Market Size of Latin America Travel Retail Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | < 9.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Travel Retail Market Analysis
The Latin America travel retail market is anticipated to rise at a considerable rate and register a CAGR less than 9% during the forecast period, 2021-2026.
Dur to COVID-19, the traffic for the first half of 2020 was down by 51% with expectations that the year would close with passengers numbers down by about 51% on 2019 with no immediate prospect of recovery. Due to OVID-19 pandemic and the resulting travel restrictions, some of the major airports witnessed a drop in international passengers for the months of March, April, May 2020 and onwards. Thereby, travel retail sales in the Latin America Travel Retail Market took a significant hit in the 2020.
Latin America is also a significant market for travel retail. The upsurge in the travel and tourism sector that has increased the demand for apparels, cosmetics, food items, and electronic retail, rise in the urbanization and change in the lifestyle and the growing of the disposable income amongst Latin Americans. The Latin American countries like Brazil, Argentina, Columbia, the millennial population is rising. Thus, the growing attention on the digitalizing of the retailing procedure and the increase in the demand for retail chains that provide luxury and premium brands of different products are estimated to cushion the growth of the travel retail market in the coming years in Latin America. People living in the Southern Cone like to take road trips during the Latin American summer and holiday months. With expanded shopping opportunities at favorite border locations, more people tempted to find a reason to travel. The Latin America regional duty free and travel retail industry has been looking at Argentina with trepidation because the country's flagging economy has kept Argentines at home and out of land border and airport duty free shops. However, the chaotic local markets, the stringent government guidelines and the little consumer interest in shopping at the airports are further projected to impede the growth of the travel retail market in the near future.
