Allied Market Research published a new report, titled, “Airport Retailing Market by Product Type, Airport Size, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027″. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter’s Five Forces, and competitive scenario. The global airport retailing market size was valued at $27,552.8 million in 2019, and is expected grow at a CAGR of 12.6% during 2021–2027 to reach 40,592.8 million in 2027.
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Airport retailing has grown in popularity in recent years. Often referred to as travel retail (because it takes place mostly but not entirely in an airport), it has emerged as an important strategy for companies looking to promote and raise awareness about their brand. Airports with low airfares are unable to generate significant revenue from aeronautical business. As a result, they have transitioned their business into non-aeronautical businesses such as retail stores, restaurants, bars, and cafeterias. Airport retailing can also include hotels, nursing homes, car rental outlets, banks, exchange offices, drugstores, and other stores selling jewelry, books and magazines, gifts and crafts, clothing and accessories, convenience stores, optics, Fragrance and Perfume.
Based on product type, the perfumes and cosmetics segment accounted for nearly two-fifths of the global airport retailing market share in 2019, and is expected to rule the roost by the end of 2027. The same segment would also register the fastest CAGR of 13.7% from 2021 to 2027. Improvement in lifestyle along with increase in affluent population drives the segment growth.
The airport retailing market is being driven by an increase in the number of passengers, particularly in countries with a high level of public transportation, such as India and China. The airport retailing market is also being boosted by travelers’ desire to shop on the go and retailers’ growing ability to sell products. Passengers’ time spent at airports has also increased as a result of airlines’ early check-in times set due to security and operational concerns. This has given retailers the ability to sell products more efficiently.
Based on airport size, the large airport segment contributed to nearly three-fifths of the global airport retailing market revenue in 2019, and is anticipated to lead the trail by 2027. Large airports are located at the capital region of countries and are popular holiday destinations. These airports have a considerable number of business class travelers who notably contribute toward the sale of products through travel retail hubs. These factors propel the segment growth.
Region, Asia-Pacific, followed by Europe and North America, held the major share in 2019, garnering nearly two-fifths of the global airport retailing market. The same region would also cite the fastest CAGR of 13.7% from 2021 to 2027. This is due to increase in number of new air routes and the introduction of low cost carrier (LCC) in the province.
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The global market is fragmented with the presence of several market participants across 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.
Key Benefits For Stakeholders:
• The study provides an in-depth analysis of the global airport retailing market growth with current trends and future estimations to elucidate the imminent investment pockets.
• The report provides a quantitative analysis of the airport retailing market share from 2019 to 2027 to identify the prevailing airport retailing market opportunities.
• The report provides a quantitative analysis from 2019 to 2027, which is expected to enable the stakeholders to capitalize on prevailing airport retailing market trends.
• In-depth analysis and the airport retailing market size and segmentation assist to determine the prevailing opportunities.
• Competitive intelligence in airport retailing market analysis highlights the business practices followed by leading players across various regions.
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