Global Airport Retail Market Predicted to Reach US$ 90 Bn by 2023 – Credence Research
According to a new market report published by Credence Research Inc “Airport Retail Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2022,” the global airport market is expected to witness significant growth with increasing disposable income of middle class families in emerging countries and affordable travel option. Emerging countries such as China, India, Brazil and Russia are increasingly investing in new terminals construction and expansion of sales areas in existing airports which is expected to support the growth of airport retail market. Increasing number of budget travel options and democratization of travelling are increasing number of travelers particularly in Asia Pacific, Eastern Europe, Middle East and South America.
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On the basis of product type market is airport retail market is classified into electronic products, food and beverages, fashion and accessories, pharmacy products and arts. Fashion and accessories is the largest product category and accounted for more than half of the revenue share in the global airport retail market. The segment is expected to witness considerable growth with expansion of luxury brands at airport facilities across the world. Food and beverage segment is expected to witness the fastest growth with rising sale of premium liquor products and expansion of food chains in airport retail industry. airport-retail-market-by-geo
Independent store and showrooms is the largest segment by store type. The number of independent store and showrooms at airports are increasing steadily with concession offered by airport authorities to local operators. However, the duty free stores segment is expected to witness the fastest growth with rising demand for duty free luxury products. In addition, rising promotional activities to increase the sale of duty free products is also expected surge the market growth of this segment.
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Asia Pacific is the largest regional airport retail market and accounted for 40.5% of revenue share in 2015 in the global market. The region is also expected to see the fastest growth with increasing number of budget travel options and number air travelers particularly in India, China, Australia and Southeast Asia countries. Airport retail market in North America is expected to witness significant growth with rising sale of duty free luxury products. Eastern Europe is also predicted to observe significant growth with expansion of retail space in existing airports and construction of new terminals.
The global airport retail industry is highly competitive and comprises of large number of multinational players. Major players in the global airport retail industry include Aer Rianta International cpt, Autogrill, Dubai Duty Free, Dufry AG, Duty Free Shoppers Ltd, Gebr. Heinemann, LS Travel Retail, Lotte Duty Free, Nuance Group, Shilla Duty Free and Stellar Partners, Inc.
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