LONDON, Sept. 27, 2016 /PRNewswire/ -- The global airport retailing market is estimated to grow from USD 31.79 billion in 2016 to USD 47.81 billion by 2021, at a CAGR of 8.5% from 2016 to 2021. The growth of the tourism sector, increasing incomes of the middle class population, easy availability of brands, and most importantly affordable prices of products are some of the factors driving this market.
"The direct retailer segment, by type estimated to account for the largest market share in 2016"
The global airport retailing market, by type is segmented into direct retailer, department store, speciality retailer, and supermarkets. The direct retailer segment estimated to account for the largest market share in 2016. In the airport retailing market, major revenue is generated through major stores such as Lacoste, Hugo Boss, Levi's, among others.
"The large airport segment estimated to account for the largest market share in 2016"
Large airport is estimated to be the largest segment of the global airport
retailing market, by airport size, in 2016. The global airport retailing market is growing due to the increasing passenger traffic and promotional activities by individual brands. Retailing has become one of the biggest sources of revenue for airports, globally. This is attributed to the increase in air travelers, the growing demand of customers, and the duty-free shopping experience.
"Food & confectionery segment projected to grow at the highest CAGR during forecast market"
On the basis of category, the airport retailing market is segmented into liquor & tobacco, perfumes & cosmetics, fashion & accessories, food & confectionery, and others. A few deals offered in the food & confectionary category, but increase in tourism across the globe has resulted in higher footfall at airports, increasing the demand for food & confectionery. The rise in demand for local destination products is expected to drive the global airport retailing market in food & confectionery.
"Europe estimated to account for the largest market share in 2016, and APAC projected to grow at the highest CAGR during the forecast period"
In the last few decades, the European region has seen an immense growth in the airport retailing market, due to the growth in the tourism sector, affordable air fares, and increased investments in airports for expanding retail spaces. Furthermore, it is expected to grow in the near future as many new projects are in pipeline, which include development & expansion of new terminals, renovation of the existing airports, and refurbishments.
Also, Asia-Pacific is contributing majorly towards the growth of the global airport retailing market. Emerging countries like India and China are increasing investments to develop new terminals and expand dedicated retail areas at airports which are attracting large number of passengers. This in turn is fuelling the growth of the airport retailing market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profiles of primary participants is given below:
- By Company Type: Tier 1: 40%, Tier 2: 35%, and Tier 3: 25%
- By Designation: C-level: 28%, Director level: 43%, and Manager level: 29%
- By Region: North America: 46%, Europe: 31%, Asia-Pacific: 15%, RoW: 8%
The various key vendors profiled in the report are as follows:
1. Dufry (Switzerland)
2. Gebr. Heinemann (Germany)
3. Duty Free America (U.S.)
4. Dubai Duty Free (UAE)
5. Bahrain Duty Free Shop Complex (Bahrain)
6. World Duty Free Group (WDFG) (Spain)
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