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Travel Retail Market Trends, Industry Share, Growth Drivers, Business Opportunities and Demand Forecast to 2029

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The global travel retail market size is anticipated to hit USD 96.11 billion by 2029 and exhibit a CAGR of 8.1% during the forecast period. The increasing number of international travelers is likely to drive the market’s growth. Fortune Business InsightsTM has presented this information in its report titled, “Travel Retail Market, 2022-2029”. The market size stood at USD 51.28 billion in 2021 and USD 55.74 billion in 2022.

Additionally, the rising popularity of sustainable duty-free shopping is a key trend that is anticipated to amplify market growth in the coming years.

COVID-19 Impact-

The strict lockdowns imposed during the pandemic have negatively impacted the market growth. The global air travel ban during the severe waves of the pandemic have affected the market’s growth. The growing number of air passengers amidst resuming air travel operations has helped the market retain traction. Nonetheless, the rising air travel and demand for personal protection equipment and products such as gloves, face masks, and sanitizers are expected to create lucrative growth for travel retail in the coming years.

Fortune Business Insights™ lists out all the travel retail market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • Lagardere Travel Retail (Lagardere Group) (France)
  • DFS Group Ltd. (Hong Kong)
  • Dufry AG (Basel, Switzerland)
  • King Power International Group (Thailand)
  • Aer Rianta International (Ireland)
  • The Nuance Group AG (Switzerland)
  • Lotte Duty Free (Lotte Hotel) (South Korea)
  • Heinemann SE & Co. KG (U.S.)
  • China Duty Free Group Co. Ltd. (CDFG) (China)
  • Flemingo (South Korea)

Drivers & Restraints-

Increasing Number of International Travelers to Boost Market Growth

The growing product demand due to the rising numbers of international and domestic travelers is likely to bolster the travel retail market growth. The improving income levels and increasing expenditure on travel by the millennial population are anticipated to be key factors stimulating the market growth. The data released by World Travel and Tourism Council (WTTC) in November 2021 estimated a 34.9% surge in the French travel & tourism industry in 2021.

The launch of promotional campaigns by key companies to lure customers into buying duty-free commodities is likely to uptick product demand and boost travel retail.

Additionally, the growing trend of sustainable duty-free shopping is likely to be a key trend expanding the market’s growth. The rising adoption of eco-friendly and sustainable practices, including biodegradable packaging, reduction and recycling, and others, by air travel retailers, is predicted to complement the market growth.

However, high prices of products may hinder market growth due to low demand.

Report Coverage-

  • It delivers details about the market in-depth and offers vital information on various market segments: product type, sales channels, sectors, and others.
  • It provides information on current trends in travel retail.
  • It highlights major industry advancements.
  • It includes various direct and indirect variables that complement the market’s growth.
  • It includes a detailed review of the COVID-19 pandemic impact on the market.

Segmentation-

On the basis of product type, the market is fragmented into fashion & accessories, tobacco products, confectionery & fine foods, beverages, cosmetics, and others. On the basis of sector, the market is bifurcated into duty paid and duty-free. On the basis of sales channel, the market is segmented into border downtown hotel shops, seaport & cruise line shops, airport & airline shops, and others. Geographically, the market is classified into South America, North America, the Middle East & Africa, Asia Pacific, and Europe.

Regional Insights-

Asia Pacific to Hold the Lion’s Share

Asia Pacific is projected to gain the largest travel retail market share. The high expenditure on duty-free products by international and domestic travels across countries such as South Korea, India, and China is likely to fuel the growth in Asia Pacific. Furthermore, the growing partnerships between duty-free retailers for business expansion are expected to favor market growth.

Europe is likely to exhibit substantial growth in the coming years. The increasing infrastructural development for travel and tourism is expected to boost the market growth in Europe. Moreover, the strong presence of opulent cosmetics and other major duty-free brands is anticipated to favor the region’s market growth.

The rising consumer expenditure on travel and tourism will foster growth in North America.

The improving income levels of the middle-class populace will support growth in the Middle East & Africa.

Competitive Landscape-

Key Players Emphasize E-commerce Adoption to Expand Businesses Globally

The major players operating in the market emphasize the adoption of e-commerce to expand their businesses globally. Sales promotional offers, personalized goods retail, and others are some key methods adopted by major players to capture huge customer bases. Recently, in November 2021, Pernod Richard, a beverage company based in France, unveiled its first boutique in China’s Shenzhen Duty-free Group Haikou.

