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South Korea Travel Retail Market Size, Share, Growth: By Product Type: Beauty and Personal Care, Wines and Spirits, Tobacco, Eatables, Fashion accessories and Hard Luxury, Others; By Distribution Channel: Airports, Airlines, Ferries, Others; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
South Korea Travel Retail Market Outlook
The South Korea travel retail market size reached is projected to grow at a CAGR of 5.2% between 2024 and 2032. The major drivers of the market include increasing adoption of sustainable packaging and business practices by airport retailers and continual efforts of the retailers to provide customer-centric products.
Key Trends in the Market
Travel retail refers to the sale of goods to tourists visiting foreign countries and travellers in transit. These goods range from electronic products to cosmetics, souvenirs, fashion items, and fragrances, among others. The travel retail sector generates significant revenue for tourism, aviation, and travel sectors.
- The increasing adoption of sustainable packaging and business practices by airport retailers is supporting the South Korea travel retail market growth. The rising awareness about the negative environmental effect associated with the utilisation of non-biodegradable materials is boosting the requirement for recyclable and sustainable products and packaging by the customers.
- The rising requirement for both international and domestic travel due to rapid industrialisation is providing lucrative growth opportunities to the market. Various retailers in the country offer personalised and customised deals and loyalty programs to expand their customer base and meet the evolving shopping requirements of the travellers.
- The growing emphasis on self-care and relaxation due to increasing lifestyle complexities and hectic work schedules is supporting the market expansion. The rising spending by the South Korean youth towards travel and tourism activities coupled with increasing disposable incomes are boosting the market demand.
South Korea Travel Retail Market Analysis
On the basis of type, the market is divided into beauty and personal care, wines and spirits, tobacco, eatables, and fashion accessories and hard luxury, among others. Based on distribution channel, the South Korea travel retail market segmentation includes airports, airlines, and ferries, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Hotel Lotte Co., Ltd.
- Hotel Shilla Co., Ltd.
- Hyundai Department Store Group. Co., Ltd.
- Doosan Corporation
- SHINSEGAE DF Inc.
- DongHwa Dutyfree
- Avolta AG
- Jeju Free International City Development Center
- Others
Market Share by Type
Beauty and personal care products are anticipated to account for a significant South Korea travel retail market share. This growth can be attributed to the increasing availability of clean label beauty and personal care products across various travel retail platforms in South Korea. The rising preference for clean label products can be attributed to their cruelty free nature. Growing awareness about animal welfare among the Korean population have resulted in an increased demand for products that are free from animal derived ingredients and have not been subjected to animal testing.
Market Share by Distribution Channel
Airport shops are anticipated to witness significant growth over the forecast period. This growth can be attributed to the continual efforts of the retailers to provide customer-centric products. These products include food and beverages, fragrances, wines and spirits, and cosmetics, among others. Additionally, the provision of wi-fi enhances the online shopping experience of the travellers, bolstering the South Korea travel retail market demand.
Competitive Landscape
Hotel Lotte Co., Ltd. is one of the leading luxury chains in South Korea. The company also operates duty-free shops, resorts, and theme parks, among other related businesses. The company was founded in 1973 and is headquartered in Seoul, South Korea.
Hotel Shilla Co., Ltd., an affiliate of Samsung, is involved in the operation of duty-free shops and luxury hotels. The company was founded in 1979 and is headquartered in Seoul, South Korea. The company also operates restaurants and bakeries, among others.
Hyundai Department Store Group. Co., Ltd. operates a chain of department stores in South Korea. The company’s business areas include food, fashion, travel, and beauty products, among others. The company was founded in 1999 and is headquartered in Seoul, South Korea.
Other South Korea travel retail market key players include Doosan Corporation, SHINSEGAE DF Inc., DongHwa Dutyfree, Avolta AG, and Jeju Free International City Development Center, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Distribution Channel |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Travel Retail Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Travel Retail Historical Market (2018-2023)
8.3 Asia Pacific Travel Retail Market Forecast (2024-2032)
9 South Korea Travel Retail Market Overview
9.1 Key Industry Highlights
9.2 South Korea Travel Retail Historical Market (2018-2023)
9.3 South Korea Travel Retail Market Forecast (2024-2032)
10 South Korea Travel Retail Market by Product Type
10.1 Beauty and Personal Care
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Wines and Spirits
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Tobacco
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Eatables
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Fashion accessories and Hard Luxury
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 South Korea Travel Retail Market by Distribution Channel
11.1 Airports
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Airlines
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Ferries
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Hotel Lotte Co., Ltd.
13.2.1.1 Company Overview
13.2.1.2 Type Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Hotel Shilla Co., Ltd.
13.2.2.1 Company Overview
13.2.2.2 Type Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Hyundai Department Store Group. Co., Ltd.
13.2.3.1 Company Overview
13.2.3.2 Type Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Doosan Corporation
13.2.4.1 Company Overview
13.2.4.2 Type Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 SHINSEGAE DF Inc.
13.2.5.1 Company Overview
13.2.5.2 Type Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 DongHwa Dutyfree
13.2.6.1 Company Overview
13.2.6.2 Type Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Avolta AG
13.2.7.1 Company Overview
13.2.7.2 Type Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 Jeju Free International City Development Center
13.2.8.1 Company Overview
13.2.8.2 Type Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Travel Retail Market: Key Industry Highlights, 2018 and 2032
2. South Korea Travel Retail Market: Key Industry Highlights, 2018 and 2032
3. South Korea Travel Retail Historical Market: Breakup by Product Type (USD Million), 2018-2023
4. South Korea Travel Retail Market Forecast: Breakup by Product Type (USD Million), 2024-2032
5. South Korea Travel Retail Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
6. South Korea Travel Retail Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
7. South Korea Travel Retail Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 5.2% between 2024 and 2032.
The major market drivers include increasing adoption of sustainable packaging and business practices by airport retailers and continual efforts of the retailers to provide customer-centric products.
The key trends fuelling the growth of the market include rising requirement for both international and domestic travel due to rapid industrialisation and growing emphasis on self-care and relaxation due to increasing lifestyle complexities and hectic work schedules.
The major distribution channels include airports, airlines, and ferries, among others.
The different types of products include beauty and personal care, wines and spirits, tobacco, eatables, and fashion accessories and hard luxury, among others.
The famous luxury brands in South Korea are Louis Vuitton and Chanel.
There is a high demand for footwear, electronics, cosmetics and perfumes, and snacks and coffee, among others in South Korea.
The key players in the market are Hotel Lotte Co., Ltd., Hotel Shilla Co., Ltd., Hyundai Department Store Group. Co., Ltd., Doosan Corporation, SHINSEGAE DF Inc., DongHwa Dutyfree, Avolta AG, and Jeju Free International City Development Center, among others.
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