Global Retail Industry Market is expected to reach at a CAGR of 7.7% during the forecast period 2024-2031 | DataM Intelligence

1 INTRODUCTION 1.1 Study Assumptions and Market Definition 1.2 Scope of the Study

   2 RESEARCH METHODOLOGY

   3 EXECUTIVE SUMMARY

   4 MARKET DYNAMICS
   4.1 Market Drivers
   4.1.1 Rise in Duty-Free Retailing Stores with Technology Integration will accelerate market growth
   4.1.2 Rise in Foreign Tourists to Boost the Market Growth
   4.2 Market Restraints
   4.2.1 Convenience and Variety of Online Shopping as more and more Customers Purchase Online
   4.2.2 Usage of Unsustainable Goods for Storage Affecting Market Growth
   4.3 Market Opportunities
   4.3.1 Increased Digitalization To Boost the Demand for Duty Free Products
   4.4 Porter's Five Forces Analysis
   4.4.1 Bargaining Power of Suppliers
   4.4.2 Bargaining Power of Buyers/Consumers
   4.4.3 Threat of New Entrants
   4.4.4 Threat of Substitute Products
   4.4.5 Intensity of Competitive Rivalry
   4.5 Impact of COVID-19 on the market

   5 MARKET SEGMENTATION
   5.1 By Product Type
   5.1.1 Fashion and Accessories
   5.1.2 Jewellery and Watches
   5.1.3 Wine and Spirits
   5.1.4 Food and Confectionery
   5.1.5 Fragrances and Cosmetics
   5.1.6 Tobacco
   5.1.7 Other Product Types
   5.2 By Distribution Channel
   5.2.1 Airports
   5.2.2 Airlines
   5.2.3 Ferries
   5.2.4 Other Distribution Channels
   5.3 By Geography
   5.3.1 North America
   5.3.2 South America
   5.3.3 Europe
   5.3.4 Asia-Pacific
   5.3.5 Middle East & Africa

   6 COMPETITIVE LANDSCAPE
   6.1 Market Concentration Overview
   6.2 Company Profiles
   6.2.1 Dufry
   6.2.2 Lotte Duty Free
   6.2.3 Lagardere Travel Retail
   6.2.4 DFS Group
   6.2.5 The Shilla Duty Free
   6.2.6 King Power International Group
   6.2.7 China Duty Free Group
   6.2.8 Dubai Duty Free
   6.2.9 Duty Free Americas
   6.2.10 Sinsegae Duty Free
   6.2.11 WH Smith*

   7 FUTURE MARKET TRENDS

   8 DISCLAIMER AND ABOUT US

   The Global Duty Free & Travel Retail Market Report is segmented by product type and distribution channel, offering a comprehensive industry analysis. The market is a significant revenue generator for aviation, tourism, and other travel-related industries. Airports, in particular, derive a considerable portion of their income from duty-free and travel retailing. Despite challenges such as trade tensions and protectionism between countries, the market is seeing an increased demand for duty-free alcohol, spurred by diversifying consumer buying habits and rising spending among the middle-class population.<br><br>The market's growth is fueled by the rapidly expanding international tourism market and the increasing number of new air routes in Asian countries. However, global currency fluctuations could potentially hamper product demand. The market is segmented by type, with perfumes expected to dominate the global duty-free retail market share. The rising popularity of premium beauty products is also fueling demand in the cosmetics space. In terms of sales channels, airports dominate product sales worldwide.<br><br>The Asia Pacific market is anticipated to witness significant growth over the forecast period, with Europe and North America also expected to see growth. The South America and Middle East and Africa markets are likely to experience an upward trend due to rising consumer demand for premium/luxury perfumes. Duty-Free & Travel Retail market share, size, and revenue growth rate statistics provide a comprehensive market overview, including market forecast and market trends. A sample of this industry report is available as a free report PDF download.<br><br>The industry outlook remains positive, with market leaders driving the market growth. Market segmentation by product type and distribution channel offers detailed market data. The market value is projected to rise, supported by industry statistics and market predictions. Research companies provide valuable industry information and industry research, contributing to market review and market analysis. The report example highlights the importance of understanding market dynamics to capitalize on growth opportunities.

