodies have commenced vaccination drives and this is predicted to help in the swift recovery of theglobal market.
The report offers an extensive analysis of segments of the global airport retailing market depending on product type, airport size, distribution channel, and region. Based on product type, the perfumes and cosmetics segment contributed to the highest market share in 2019, accounting for nearly two-fifths of the global market share. The segment is set to dominate the global market growth even during the forecast timeline. The same segment is set to record the highest CAGR of 13.7 during 2021-2027. The report also analyzes the segments including Liquor & Tobacco, Fashion & Accessories, Food & Beverages, and Others. Based on airport size, thelarge airport segment accounted for approximately three-fourths of the overall market revenue in 2019, and is set to lead the global market in 2027.The medium airport segment is anticipated to register the fastest CAGR of 13.5% during the assessment period.
The report offers a detailed analysis of regions. Asia-Pacific accounted for the highest share of the global market in 2019, contributing nearly two-fifths of the global market share. The region is predicted to record the highest CAGR of 13.7% during the forecast timespan. The report also analyzes regions such as LAMEA, Europe, and North America.
Leading players of the global aerospace foam market analyzed in the research include Airport Retail Group LLC, Dufry AG, Dubai Duty Free, King Power International, DFS Group Ltd, China Duty Free Group Co., Ltd, The Shilla Duty Free, Japan Airport Terminal Co., Ltd,Gebr. Heinemann SE & Co. KG, and Flemingo International.
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