 

Key Industry Developments-

October 2021: Lagardere Switzerland formed a partnership with Inflyter to introduce fully digital automated solutions at Geneva Airport, Switzerland.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/travel-retail-market-104620

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Furniture Market Analysis by Trends, Size, Share, Company Overview, Growth and Forecast by 2028

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The global furniture market size was USD 475.4 billion in 2020. The market is projected to grow from USD 493.6 billion in 2021 to USD 720.2 billion by 2028 at a CAGR of 5.5% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Furniture Market, 2021-2028.”

According to our analysts, rising home decoration and renovation trends among the global population are principally promoting the demand for such products.

COVID-19 Impact

Closure of Furniture Shops amid COVID-19 Lockdown Constraints to Restrict Market Growth

The indeterminate existence of the COVID-19 lockdown limitations is leading to the closing down of upholstery shops around the globe. Therefore, upholstery shops are observing a deterioration in sales owing to such a limitation. Furthermore, to avert coronavirus infection, common people have restricted themselves to shop furniture pieces from these stores. Such influences are exhibiting difficulties to the complete market growth during the pandemic period.

Fortune Business Insights™ lists out all the furniture market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • Harman Miller Inc. (Michigan, U.S.)
  • Steelcase Inc. (Michigan, U.S.)
  • HNI Corporation (Lowa, U.S.)
  • Ashley Furniture Industries Inc. (Wisconsin, U.S.)
  • Duff & Phelps, LLC. (New York, U.S.)
  • Global Furniture USA (New Jersey, U.S.)
  • ZouYou (Shenzhen, China)
  • P & C ArteMobili SA (Nova Prata, Brazil)
  • Saudi Modern Factory Co. (Riyadh, Saudi Arabia)
  • DEDON GmbH (Luneburg, Germany)
  • Dare Studio (Worthing, England)

Report Coverage

The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the virtual reality market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.

Driving Factors

Steady Launch of Groundbreaking and Lavish Furniture Pieces to Spur Growth

Intermittent presentation of companies’ elite home facilities is anticipated to entice people to purchase them, consequently fueling the demand for these products. For example, in February 2020, BAXTER, which is an Italian home fitting products company, along with Sources Unlimited, its Indian provider, unveiled radical, lavish, and greatly crafted fixture items in India. This is expected to spur the furniture market growth.

Regional Insights

Asia Pacific to Hold Dominant Position in the Market through 2028

Asia Pacific market was worth USD 223.9 billion in 2020. The largest furniture market share of the Asia Pacific region is accredited to several wood furniture producers in nations such as China and India.

North America holds a substantial share of the market owing to the large usage of such products among the U.S. and Canada population, leading to the greater product incomes from such region.

Significant growth of the European region is accredited to the rising utilization of wood-based furnishing pieces among the population in nations such as the U.K. and Germany.

Segmentation

By Material, the global market is divided into:

  • Wood
  • Metal
  • Plastic
  • Others

By Category, the market is segregated into:

  • Indoor
  • Outdoor

By End-User, the market is categorized into:

  • Residential
  • Office
  • Hotel
  • Others

By Region, the global market is branched into:

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

Competitive Landscape

Collaborations among Corporations to Safeguard Their Brand Values in Global Market

Fundamental players in the market are incessantly choosing operative tactics to endorse their products and institute their positions in the market. One such tactic is to unveil novel products by teaming up with other companies to expand their reach to end-users.

Report Aim & Scope:

  • An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
  • The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
  • The various parameters accelerating the growth of the market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the market during the forecast period.

Key Players Assessment in this Research:

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in this market
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

Key Industry Development:

May 2020: Theodore Alexander USA, Inc., who is a console table and chair products producer, teamed up with Ralph Lauren Corporation, a vital U.S. based fashion products company, to extend its business through the partner’s retail fashion stores based in the U.S.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/furniture-market-106357

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Gaming Market Analysis by Trends, Size, Share, Company Overview, Growth and Forecast by 2028

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The worldwide gaming market size is expected to gain momentum by reaching USD 545.98 billion by 2028 while exhibiting a CAGR of 13.20% between 2021 and 2028. In its report titled “Gaming Market, 2021-2028”, Fortune Business Insights mentions that the market stood at USD 203.12 billion in 2020.