   The Global Duty Free & Travel Retail Report Covers the Following Regions: NA, North America, North American, Northern America, Northern American, SA, South America, South American, EU, Europe, European, APAC, Asia-Pacific, Asian, MEA, Middle East and Africa, Middle Eastern and African, MENA, Middle East, Middle Eastern, Africa, African, Americas, American

Valuation of the global food retail market is estimated at US$ 12,588.8 billion in 2024 and has been evaluated to rise at a CAGR of 5.5% to reach US$ 21,503.5 billion by the end of 2034. The market is projected to expand at a steady rate over the coming years as food retail companies opt for innovative strategies to expand their customer base and increase their investment budgets.

Country-wise Evaluation

Category-wise Evaluation

In 2024, the global in-store or brick-and-mortar retail channel generated an estimated **** trillion U.S. dollars in sales. Total retail sales (online and offline retail) worldwide amounted to around ** trillion U.S. dollars that year. By 2028, it is estimated that the value of e-commerce retail sales will reach **** trillion U.S. dollars on a global scale.

Global Artificial Intelligence (AI) in Retail Market is valued at USD 5.59 Billion in 2022 and is expected to grow from USD 7.42 Billion in 2023 to reach USD 71.23 Billion by 2031, at a CAGR of 32.68% during the forecast period (2024-2031).

Global Grocery Retail Market reached USD 8,695 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 14,772 billion by 2031

Smart Retail Market size was valued at USD 30.30 billion in 2022 and is poised to grow from USD 39.09 billion in 2023 to USD 299.74 billion by 2031, growing at a CAGR of 29% in the forecast period (2024-2031).

Key Takeaways

• The Global AI in Retail Market is projected to reach a value of USD 127.2 billion by 2033, exhibiting a robust Compound Annual Growth Rate (CAGR) of 29.9% throughout the forecast period.
• In 2023, the AI in Retail market was valued at USD 9.3 billion.
• AI technologies are transforming various aspects of the retail industry, enhancing customer experiences, optimizing operations, and driving business growth.
• Key applications of AI in retail include personalized recommendations, inventory management, demand forecasting, chatbots for customer service, visual search, pricing optimization, and fraud detection.
• Adoption of AI in retail is fueled by the increasing availability of data, advancements in AI and machine learning technologies, and the adoption of e-commerce and omnichannel retail strategies.
• 87% of retailers acknowledge that AI has improved the customer experience, while 76% report benefits in supply chain optimization.
• Approximately 86% of retailers have implemented AI or automation in some form within their operations.
• 49% of retailers have experienced cost savings due to AI integration, while 43% have seen increased revenues and 44% improved productivity.
• Price optimization is the top investment priority for 73% of retailers, followed by predictive analytics at 61%.
• The Solution segment dominates the AI in Retail market, capturing over 74.1% share in 2023, driven by the adoption of AI-powered solutions to enhance customer experience and optimize operations.
• Machine Learning is the leading technology segment, holding over 37% market share in 2023, due to its efficiency in processing large datasets and enhancing customer experiences.
• The Customer Relationship Management (CRM) segment leads the market with over 22.7% share in 2023, focusing on personalized interactions and customer satisfaction.
• Omni-Channel Retailers command over 44.2% market share in 2023, followed by North America as the leading region with over 39.3% market share in the same year.
• North America's leadership in the AI in Retail market is attributed to technological advancements, early adoption by retailers, and a tech-savvy consumer base.

According to Cognitive Market Research, the global Retail Ready Packaging market size was USD XX million in 2023 and will expand at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.

