PORTLAND, Oregon, May 23, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Europe Travel Retail Market by Product (Perfume & Cosmetics; Wine & Spirit; Electronics; Luxury Goods; Food, Confectionery & Catering; Tobacco; and Others) and Channel (Airport; Cruise Liner; Railway Station; and Border, Downtown, & Hotel Shop): Opportunity Analysis and Industry Forecast, 2018-2025". Europe travel retail market accounted for $23.03 billion in 2017 and is projected to garner $39.60 billion by 2025, registering a CAGR of 7.2% from 2018 to 2025.
Improved consumer lifestyle toward apparels, luxury goods, premium fragrances, and cosmetics, increase in disposable income, and rapid growth in urbanization are the major drivers of the Europe travel retail market. However, increase in terrorism & crime rate and stringent government rules, especially for airport retailing hamper the market growth. On the contrary, rise in initiatives to develop the travel & tourism industry of the region is expected to create lucrative opportunities in the near future.
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Perfumes & cosmetics segment dominated the market
The perfumes & cosmetics segment held the lion's share in 2017, contributing nearly one-third of the total market, owing to rise in travel & tourism due to increase in disposable income, change in lifestyle among consumers, and rapid urbanization. However, the luxury goods segment is expected to manifest the fastest CAGR of 9.5% during the forecast period, early adoption of premium lifestyle and huge growth potential in the developing market. The report also includes an in-depth analysis of the other segments such as food, confectionery & catering, electronics, wine & spirits, luxury goods, tobacco, and others.
Border, down-town & hotel shops segment to register fastest CAGR by 2025
The border, downtown & hotel shops segment is projected to register the fastest CAGR of 7.6% during the forecast period, owing to its price advantages due to variations in tax and currency fluctuation and availability of a wide range of products for customers. However, the airports segment held the largest share, accounting for nearly three-fifths of the total market, owing to large number of captive consumers. The report offers analysis of the other segments such as cruise liners and railway stations.
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U.K. held the largest share
The market across the U.K. held the largest share in 2017, contributing more than one-fourth of the market, owing to its stronger base of luxury products and presence of some of the biggest apparels and cosmetics brands. However, the market across Germany is expected to portray the fastest CAGR of 10.8% during the forecast period. The report includes analysis of the market across other regions such as France, Italy, Spain, and rest of Europe.
Key market players
Europe travel retail market report provides in-depth analysis of the major market players such as daa Plc., Autogrill S.p.A., Flemingo International Ltd., Dufry AG, Lagardère SCA, Gebr. Heinemann SE & Co. KG, RegStaer, LVMH Group, TRE³, and WH Smith PLC.
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