The Colombia travel retail market size is expected to reach USD 686.0 million by 2025, and it is anticipated to register a CAGR of 8.3% from 2019 to 2025, according to a new report by Grand View Research, Inc. The travel and tourism industry accounted for nearly 3.8% of Colombia's Gross Domestic Product (GDP) in 2018. The industry's demand has witnessed an increase of 12% in 2018 from the previous year. Columbia is one of the major tourist destinations with attractions including colonial cities, coffee plantations, mountains, and beaches. A rising number of international travelers is expected to be one of the prime factors driving the market growth. According to Colombia's Ministry of Commerce, Industry and Tourism (MinCIT), the country's travel and tourism revenues was approximately USD 5.8 billion in 2018. However, the Colombian government plans to increase these revenues to USD 40 billion by 2022 by making tourism a high priority. Initiatives such as increasing airline routes to Colombia are subsequently expected to drive the growth of the market for travel retail in the country. Moreover, the rising middle-class population in developing countries and reasonably priced travel choices are anticipated to drive the market growth. The retail market is getting increasingly competitive, owing to the entry of other duty-free retailers in the country. For instance, in 2017, Dufry and 3Sixty Duty Free signed a joint venture agreement and obtained duty-free store concession at the El Dorado International Airport in Bogota. The two companies signed a concession agreement with Opain S.A. for one duty-paid, seven duty-free, and two Hudson convenience stores. An improving economy, sustainable business practices, and favorable commercial trade agreements have created robust opportunities for international brands, which acted as a catalyst for market growth. According to the World Travel & Tourism Council (WTTC), Bogota accounted for more than 29% of Colombia's overall travel and tourism activity. Over two decades of political instability has impeded the growth of Colombia market. Despite decades of security challenges and internal conflicts, Colombia has been relatively steady in upholding democratic institutions characterized by transparent and peaceful elections and the protection of civil liberties. The increasing political stability and improving security situation is expected to open opportunities for foreign direct investments and subsequently strengthen the Colombian tourism industry. An active travel and tourism industry would further encourage international travel retail operators to consider entering the market in Colombia, where competition is currently relatively moderate. Further key findings from the report suggest: • The perfume and cosmetics segment dominated the market with a value of USD 118.9 million in 2018. The segment is projected to continue its dominance over the forecast period • Rising investments for the development and upgradation of airports in Colombia has contributed to the growth of the market. The airport channel segment is anticipated to register the highest CAGR of 8.5% over the forecast period • The key players in the market focus on strategies such as partnerships and expansions to expand their presence in the market • Prominent players operating in the market include Duty Free Americas, Inc. (DFA); Dufry and 3Sixty Duty Free; Motta International; Areas; and Duty Free Partners.
