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According to a new report released by Grand View Research, the market is expected to be driven by the growing number of international travelers and the growth of the travel and tourism industry.
The Colombia travel retail market the size should reach $ 686.0 million by 2025, and it is planned to record a 8.3% CAGR from 2019 to 2025, according to a new report from Grand View Research, Inc. The travel and tourism industry accounted for almost 3.8% of Colombia’s gross domestic product (GDP) in 2018. Industry demand increased by 12% in 2018 compared to the previous year. . Colombia is one of the main tourist destinations with attractions such as colonial towns, coffee plantations, mountains and beaches. An increasing number of international travelers is expected to be one of the major growth factors of the market.
According to the Colombian Ministry of Commerce, Industry and Tourism (MinCIT), the country’s travel and tourism revenue was around USD 5.8 billion in 2018. However, the Colombian government plans to increase these revenues. revenues to $ 40 billion by 2022 by making tourism a high priority. . Initiatives such as increasing air routes to Colombia are expected to subsequently stimulate the growth of the travel retail market in the country. In addition, the growing middle class population in developing countries and reasonably priced travel choices are expected to drive the market growth.
The retail market is becoming increasingly competitive with the arrival of other duty free retailers in the country. For example, in 2017, Dufry and 3Sixty Duty Free signed a joint venture agreement and obtained a duty free store concession at El Dorado International Airport in Bogota. The two companies signed a concession agreement with Opain SA for one duty free store, seven duty free stores and two Hudson convenience stores. An improving economy, sustainable business practices and favorable trade agreements have created strong opportunities for international brands, which have acted as a catalyst for market growth. According to the World Travel & Tourism Council (WTTC), Bogota accounted for over 29% of Colombia’s overall travel and tourism activity.
More than two decades of political instability have hampered the growth of the Colombian market. Despite decades of security challenges and internal conflicts, Colombia has been relatively stable in maintaining democratic institutions characterized by transparent and peaceful elections and the protection of civil liberties. Growing political stability and improving security situation should open up opportunities for foreign direct investment and subsequently strengthen the Colombian tourism industry. An active travel and tourism industry would further encourage international travel retail operators to consider entering the Colombian market, where competition is currently relatively moderate.
Browse the full report with the table of contents @ https://www.grandviewresearch.com/industry-analysis/colombia-travel-retail-market
Highlights of Colombia Travel Retail Market Report
â¢ Perfumes and cosmetics segment dominated the market with a value of USD 118.9 million in 2018. The segment is expected to continue to dominate during the forecast period.
â¢ The increase in investments for the development and modernization of airports in Colombia has contributed to the growth of the market. Airport Channels Segment Expected to Record Highest CAGR of 8.5% During Forecast Period
â¢ Major market players are focusing on strategies such as partnerships and expansions to expand their presence in the market
â¢ Major players operating in the market include Duty Free Americas, Inc. (DFA); Dufry and 3Sixty Duty Free; Motta International; Zones; and tax-free partners.
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Colombia Travel Retail Market Segmentation
Grand View Research has segmented the Colombian travel retail market based on product and channel:
Colombia Retail Product Outlook (Revenue, USD Million, 2015 – 2025)
â¢ Perfumes and cosmetics
â¢ Confectionery and gastronomy
â¢ Wine and spirits
â¢ Fashion Accessories
â¢ The tobacco
Colombia Retail Channel Outlook (Revenue, USD Million, 2015 – 2025)
â¢ Cruise lines
â¢ Border, downtown and hotel shops
â¢ Stations and others
Find out more or share your questions if any prior to purchase on this report @ https://www.grandviewresearch.com/inquiry/7012/ibb
Browse more related reports:
Travel retail market Size, Shares and Trends Analysis Report by Channel (Downtown & Hotel Stores, Airports), Product (Wines & Spirits, Fashion & Accessories, Fragrances & Cosmetics) and Segment Forecast, 2018 – 2025
About Grand View Search
Grand View Research is a market research and consulting company that offers market research reports, syndicated reports and personalized reports. The company is headquartered in San Francisco, California. It offers customer engagement for business consulting and market intelligence in various fields. The clientele is based in various countries with queries from over 50 industries around the world.
Grand View Research helps clients make informed decisions by helping them understand current trends and scenarios. Each year, Grand View Research performs more than 300 multi-country market studies to optimize advice to clients.
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