Asia is driving “significant growth” in the global airport retail market, according to a new report from Credence Research.

This is based on the increasing disposable income of middle-class families in emerging countries coupled with affordable travel options, says the report, Airport Retail Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2022.

Emerging countries such as China and India are increasingly investing in new terminals and expanded retail areas.

Widening budget options are boosting the number of travellers, particularly in Asia Pacific, says the report.

Fashion and accessories is the largest product category in airport retail, accounting for more than half of revenue share. The segment can expect considerable growth, says the report.

However, the fastest growth is expected in the F&B segment with rising sales for premium liquor products and the expansion of food chains.

By store type the largest segment is the independent store and showroom. These are steadily growing in number with concessions being offered by airport authorities to local companies. The fastest growth is predicted in the duty-free stores segment, which is bolstered by more and more promotional activities.

Asia Pacific is the largest regional market for airport retail, accounting for 40.5 per cent of revenue share last year. It is forecast to have the fastest growth, particularly in India, China, Australia and Southeast Asia countries.

The report says the global airport retail industry is highly competitive with a strong multinational component. Major companies involved include Aer Rianta International, Autogrill, Dubai Duty Free, Dufry, Duty Free Shoppers, Heinemann, LS Travel Retail, Lotte Duty Free, Nuance Group, Shilla Duty Free and Stellar Partners.