Table of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation and Scope 1.2 Market Definition 1.3 Information Procurement 1.4 Purchased Database 1.4.1 GVR's internal database 1.5 Research Methodology 1.6 Research Scope and Assumptions 1.7 List to Secondary Sources 1.8 List of Primary Sources Chapter 2 Executive Summary 2.1 Market Snapshot Chapter 3 Industry Outlook 3.1 Penetration and Growth Prospect Mapping 3.2 Value Chain Analysis 3.3 Market Variable Analysis 3.3.1 Market driver analysis 18.104.22.168 Rising number of international travelers 22.214.171.124 Development of the travel and tourism industry 3.3.2 Market restraint analysis 126.96.36.199 Over two decades of political instability in the country 3.4 Business Environment Analysis Tool 3.4.1 Colombia travel retail market: PEST analysis 3.4.2 Colombia travel retail market: PORTER'S analysis 3.5 Colombia Travel Retail Market Competitive Analysis 3.5.1 Key Company Analysis, 2018 3.5.2 Major deals & strategic alliances Chapter 4 Colombia Travel Retail Market: Product Segment Analysis 4.1 Perfumes & Cosmetics 4.1.1 Perfumes & cosmetics market, 2015 - 2025 (USD Million) 4.2 Confectionery & fine food 4.2.1 Confectionery & fine food market, 2015 - 2025 (USD Million) 4.3 Wine & Spirits 4.3.1 Wine & spirits market, 2015 - 2025 (USD Million) 4.4 Fashion & Accessories 4.4.1 Fashion & accessories market, 2015 - 2025 (USD Million) 4.5 Electronics 4.5.1 Electronics market, 2015 - 2025 (USD Million) 4.6 Tobacco 4.6.1 Tobacco market, 2015 - 2025 (USD Million) 4.7 Others 4.7.1 Others market, 2015 - 2025 (USD Million) Chapter 5 Colombia Travel Retail Market: Channel Segment Analysis 5.1 Airports 5.1.1 Airports market, 2015 - 2025 (USD Million) 5.2 Cruise Liners 5.2.1 Cruise liners market, 2015 - 2025 (USD Million) 5.3 Border, Downtown & Hotel Shop 5.3.1 Border, downtown & hotel shop market, 2015 - 2025 (USD Million) 5.4 Railway Stations & Others 5.4.1 Railway Stations & Others market, 2015 - 2025 (USD Million) Chapter 6 Company Profiles 6.1 Areas 6.1.1 Company overview 6.1.2 Financial performance 6.1.3 Product benchmarking 6.1.4 Strategic initiatives 6.2 Dufry 6.2.1 Company overview 6.2.2 Financial performance 6.2.3 Product benchmarking 6.2.4 Strategic initiatives 6.3 Duty Free Americas, Inc. 6.3.1 Company overview 6.3.2 Financial performance 6.3.3 Product benchmarking 6.3.4 Strategic initiatives 6.4 Duty Free Partners 6.4.1 Company overview 6.4.2 Financial performance 6.4.3 Product benchmarking 6.5 3Sixty Duty Free 6.5.1 Company overview 6.5.2 Product benchmarking 6.5.3 Strategic initiatives 6.6 Motta International 6.6.1 Company overview 6.6.2 Financial performance 6.6.3 Product benchmarking 6.6.4 Strategic initiatives
List of Tables Table 1 Colombia travel retail Market - Key Company Analysis, 2018 Table 2 Perfume & cosmetics market, 2015 - 2025 (USD Million) Table 3 Confectionery & fine food market, 2015 - 2025 (USD Million) Table 4 Wine & spirits market, 2015 - 2025 (USD Million) Table 5 Fashion & accessories market, 2015 - 2025 (USD Million) Table 6 Electronics market, 2015 - 2025 (USD Million) Table 7 Tobacco market, 2015 - 2025 (USD Million) Table 8 Others market, 2015 - 2025 (USD Million) Table 9 Airports market, 2015 - 2025 (USD Million) Table 10 Cruise liners market, 2015 - 2025 (USD Million) Table 11 Border, downtown & hotel shop market, by channel, 2015 - 2025 (USD Million) Table 12 Railway stations & others market, by channel, 2015 - 2025 (USD Million)
List of Figures Fig. 1 Colombia travel retail market segmentation Fig. 2 Market research process Fig. 3 Information procurement Fig. 4 Primary Research Pattern Fig. 5 Colombia travel retail market snapshot Fig. 6 Colombia travel retail market penetration and growth prospect mapping Fig. 7 Colombia travel retail market: Value chain analysis Fig. 8 Market driver analysis Fig. 9 Number of air transport passengers in Colombia, 2008 - 2018 Fig. 10 Colombia Travel & Tourism Revenue, 2007 - 2017 (USD Billion) Fig. 11 Market restraint analysis Fig. 12 Colombia Political Stability Index, 2007 - 2017 Fig. 13 Colombia travel retail market: PEST analysis Fig. 14 Colombia travel retail market: PORTER's analysis Fig. 15 Colombia travel retail market: Product analysis Fig. 16 Colombia travel retail market: Channel analysis
Our library has over 100000 reports on 1000s of topics
Over 100+ Fortune 500 companies rely on us
90,000+ people come to us for insights every month
Toll Free: 1-888-928-9744
Email: [email protected]
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.