Market Size of Asia-Pacific Travel Retail Industry
| Study Period | 2020- 2029 |
| Market Size (2024) | USD 63.15 Billion |
| Market Size (2029) | USD 98.11 Billion |
| CAGR (2024 - 2029) | 9.21 % |
| Fastest Growing Market | Asia |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Travel Retail Market Analysis
The Asia-Pacific Travel Retail Market size is estimated at USD 63.15 billion in 2024, and is expected to reach USD 98.11 billion by 2029, growing at a CAGR of 9.21% during the forecast period (2024-2029).
The growing income of the middle-class population increased the development of the travel retail market in Asia Pacific. Asia Pacific is the home of some of the world's most popular countries and a tourist destination. The region's tourism sector is increasing due to the rise in domestic and international travelers. The Asia Pacific region offers attractive duty-free shopping incentives that allow travelers to make tax-free purchases, so these factors attract more travelers to the Asia Pacific region and, therefore, fuel the growth of the travel retail market.
The primary factor that drives the travel retail business in Asia-Pacific is the increasing tourism because foreign investors visit and do tax-free shopping. Many marketers are establishing themselves in Asian marketplaces. One of the largest importers of cosmetics and clothing is in the region, contributing to expanding the Asia-Pacific market. Hence, the region’s travel retail market generates revenue through fashion, accessories, fragrances, cosmetics, wine, and spirits.
Due to the increased adoption of premium lifestyles, the luxury product market in the region is growing. Factors like an increase in disposable income, extensive social media usage, and increased urbanization increase investments in personal luxury goods, which fuels the expansion of the travel retail market in the Asia Pacific region.