The global Retail Ready Packaging market will expand significantly by 5.1% CAGR between 2024 to 2031.
North America held the major market of more than XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Europe accounted for a share of over XX% of the global market size of USD XX million.
Asia Pacific held a market of around XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Latin America's market will have more than XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
The die-cut segment is set to rise due to effective storage. It is perfect for product branding and promotion, and guarantees product safety while in transit. 
The Retail Ready Packaging market is driven by various advantages such as printing innovations, conscious consumer choices that improve brand image, and increasing retail sector product demand. 
Food & Beverages sector held the highest Retail Ready Packaging market revenue share in 2023.

Market dynamics of Retail-Ready Packaging

Key Drivers of the Retail-Ready Packaging Market

The need for retail-ready packaging will grow as a result of various advantages such as printing innovations, and conscious consumer choices that improve brand image

Digital printing and finishing system innovations have made it possible to modify material for different events, customer preferences, and retail locations. Standardized packaging reduces setup time for the machine, reduces the number of pressed variants, and ultimately boosts retail staff productivity when it comes to retail-ready packaging solutions. Major stores are pushing flexible packaging in place of models that employ bars for hanging bags to save labor expenses. Customers want firms to be open and honest about their environmental efforts as well as the environmental effects of their packaging and products. Solidus invested €11 million to purchase eco-friendly retail packaging for Futurline. Developing creative, sustainable, and functional packaging solutions. At least 80% less is used in their MAP (Modified Atmosphere Packaging) trays. 90% of plastic is created from recycled board, and it can be recycled completely after use.

Source- https://solidus.com/wp-content/uploads/2023/09/Solidus-Sustainability-Report-EN-September-2023.pdf

Thus, the adoption of retail-ready packaging products will be aided by these considerations.

Increasing Retail Sector Product Demand to Accelerate Market Growth

Die-cut display containers are widely employed as a result of the retail industry's rapid expansion. In 2023, the UK's retail industry generated £112.9 billion in economic output, representing 4.9% of the country's overall GDP and a 2.5% increase from 2022. Source- https://researchbriefings.files.parliament.uk/documents/SN06186/SN06186.pdf

These containers are seen as a cutting-edge approach to retail packaging, and as supermarkets and hypermarkets grow, their use is predicted to increase. Die-cut display containers are in high demand since they are affordable and ensure product safety. Fast-paced living, rising middle-class income, and rising packaged food consumption are predicted to propel market expansion and greatly aid in the uptake of die-cut display containers. Thus, increasing retail sector product demand to accelerate market growth

Restraints of the Retail-Ready Packaging Market

E-commerce Sector Expansion Will Stagnate Market Growth

Since the e-commerce industry has continued to expand, there is less of a need for pre-made packaging as more consumers choose to shop online rather than visit physical locations. For instance, according to United Nations Conference on Trade and Development, 24.9% of the retail...

Retail Automation Market size was valued at USD 1.21 billion in 2023 and is poised to grow from USD 27.6 billion in 2024 to USD 44.3 billion by 2031, growing at a CAGR of 10.20% during the forecast period (2024-2031).

According to Cognitive Market Research, the global Soft Touch Films market size will be USD 3124.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 3.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1249.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 937.3 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 718.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 156.2 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 62.4 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
The Polyvinyl Chloride (PVC) Material held the highest Soft Touch Films market revenue share in 2024.

