A new report by independent market research firm MarketsandMarkets has estimated that the airport retail market will grow from US$31.8bn in 2016 to US$47.8bn by 2021.
Growth in the tourism industry, affordable airline prices, and the global rise of disposable incomes are just some of the major factors driving the estimated compound annual growth rate (CAGR) of 8.5%.
The report segments the airport retailing market by type into direct retailer, department store, specialty retailer, and supermarkets. The specialty retailer segment is expected to grow at the highest CAGR during the forecast period and has a prominent share in the USA, Canada, Europe, and Asia-Pacific.
On the basis of airport size, the market is segmented into large, medium and small airports. The medium airport segment is projected to grow at the highest CAGR during the forecast period, due to an increase in passenger footfall, which leads to the expansion of cargo capacity and aircraft operation, as well as increase in retailer shops.
The report also encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors are Dufry AG (Switzerland), Legardere Travel Retail (France), Dubai Duty Free (UAE), and DFS Group (Hong Kong).
To download a copy of Airport Retailing Market by Type, Airport Size, Category – Global Forecast to 2021, click here.