The cruise tourism industry held a market worth of USD 5.3 billion in 2022, and it is anticipated that it will reach a market value of USD 17.8 billion by 2033, growing at a CAGR of 12.1% from 2023 to 2033.
Cruise tourism is a huge business industry, according to a certain study, prior to the COVID-19 pandemic in 2020; the cruise industry across the world hosted 29.7 billion passengers. This generated jobs for nearly 1.8 billion individuals across the globe and gave approximately USD 150 billion to the world’s economy.
The cruise tourism market has become the swiftest growing segment in the entire travel industry across the globe and there is plenty of variety of cruises on offer these days. Cruise tourism is fundamentally a form of enclave tourism, and it incorporates all the aspects of the tourism industry such as transportation, accommodation, attractions, and hospitality
| Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 5.3 billion |
| Expected Market Value (2023) | USD 7.1 billion |
| Projected Forecast Value (2033) | USD 17.8 billion |
| Anticipated Growth Rate (2023 to 2033) | 12.1% CAGR |
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The global demand for cruise tourism market is projected to increase at a CAGR over 12% during the forecast period between 2023 and 2033, reaching a total of USD 4.6 billion in 2018, according to a report from Future Market Insights (FMI).
From 2018 to 2022, sales witnessed significant growth in the global cruise tourism Market, registering a CAGR of 8.3%.
The global cruise tourism market is said to grow exponentially during the forecast period due to the increasing disposable income of individuals along with the latest development in the cruises’ facilities and offers onboard.
More pioneering services, themes, amenities, etc., that are offered in many cruise liners nowadays are anticipated to propel the demand for the cruise tourism market during the forecast period.
Several cruise companies these days are offering services such as in-room spa treatments, skydiving simulators, adventurous activities, water coasters, etc., these activities are said to attract tourists and are anticipated to escalate the share of footfalls in the future.
Remarkable Expansion of the Cruise Industry in Emerging Areas
One of the key aspects influencing the cruise tourism business is the expanding cruise industry. Several businesses are emerging, offering a range of amenities to draw clients to meet the need for maritime cross-border travel.
The infographic claims that in December 2022, 239 ships entered commercial service, a 15-fold increase over December 2021.
The top 10 cruise brands account for 105 of the 239 cruise vessels that will depart in December. MSC Cruises, having 13 active ships along with 50,326 beds, is ranked first on the list, followed by Carnival Cruise Line having 17 ships along with 54,364 berths, and Royal Caribbean International having 20 sailing ships along with 71,800 berths. Immense growth in the sector as these is anticipated to open up new opportunities in the market in the years to come.
Others Factors that can have a Positive Impact on the Growth Curve
There is an increasing demand for cruise tours amongst individuals of all age groups, as there are multiple fun activities for every age group. New inventive ships are being launched with the latest technologies coupled with more onboard fun for travelers to attract larger crowd. These factors positively impact the cruise tourism market growth.
A sudden increase in the popularity of cruise tourism in emerging countries is anticipated to generate robust opportunities for all cruise service providers worldwide during the forecast period. Several cruise companies are planning to expand their business in these regions in order to capture untapped markets of developing economies. These companies launch exclusive offers and attractive discounts to drive the sales of their cruise businesses.
The cruise tourism sectors’ trends are significant as they are said to experience complete power go-ahead mode distinguished by trends such as group-oriented cruises, advancements in cruise ships, generating novel experiences, culinary delights, etc.
One of the largest growing sectors in the tourism industry is the cruise industry. Even during the time of economic recession in the 2000s, the cruise industry steadily grew. The demand for cruise tourism continues to expand and growth into new destinations.
There is a considerable increase in repositioning cruises, meaning moving a cruise ship from one destination to another. The tourists’ interest in such repositioning inculcates exploration of new destinations and their price advantage as compared to regular cruising. Cruising is extremely popular across all generations, it is no longer meant just for the adult population.
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Severe Weather Conditions may have a Serious Impact on the Market
The cruise tourism segment is inspired by several macroeconomic factors, i.e., the consumer’s sureness is affected by the financial crisis. There are many natural disasters that cannot be controlled by us, humans.
These factors pose a threat to the global cruise tourism market. A possible reason which affects the growth of this market is the presence of pirates in the Gulf of Aden and several other areas.
Another crucial factor that affects the cruise tourism market is the condition of the crew members. Passengers are given best privileges and facilities at the crew members’ expense. This leads to low social security, and low salaries for the crew onboard a cruise ship.