Online video games have become more prevalent in recent years. Most people find online games attractive and a modest way to find free time from their hectic schedules. Moreover, during the pandemic, the inclination toward gaming increased dramatically. Many companies such as Nintendo and Tencent witnessed an increase in their sales during the first quarter. The former showcased a profit of 41%, as it sold many of its games digitally. The demand for online games will be persistent in upcoming years, and this market is anticipated to boom during the forecast period.

COVID-19 Impact

The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. However, the pandemic has provided better acceptance of digital technology. It received so much consumer attraction during the lockdown that it made a huge investor community interested in it. For instance, according to The Week article, some major investments occurred during the pandemic in India. Around USD 225 million investment was made in the mobile gaming app Dream11 in September 2020. Thus, these investments are expected to drive market growth in the upcoming years.

Fortune Business Insights™ lists out all the gaming market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • Microsoft Corporation (Redmond, Washington, United States)
  • Nintendo Co., Ltd (Kyoto, Japan)
  • Rovio Entertainment Corporation (Espoo, Finland)
  • Nvidia Corporation (California, United States)
  • Valve Corporation (Washington, United States)
  • PlayJam Ltd (London, United Kingdom)
  • Electronic Arts Inc (California, United States)
  • Sony Group Corporation (Tokyo, Japan)
  • Bandai Namco Holdings Inc (Tokyo, Japan)
  • Activision Blizzard, Inc (California, United States)

What does the Report Provide?

The market report for gaming provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.

Driving Factor

Rising Youth Employment to Spur Demand for Video Games

The rising millennial youth population is expected to drive the gaming market growth. For instance, a report from the American Association of Advertising Agencies.Org, published in February 2019, mentioned that the generation z population plays games daily. Their number is higher than that of millennials by 84%. Moreover, rising disposable income is resulting in a higher consumption rate of video games. For instance, the data released by the World Bank.Org, states that the global youth unemployment in 2018 is 15.19% which is a decline from 15.37 % from its prior year.

Market Segmentation:

Based on game type, the market is divided into shooter, action, sports, role-playing, and others.

  • Based on game type, the shooter segment held a gaming market share of about 23.35% in 2020. The segment is expected to experience considerable growth since it provides 3D realistic graphics. It makes players experience a whole new experience of the virtual world. This fascinating atmosphere provided by battle games is driving the segment market.

By device, it is segmented into PC/MMO, tablet, mobile phone, TV/console. On the basis of end-user, it is bifurcated into male and female. Finally, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa based on region.

Regional Insights

Asia Pacific to Remain at Forefront Backed by Rising Urban Population

Asia Pacific – The region is expected to hold the highest position in the market during the forecast period. This is ascribable to the rapid growth in the urban population. The rising awareness about trending video games is helping the market to thrive in the region. The report from World Bank.Org data suggests that in 2019 the urban population of the East Asia Pacific was 59.887 % which rose from 59.053 % from the previous year. The regional market stood at USD 86.96 billion in 2020.

North America – The rising number of children with their smart devices is surging the market. For instance, the data released by the National Public Radio.Org in October 2019 stated that more than half of the children in America possess their smartphones.

Report Aim & Scope:

  • An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
  • The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
  • The various parameters accelerating the growth of the market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the market during the forecast period.

Competitive Landscape

Major Companies Invest in R&D Activities to Strengthen Their Market Positions 

The market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing in R&D activities to develop engaging online video games. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the market during the forecast period.

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/gaming-market-105730

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How to Customize a Box

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If you want to promote your business, you can create a unique look for your packaging by customizing your boxes. There are a variety of ways to customize a box. Some of the most common methods include using artistic doodles, shapes, colors, and quantity. These options allow you to personalize your box while also promoting the health of the environment.

Artistic doodles

When custom box printing, one way to add your personality is by using artistic doodles. These little drawings can be a lot of fun and allow you to draw any subject you like. Some people like to draw melons and oranges, but you can also try to get more creative. Try using varying line thickness to create your subject. The thickest lines should be used for the outlines, while thinner lines are used for patterns.

Using a doodle of someone’s name is a great way to express how important they are to you. You can also use simple line doodles to convey your inner thoughts. For instance, a squiggly line might reflect the need for direction while a zigzag can denote impatience.

Doodles can be used on notebook covers, too. You can use them to decorate a science or math notebook cover. You can also use them to decorate a journal. If you’re a doodle fan, you might want to draw flowers and other garden elements. This will make your journal or other writing space more interesting to look at.

