The global travel retail market size is anticipated to hit USD 96.11 billion by 2029 and exhibit a CAGR of 8.1% during the forecast period. The increasing number of international travelers is likely to drive the market’s growth. Fortune Business InsightsTM has presented this information in its report titled, “Travel Retail Market, 2022-2029”. The market size stood at USD 51.28 billion in 2021 and USD 55.74 billion in 2022.
The growing number of air passengers amidst resuming air travel operations has helped the market retain traction.
Fortune Business Insights™ lists out all the travel retail market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Lagardere Travel Retail (Lagardere Group) (France)
- DFS Group Ltd. (Hong Kong)
- Dufry AG (Basel, Switzerland)
- King Power International Group (Thailand)
- Aer Rianta International (Ireland)
- The Nuance Group AG (Switzerland)
- Lotte Duty Free (Lotte Hotel) (South Korea)
- Heinemann SE & Co. KG (U.S.)
- China Duty Free Group Co. Ltd. (CDFG) (China)
- Flemingo (South Korea)
Drivers & Restraints-
Increasing Number of International Travelers to Boost Market Growth
- It provides information on current trends in travel retail.
- It highlights major industry advancements.
- It includes various direct and indirect variables that complement the market’s growth.
- It includes a detailed review of the COVID-19 pandemic impact on the market.
Geographically, the market is classified into South America, North America, the Middle East & Africa, Asia Pacific, and Europe.
Asia Pacific to Hold the Lion’s Share
Europe is likely to exhibit substantial growth in the coming years.
The rising consumer expenditure on travel and tourism will foster growth in North America.
The improving income levels of the middle-class populace will support growth in the Middle East & Africa.
In 2020, Europe hair care market size reached USD 27.09 billion. During the forecast period, Europe is expected to dominate the market owing to increasing awareness about fashion and cosmetics among people of all ages, which has resulted in a thriving beauty industry in the region. Furthermore, the presence of well-known brands such as L’Oreal and Henkel is likely to enhance the demand for advanced hair care products.
The market in Asia Pacific is thriving owing to the upgradation of living standards.
In terms of the distribution channel, the market share is divided into specialty stores, supermarket/hypermarket, online stores, and others. However, online stores segment is expected to gain traction in the forthcoming years.
Key Players Emphasize E-commerce Adoption to Expand Businesses Globally
The major players operating in the market emphasize the adoption of e-commerce to expand their businesses globally. Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
Key Industry Developments-
October 2021: Lagardere Switzerland formed a partnership with Inflyter to introduce fully digital automated solutions at Geneva Airport, Switzerland. The use of hair extensions is increasing for concealing hair loss. Hair extension market growth will be influenced by the increasing occurrence of baldness across the world. The National Alopecia Areata Foundation reports that roughly 6.8 million people had alopecia areata in 2020 in the U.S. These products, however, frequently cause hair breakage and headaches, which could hamper market growth slightly.
North America hair extensions market share reached USD 0.83 billion in 2020. The regional growth is influenced by the presence of major beauty salons in the U.S. and Canada.. According to the Small Business Development Center Organization, there were roughly 77,000 beauty salons and 4,500 barbershops in the U.S. as of May 2020.
Asia Pacific will record robust growth led by the growing working women population, leading to increased spending on grooming products including hair extensions.
Based on type, the market share is trifurcated into human hair extension, synthetic hair extension, and animal hair extension. Meanwhile, the synthetic hair extension segment will experience robust demand as it is resistant to rainy conditions and humidity.Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.