River Cruises are anticipated to hold a Significant Market Share in 2023
In 2022, the river cruises segment by tourism type was estimated to hold over 35% market share. It is projected that river cruising, which allows passengers to take in the landscape along the banks, would have a beneficial effect on the market during the course of the projection period.
Onboard features on river cruises are many. Staterooms are often river-facing and have hotel-style beds, private bathrooms, refrigerators, individual climate controls, safes, and TVs. Higher cabin grades may have French balconies, verandas, and separate bedroom and sitting rooms.
A room can range in size from 150 to 600 square feet. The crew members onboard deliver exceptional, customized service to visitors. Additionally, ships provide free WiFi, eating options, pubs, and lounges.
There are stores, sun decks, swimming pools, and libraries on certain ships. The aforementioned amenities draw a sizable number of visitors, fueling the market expansion of the river cruise segment.
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Rising Middle-Class Families to Boost the Sales in the Cruise Tourism Market
In the global cruise tourism market, North America is responsible for the dominant market share owing to the luxury taste of the population and the constantly increasing economy. The North American region is likely to hold a 33.5% market share of the global cruise tourism market.
Increasingly more people are choosing to cruise as a holiday choice in North America. The ease, comfort, and elegance of cruising have drawn a lot of interest, which has helped the sector expand. The baby boomer group is prevalent in North America, and they are more likely than younger generations to go on cruises.
Demand has also been boosted by the increasing middle class families in North America, which has increased the number of individuals who can afford to go on cruises. Cruise ships can visit a variety of locations in North America, including the Caribbean, Alaska, Mexico, and Canada.
Rising Cases of River Cruising along with Increased Cruise Capacity to Boost Growth
In 2022, the European market cruise tourism was estimated to have acquired a 28.9% revenue share. Europe’s low market penetration strategy renders several opportunities for ship cruising. In Europe, countries like Ireland and the United Kingdom are the two biggest source markets for cruises. Spain, France, and Italy are also some of the other large source markets in Europe.
The cruise tourism market will be expanding at a considerable rate during the forecast period owing to the rise in river cruising in this region. The Netherlands has portrayed rising demand for cruise ships due to more interest in people. Every year, the river cruises segment is growing exponentially, especially in Germany.
The capacity of the passengers on the main European rivers is also increasing, with the emergence of new operators while the existing operators regularly renovate or expand their fleets by constructing next-generation boats.
The key players in this market include:
Key players operating the cruise tourism market are adopting innovative growth strategies and some of the key developments in the cruise tourism market are:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 12.1% from 2022 to 2032 |
| Market value in 2023 | USD 7.1 billion |
| Market value in 2033 | USD 17.8 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion in value |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Tourism Type, Tourist Type, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Countries Profiles | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | AmaWaterways LLC; Ambassador Cruise Holidays Ltd.; American Cruise Lines; Carnival Corp. and Plc; Compagnie du Ponant; Cosmos Tours Ltd.; Genting Hong Kong Ltd.; Kerala Shipping and Inland Navigation Corp. Ltd.; LaVista Travel; MSC Mediterranean Shipping Co. SA; Norwegian Cruise Line Holdings Ltd. |
| Customization & Pricing | Available upon Request |
The market is valued at USD 7.1 billion in 2023.
Carnival Corporation, Royal Caribbean Group, and MSC Cruises are key market players.
India, Japan, and China dominate the Asian market.
The market is estimated to reach USD 17.8 billion by 2033.
North America is projected to emerge as a lucrative market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Cruise Type 5.1. Adventure Cruises 5.2. Classic Cruises 5.3. Luxury Cruises 5.4. River Cruises 5.5. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tourist Type 6.1. Independent Traveller 6.2. Tour Group 6.3. Package Traveller 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. AmaWaterways LLC 17.2. Ambassador Cruise Holidays Ltd. 17.3. American Cruise Lines, Carnival Corp., and Plc 17.4. Compagnie du Ponant 17.5. Cosmos Tours Ltd. 17.6. Genting Hong Kong Ltd. 17.7. Kerala Shipping and Inland Navigation Corp. Ltd. 17.8. LaVista Travel 17.9. MSC Mediterranean Shipping Co. SA 17.10. Norwegian Cruise Line Holdings Ltd. 18. Assumptions & Acronyms Used 19. Research Methodology
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Cruise Tourism Market
