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Allied Market Research published a report, titled, “Airport Retailing Market by Product Type (Liquor & Tobacco, Perfumes & Cosmetics, Fashion & Accessories, Food & Beverages, and Others), Airport Size (Large Airport, Medium Airport, and Small Airport), and Distribution Channel (Direct Retailer, Convenience Store, Specialty Retailer, and Departmental store): Global Opportunity Analysis and Industry Forecast, 2021-2027.” According to the report, the global airport retailing industry was projected at $27.5 billion in 2019, and is anticipated to hit $40.5 billion by 2027, registering a CAGR of 12.6% from 2021 to 2027.Rise in inclination of people toward unique and exotic holiday experiences and surge in the income of middle- & upper-class people fuel the growth of the global airport retailing market. 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.
Rise in inclination of people toward unique and exotic holiday experiences, surge in the income of middle- & upper-class people, and growing interest of people to spend more money on shopping fuel the growth of the global airport retailing market. On the other hand, stringent government regulations impede the growth to some extent.
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Nevertheless, upsurge in the tourism sector, affordable airfares, increased airport investment to expand retail spaces, and the introduction of new terminals are expected to create lucrative opportunities in the industry.
For the purpose of airport retailing market analysis, the market is segmented on the basis of product type, airport size, distribution channel, and region. Depending on product type, the market is divided into liquor & tobacco, perfumes & cosmetics, fashion & accessories, food & beverages, and others. In 2019, the perfumes & cosmetic segment held around 38% share of the global airport retailing market, and is expected to continue this trend during the forecast period. This is attributed to increase in interest of people to explore new fragrances and products in the perfumes & cosmetic industry.
By airport size, the market is segregated into large airport, medium airport, and small airport. The medium airport segment is estimated to grow at the fastest rate.
Growth Expansion of the retail businesses on the medium airports is mainly majorly driven by the increasing increase in spending capacity of the middle middle-income groups, this is the major reason for the highest CAGR of the medium size airports, and this will offer prominent airport retailing market opportunities during the forecast time period. By distribution channel, it is categorized into direct retailer, convenience store, specialty retailer, and departmental store.
Based on 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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Covid-19 scenario-
The outbreak of the pandemic led to ban on transportation across the world, especially during the first phase of the lockdown. This, in turn, impacted the airport retailing market negatively.
The distorted supply chain and lack of raw materials affected the market yet more.
However, several government bodies have initiated vaccination drives, and with this drift on board, the market is expected to recoup soon.
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 Findings Of The Study
The liquor & tobacco segment is expected to grow at a CAGR of 12.0% during the forecast period.
The perfumes & cosmetics segment is anticipated to dominate the airport retailing market growth, registering a CAGR of 13.7%
The large airport segment is projected to garner the highest airport retailing market share of around 57% by 2027, registering a CAGR of 12.5%.
The specialty retailer segment is anticipated to dominate the global airport retailing market with a CAGR of 13.2%.
The direct retailer segment is estimated to grow at a CAGR of 13.8% during the forecast period.
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