Market Size of Thailand Travel Retail Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 154.48 Billion |
| Market Size (2029) | USD 214.14 Billion |
| CAGR (2024 - 2029) | 6.75 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Travel Retail Market Analysis
The Thailand Travel Retail Market size is estimated at USD 154.48 billion in 2024, and is expected to reach USD 214.14 billion by 2029, growing at a CAGR of 6.75% during the forecast period (2024-2029).
The economy of Thailand is one of South Asia's most influential economies. Thailand has been a major player in travel, tourism and trade for decades. Thailand is an exciting and strategic market with a high awareness of beauty and high spending power. The people's standard of living is rising due to higher disposable income and improved lifestyle. One of the main reasons for the growth of the Thai travel retail industry in the coming years is the steady increase in the number of tourist arrivals.
The Thailand travel retail group, King Power International, is based in Bangkok and one of the top duty-free retailers in the world. King Power offers an excellent selection of international brands, at affordable prices. It provides high-quality services to Chinese as well as other international customers.
Thailand Travel Retail Industry Segmentation
Travel retail is a specialized area of the retail market that serves tourists and other travelers. It can be characterized as the sale of goods and services to travelers leaving, arriving at, or passing through an airport, seaport, railway station, or other travel-related facilities.
The market is segmented by product type and by distribution channel. By product type, the market is sub-segmented into beauty and personal care, wines and spirits, tobacco, eatables, fashion accessories, and hard luxury, and other product types, and by distribution channel, the market is sub-segmented into airports, airlines, ferries, and other distribution channels.
The report offers the market sizes and forecasts in value (USD) for all the above segments.
| Product Type | |
| Beauty and Personal Care | |
| Wines and Spirits | |
| Tobacco | |
| Eatables | |
| Fashion Accessories and Hard Luxury | |
| Other Product Types |
| Distribution Channel | |
| Airports | |
| Airlines | |
| Ferries | |
| Other Distribution Channels (Borders, Downtown) |
Thailand Travel Retail Market Size Summary
The Thailand travel retail market is poised for significant growth, driven by the country's robust economy and its status as a key player in travel and tourism within South Asia. The market is characterized by a high awareness of beauty and a strong spending power among consumers, supported by rising disposable incomes and an improved standard of living. The increasing number of tourist arrivals is a primary catalyst for the market's expansion, with major players like King Power International leading the charge in offering a wide range of international brands at competitive prices. The appeal of Thailand's diverse tourism destinations, favorable weather, and luxury accommodations continues to attract a global audience, thereby boosting demand for various retail categories, including apparel, electronics, and beauty products.
The urbanization and lifestyle changes in Thailand are expected to further enhance the demand for travel retail, particularly among the young urban population. This demographic shift, coupled with an increase in middle-class income, is likely to drive the consumption of premium brands and luxury goods. The market is highly competitive, with key players such as King Power, The Shilla Duty-Free, and others vying for market share through innovative strategies and expanded online presence. Recent expansions, such as Foreo's new outlet at Don Mueang Airport, highlight the ongoing growth and development within the sector. Additionally, investments by companies like PTT Oil and Retail Business into Southeast Asia underscore the region's economic potential and the strategic importance of Thailand's travel retail market.
Thailand Travel Retail Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Value Chain Analysis
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1.5 Insights on Government Regulations Shaping the Travel-Retail Sector
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1.6 Industry Attractiveness: Porter's Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers/Consumers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Beauty and Personal Care
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2.1.2 Wines and Spirits
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2.1.3 Tobacco
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2.1.4 Eatables
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2.1.5 Fashion Accessories and Hard Luxury
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2.1.6 Other Product Types
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2.2 Distribution Channel
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2.2.1 Airports
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2.2.2 Airlines
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2.2.3 Ferries
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2.2.4 Other Distribution Channels (Borders, Downtown)
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Thailand Travel Retail Market Size FAQs
How big is the Thailand Travel Retail Market?
The Thailand Travel Retail Market size is expected to reach USD 154.48 billion in 2024 and grow at a CAGR of 6.75% to reach USD 214.14 billion by 2029.
What is the current Thailand Travel Retail Market size?
In 2024, the Thailand Travel Retail Market size is expected to reach USD 154.48 billion.