Market Dynamics of Soft Touch Films Market

Key Drivers for Soft Touch Films Market

Increased Demand from Packing Sector to Increase the Demand Globally: Soft touch lamination films are widely used in packaging luxury goods, enhancing their perceived value and providing a premium unboxing experience for customers. The global packaging market expanded from $909.2 billion in 2019 to $1,012.6 billion by 2021, reflecting a Compound Annual Growth Rate (CAGR) of 5.5%. In 2022, the Flexible Packaging sector achieved $41.5 billion in sales in the U.S., making it the second largest segment in the U.S. packaging market, which totaled $180.3 billion. Increased disposable income, especially in emerging economies, has led to higher consumer spending on premium and visually appealing products. Soft touch lamination films contribute to this trend by offering an upscale look and feel to packaging, driving growth in the market for these films. https://www.worldpackaging.org/Uploads/2022-10/ResourcePDF49_1665660147.pdf https://www.flexpack.org/facts-and-figures

Growth in E-Commerce and Online Retailing Technology to Propel Market Growth: As e-commerce and online retailing rapidly expand, packaging is crucial for both product presentation and protection during shipping. In the second quarter of 2024, U.S. retail e-commerce sales reached $291.6 billion, marking a 1.3 percent increase from the previous quarter. Total retail sales for the same period were $1,826.9 billion, up by 0.5 percent from the first quarter of 2024. Compared to the second quarter of 2023, e-commerce sales rose by 6.7 percent, while total retail sales increased by 2.1 percent. E-commerce sales represented 16.0 percent of total retail sales in the second quarter of 2024. Soft touch lamination films enhance packaging with their attractive appearance and offer protection against scratches, scuffs, and other damage during transit, making them ideal for e-commerce packaging. The global demand for luxury items, such as high-end fashion accessories, electronics, and automotive products, continues to drive the need for premium packaging solutions. https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf

Restraint Factor for the Soft Touch Films Market

High Production Costs to Limit the Sales: The production of soft touch lamination films encounters notable challenges due to high production costs. The use of specialized equipment and processes required to manufacture these films leads to increased expenses. Achieving the desired tactile and visual effects demands precise machinery and advanced technology, further adding to the financial strain for manufacturers. Additionally, fluctuations in the prices of raw materials, such as polymers and coatings, can affect overall production costs and profitability. Variations in material costs may make it difficult for manufacturers to balance competitive pricing with maintaining quality and consistency. To address these cost pressures, efficient production practices, and strategic sourcing are essential for mitigating financial impacts.

Key Trends for Soft Touch Films Market

Bio-Based and Eco-Friendly Substitutes: In order to meet sustainability requir...

Adoption of more sophisticated digital workplace platforms is generating huge demand for data catalog solutions to provide one sole resource for getting reliable information. As such, the global data catalog market is poised to reach US$ 871.2 million in 2024 and thereafter expand at a CAGR of 20.5% to bloat to a value of US$ 5.62 billion by 2034-end.

Country-wise Insights

Category-wise Insights

Global Augmented Reality in Retail Market size was valued at USD 2.83 billion in 2022 and is poised to grow from USD 4 billion in 2023 to USD 45.19 billion by 2031, growing at a CAGR of 41.4% in the forecast period (2024-2031).

Off Price Retail Market valued at USD 372.46 billion in 2025, is anticipated to reaching USD 668.30 billion by 2032, with a steady annual growth rate of 8.7%.

Worldwide revenue from the sales of mitotane is poised to reach US$ 17.6 million in 2024 and further increase at a CAGR of 5.4% to climb to US$ 29.9 million by the end of 2034.

Country-wise Insights

Category-wise Evaluation

According to Cognitive Market Research, The Global Jewelry Display Stands market size will expand at a CAGR of 4.0% from 2023 to 2030.

The demand for Jewelry Display Stands is rising due to the growing demand for music education.
Demand for Jewelry Set Display Rack remains higher in the Jewelry Display Stands market.
The Necklace category held the highest Jewelry Display Stands market revenue share in 2023.
North American Jewelry Set Display Rack will continue to lead, whereas the Asia Pacific Jewelry Display Stands market will experience the most substantial growth until 2030.

