Asia-Pacific Travel Retail Market Size, Share, and COVID-19 Impact Analysis, By Product (Perfume & Cosmetics, Wine & Spirits, Fashion & Accessories, Tobacco Products, Electronics & Gifts, and Others), By Distribution Channel (Airports, Train Stations, Ferries, and Others), and Asia-Pacific Travel Retail Market Insights Forecasts to 2035

• The Asia-Pacific Travel Retail Market Size Was Estimated at USD 41012.34 Million in 2024
• The Market Size is Expected to Grow at a CAGR of Around 8.25% from 2025 to 2035
• The Asia-Pacific Travel Retail Market Size is Expected to Reach USD 98067.89 Million by 2035

According to a research report published by Spherical Insights & Consulting, The Asia-Pacific Travel Retail Market Size is anticipated to reach USD 98067.89 Million by 2035, growing at a CAGR of 8.25% from 2025 to 2035. The market is driven by an increase in the number of travel and tourism industry, the rapid rise in urbanization, and lifestyle changes have all been contributing forces to the rising disposable income of consumers. Further economic development and growth in disposable income.

Market Overview

Travel retail refers to the selling of products and services to travelers who are on their way and usually at places such as airports, ships, border shops, and railway stations that cater especially to international travelers. Travel retail offers a one-of-a-kind shopping experience, as retailers are placed in the prime spots of the moving crowds at the airports, thus getting a constant flow of possible clients who are frequently in the mood to spend due to their going out for holidays or buying gift

According to the Asia-Pacific Travel Retail Confederation (APTRC), the retailers that opted for an omnichannel strategy experienced a conversion rate increase of 31% on average and a transaction value increase of 17% as opposed to traditional retail models

The area has some of the largest apparel and cosmetics names, like LVMH, which are major players in the luxury apparel, perfumes and cosmetics market, thus making it one of the top travel retail markets. There was an increasing trend of digital preorder platforms where travellers could look over, choose, and pay for products prior to getting to the airport, with collection at designated pickup points airside.

Report Coverage

This research report categorizes the market for the Asia-Pacific travel retail market based on various segments and regions, and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Asia-Pacific travel retail market. Recent market developments and competitive strategies, such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Asia-Pacific travel retail market.

Driving Factors

The travel retail market in Asia-Pacific is driven by a considerable recovery of international air travel and tourism in the region. International visitor visits reached around 550-600 million in 2023, representing a recovery of more than 90% from pre-pandemic levels and sustaining airport and duty-free shop demand. According to ACI Asia-Pacific, the region's airports processed about 2.3 million passengers in 2023, representing a 19% year-on-year increase. Expansion of airport infrastructure, new international flights, and rising disposable incomes are all driving up spending, with regional consumer spending on luxury and duty-free items increasing by more than 7% per year, cementing Asia-Pacific's status as a vital global travel retail centre.

Restraining Factors

The travel retail market in Asia-Pacific is restrained by the continuous increase in both international and domestic passenger movement, backed by better travel infrastructure and connectivity, which has greatly increased the demand for travel retail items like perfumes, cosmetics, and luxury goods. The major Asia-Pacific airports are creating more retail spaces and giving a better shopping experience, as demonstrated by the expansion of Aer Rianta International at Dublin Airport, along with other companies that are making use of the growing number of passengers to boost their sales.

Market Segmentation

The Asia-Pacific travel retail market share is categorised into product and distribution channel.

• The perfume & cosmetics segment accounted for the largest revenue market share in 2024 and is expected to grow at a significant CAGR during the forecast period. 

The Asia-Pacific travel retail market is segmented by product into perfume & cosmetics, wine & spirits, fashion & accessories, tobacco products, electronics & gifts, and others. Among these, the perfume & cosmetics segment accounted for the largest revenue market share in 2024 and is expected to grow at a significant CAGR during the forecast period. In 2024, the Asia-Pacific travel retail market was still dominated by fragrances and cosmetics, with 38.25% due to their universal appeal, suitability as gifts, and high margins. The segment also utilizes the buying habits of customers and good supply chains to maintain its volume, but at the same time, it is losing some of its growth as rich travellers are switching to durable souvenirs.

• The airports segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.  

Based on distribution channel, the Asia-Pacific travel retail market is segmented into airports, train stations, ferries, and others. Among these, the airports segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. A significant share of 58.18%, airports led the travel retail market in Asia-Pacific in 2024, taking advantage of their size and walk-through layouts to reach the maximum number of customers. The large number of passengers, the long waiting times in the security zones of the airports, and the collaboration between the airport and international retailers also drive the growth of the segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Asia-Pacific travel retail market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• China Duty Free Group (CDFG)
• Avolta AG (formerly Dufry)
• Lotte Duty Free
• DFS Group (LVMH)
• Shilla Duty Free
• Gebr. Heinemann
• Lagardère Travel Retail
• King Power International Group
• Ever Rich Duty Free
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

In March 2025, Jägermeister launched its limited-edition Jägermeister Tattoo exclusively with China Duty Free Group across selected Asia-Pacific travel retail airports, targeting rising demand for premium spirits among international travelers in the region.

Market Segment

This study forecasts revenue at the Asia-Pacific, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the Asia-Pacific Travel Retail Market based on the below-mentioned segments:

Asia-Pacific Travel Retail Market, By Product

• Perfume & Cosmetics
• Wine & Spirits
• Fashion & Accessories
• Tobacco Products
• Electronics & Gifts
• Others

Asia-Pacific Travel Retail Market, By Distribution Channel

• Airports
• Train Stations
• Ferries
• Others