Use doodles that depict objects or emotions that are important to you. You may choose to use realistic or abstract designs. You can choose from a range of colors for your doodles. If you want to be more subtle, you can choose to use colored pencils or alcohol markers.

Shapes

When you are designing a box, the first thing you should do is create a base shape for it. If you are a beginner, you can use numbers and letters to create the shape you need. A simple polygon with straight sides is a good place to start. Once you have created the base shape, duplicate it and then place it into the lid group.

Colors

In the custom gift packaging box, color psychology plays an important role. It helps companies select the right color to market their products and establish a positive brand image. Color is one of the first things a consumer sees before acquiring a product or service. Thus, a combination of colors that highlight the product and its packaging can attract consumer attention. These colors are often derived from nature. For example, fashion brand Carven used bright green to promote its macarons.

Blue is a calming color that promotes trust and peace. Blue is also a versatile color that comes in a variety of shades. This makes it highly marketable for all kinds of products and services. The blue color is also associated with relaxation and calmness, which is why it is often used in packaging design. Blue is the exact opposite of red, so it is the ideal color for a box featuring relaxation products.

There are two main types of color systems: RGB and CMYK. RGB stands for red, green, and blue. The RGB color system is widely used in digital applications while CMYK is used for print media. RGB color files may not translate perfectly to print, so it is important to choose a color system that guarantees color accuracy.

Choosing the right colors for custom packaging can help your brand stand out. However, it can also present design challenges. For example, if you’re creating a tennis ball box, you may want to use light, bright colors. On the other hand, if you’re launching a new product, you might want to use dark greens, which mimic conifers.

Quantity

When you are ordering lip gloss boxes you can select the quantity of boxes that you need. In some cases, there is no minimum quantity. However, if you need a smaller quantity, you can choose a sample and have it manufactured in one to two business days. Standard quantities, starting at 25 pieces, take 10 to 15 business days to produce. You can use custom printed boxes to package and display different types of retail products. In addition, they can be shipped flat, making them easy to assemble.

A custom box can be manufactured with a specific color, opening style, material, or other specifications. It can also have your logo and other information printed on it. Custom boxes are great for brands and consumers who want all of their information on one box. The more information a consumer receives about your product, the more likely they are to buy it.

Personalized boxes have become more affordable and convenient with the advent of digital printing. Digital printing allows for high definition printouts on the outside and inside. You can even request a mock-up of the box design to see how it will look. If you want to make it even more personalized, you can add stickers to the box. Sticker Giant has a selection of printed stickers that are perfect for gift boxes.

Custom boxes can make your products stand out from the crowd. You can even use the same container for different products with different artwork. This allows you to create a customized box that looks great in all light.

Shipping options

When customizing a box, there are several shipping options to choose from. First, determine where you will ship your product. You should also decide on the method of shipping and the charges associated with it. Then, verify the shipping from and to addresses and change them as necessary. Custom shipping profiles can be created later and will let you charge custom rates and set destination restrictions.

Customizing a box also helps you save money. Compared to the one-size-fits-all shipping boxes, custom boxes offer more space and are often less expensive. This is because most major carriers use dimensional weight pricing, which determines shipping costs based on package volume rather than weight. This helps carriers better use the space on a delivery truck. This can reduce shipping costs significantly. However, make sure to consider the size of your box before ordering. If it’s too small or too large, your product may suffer damage or not be protected at all.

Pricing

Pricing when you customize a box is an important decision for your subscription business. There are a variety of factors to consider, including the amount of time and money you want to invest in the product. For instance, you want to make sure you have enough margin to cover the costs of product development and shipping. You also want to ensure that the cost of a subscription plan is affordable. This can be done in a few different ways. One way is to choose a fixed price for the box. This will minimize your per-unit cost and spread it over more units. You may also choose to use a dynamic price calculation.

Prices for custom-printed boxes are often higher than standard retail prices. For example, a box with multiple colors associated with a logo could cost a higher price than one with a single color logo. A custom-printed box also sends a message to your customers that your brand cares about the packaging of its products. If you’re going to spend money on custom-printed boxes, you’ll be better off using a printing company that offers a low minimum order.

Custom-designed boxes offer more flexibility and customization options. These boxes can feature product bundles, custom product listings, and more. With the right custom products, you can maximize your profits and increase your average cart value. You can also use marketing strategies based on bundles to increase your conversion rate.

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