Increasing Jewelry Retailers to Provide Viable Market Output

The growth in the number of jewelry retailers is a significant driver for the Jewelry Display Stands market. With an increasing number of jewelry stores globally, there is a heightened demand for effective display solutions to showcase diverse and intricate jewelry collections. Jewelry retailers recognize the importance of visually appealing displays in attracting customers and enhancing the overall shopping experience. This drives the adoption of innovative, customizable, and aesthetically pleasing display stands that not only highlight the uniqueness of each piece but also contribute to creating an enticing retail environment, thus propelling the growth of the Jewelry Display Stands market.

In August 2022, Pandora introduced a new jewelry line named 'Pandora Brilliance' in the United States and Canada. This collection showcases diamonds that are created using 100 percent renewable energy and are cultivated in the United States.

(Source:pandoragroup.com/investor/news-and-reports/press-releases/newsdetail?id=25296#:~:text=Pandora's%20lab%2Dcreated%20diamonds%20are,for%20jewellery%20and%20industrial%20use.)

Increasing Technology Integration to Propel Market Growth

The integration of technology is a key driver for the Jewelry Display Stands market. Technology integration, such as digital screens and interactive features in display stands, enhances the overall customer experience. These innovative displays not only captivate customers but also provide a dynamic platform for showcasing jewelry collections. Tech-savvy consumers are drawn to the interactive and visually engaging elements, creating a unique and memorable shopping experience. As a result, the demand for display stands with integrated technology is on the rise, driving the growth of the Jewelry Display Stands market in response to evolving consumer preferences and expectations.

As reported by the Gems and Jewellery Export Promotion Council, India's export of contemporary materials jewelry has experienced significant growth. In 2021, compared to 2020, there was a remarkable increase in the export of various categories: polished lab-grown diamonds surged by 211%, platinum jewelry by 180%, silver jewelry by 61%, and studded gold jewelry by 60%.

(Source:gjepc.org/pdf/GJ-Trade-Trends-Annual-report-2021-22.pdf)

Market Dynamics of Jewelry Display Stands

Changing Consumer Preferences to Restrict Market Growth

Changing consumer preferences presents a challenge for the Jewelry Display Stands market as rapid shifts in styles and trends require constant adaptation. Display stands must align with evolving aesthetics and design preferences to effectively showcase jewelry collections. Staying ahead of dynamic consumer tastes demands continuous innovation and flexibility in display stand designs, making it challenging for manufacturers to predict and meet changing demands. Successfully navigating these shifts requires a deep understanding of market trends and the ability to provide customizable and visually appealing display solutions that resonate with the diverse and evolving preferences of jewelry consumers.

Impact of COVID–19 on the Jewelry Display Stands Market

The COVID-19 pandemic impacted the Jewelry Display Stands market as lockdowns and restrictions disrupted retail operations, leading to a temporary decline in demand. With physical stores closed, there was a shift towards online sales, impacting the type and design of display stands needed. Moreover, delays in the supply chain and manufacturing posed challenges. As the industry adapted to pandemic-induced changes the recovery was gradual, driven by the reopening of retail spaces and a renewed focus on visually appealing displays to attract customers. The long-term impact emphasized the ...

Global Convenience Stores Market size was valued at USD 2.24 trillion in 2022 and is poised to grow from USD 2.37 trillion in 2023 to USD 3.66 trillion by 2031, growing at a CAGR of 5.60% during the forecast period (2024-2031).

Facial Serum Market to grow from USD 1.69Bn in 2025 to USD 3.40Bn by 2035, at a 6.6% CAGR, fueled by rising global demand for advanced skincare products.

Cookies Market size was valued at USD 25.34 billion in 2021 and is poised to grow from USD 27.56 billion in 2022 to USD 45.4 billion by 2030, growing at a CAGR of 6.43% in the forecast period (2023-2030).

Global Natural Language Processing (NLP) Market size was valued at USD 15.51 billion in 2021 and is poised to grow from USD 19.68 billion in 2022 to reach USD 112.28 Billion by 2030, at a CAGR of 24.6% during the forecast period 2023-2030.