Global Airport Retail Market Predicted to Reach US$ 90 Bn by 2023 20

Global Airport Retail Market Predicted to Reach US$ 90 Bn by
2023: Credence Research
According to a new market report published by Credence Research Inc “Airport Retail Market - Growth,
Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2022,” the global airport market is
expected to witness significant growth with increasing disposable income of middle class families in
emerging countries and affordable travel option. Emerging countries such as China, India, Brazil and Russia
are increasingly investing in new terminals construction and expansion of sales areas in existing airports
which is expected to support the growth of airport retail market. Increasing number of budget travel
options and democratization of travelling are increasing number of travelers particularly in Asia Pacific,
Eastern Europe, Middle East and South America.

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On the basis of product type market is airport retail market is classified into electronic products, food and
beverages, fashion and accessories, pharmacy products and arts. Fashion and accessories is the largest
product category and accounted for more than half of the revenue share in the global airport retail
market. The segment is expected to witness considerable growth with expansion of luxury brands at
airport facilities across the world. Food and beverage segment is expected to witness the fastest growth
with rising sale of premium liquor products and expansion of food chains in airport retail industry.

Independent store and showrooms is the largest segment by store type. The number of independent store
and showrooms at airports are increasing steadily with concession offered by airport authorities to local
operators. However, the duty free stores segment is expected to witness the fastest growth with rising
demand for duty free luxury products. In addition, rising promotional activities to increase the sale of duty
free products is also expected surge the market growth of this segment.

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Asia Pacific is the largest regional airport retail market and accounted for 40.5% of revenue share in 2015
in the global market. The region is also expected to see the fastest growth with increasing number of
budget travel options and number air travelers particularly in India, China, Australia and Southeast Asia
countries. Airport retail market in North America is expected to witness significant growth with rising sale
of duty free luxury products. Eastern Europe is also predicted to observe significant growth with expansion
of retail space in existing airports and construction of new terminals.