The cruise tourism industry held a market worth of US$ 5.3 billion in 2022, and it is anticipated that it will reach a market value of US$ 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 US$ 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) | US$ 5.3 billion |
| Expected Market Value (2023) | US$ 7.1 billion |
| Projected Forecast Value (2033) | US$ 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 US$ 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.
Principal Consultant
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 | US$ 7.1 billion |
| Market value in 2033 | US$ 17.8 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | US$ billion in value |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiles |
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| Key Companies Profiled |
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| Customization & Pricing | Available upon Request |
The market is valued at US$ 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 US$ 17.8 billion by 2033.
North America is projected to emerge as a lucrative market.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Cruise Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Cruise Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Cruise Type, 2023 to 2033
5.3.1. Adventure Cruises
5.3.2. Classic Cruises
5.3.3. Luxury cruises
5.3.4. River cruises
5.3.5. Others
5.4. Y-o-Y Growth Trend Analysis By Cruise Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Cruise Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tourist Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Tourist Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Tourist Type, 2023 to 2033
6.3.1. Independent Traveller
6.3.2. Tour Group
6.3.3. Package Traveller
6.4. Y-o-Y Growth Trend Analysis By Tourist Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Tourist Type, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. The USA
8.2.1.2. Canada
8.2.2. By Cruise Type
8.2.3. By Tourist Type
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Cruise Type
8.3.3. By Tourist Type
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Cruise Type
9.2.3. By Tourist Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Cruise Type
9.3.3. By Tourist Type
9.4. Key Takeaways
10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Cruise Type
10.2.3. By Tourist Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Cruise Type
10.3.3. By Tourist Type
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Cruise Type
11.2.3. By Tourist Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Cruise Type
11.3.3. By Tourist Type
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Cruise Type
12.2.3. By Tourist Type
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Cruise Type
12.3.3. By Tourist Type
12.4. Key Takeaways
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Cruise Type
13.2.3. By Tourist Type
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Cruise Type
13.3.3. By Tourist Type
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Cruise Type
14.2.3. By Tourist Type
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Cruise Type
14.3.3. By Tourist Type
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Cruise Type
15.1.2.2. By Tourist Type
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Cruise Type
15.2.2.2. By Tourist Type
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Cruise Type
15.3.2.2. By Tourist Type
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Cruise Type
15.4.2.2. By Tourist Type
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Cruise Type
15.5.2.2. By Tourist Type
15.6. United Kingdom
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Cruise Type
15.6.2.2. By Tourist Type
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Cruise Type
15.7.2.2. By Tourist Type
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Cruise Type
15.8.2.2. By Tourist Type
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Cruise Type
15.9.2.2. By Tourist Type
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Cruise Type
15.10.2.2. By Tourist Type
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Cruise Type
15.11.2.2. By Tourist Type
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Cruise Type
15.12.2.2. By Tourist Type
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Cruise Type
15.13.2.2. By Tourist Type
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Cruise Type
15.14.2.2. By Tourist Type
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Cruise Type
15.15.2.2. By Tourist Type
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Cruise Type
15.16.2.2. By Tourist Type
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Cruise Type
15.17.2.2. By Tourist Type
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Cruise Type
15.18.2.2. By Tourist Type
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Cruise Type
15.19.2.2. By Tourist Type
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Cruise Type
15.20.2.2. By Tourist Type
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Cruise Type
15.21.2.2. By Tourist Type
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2022
15.22.2.1. By Cruise Type
15.22.2.2. By Tourist Type
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2022
15.23.2.1. By Cruise Type
15.23.2.2. By Tourist Type
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Cruise Type
16.3.3. By Tourist Type
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. AmaWaterways LLC
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Ambassador Cruise Holidays Ltd.
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. American Cruise Lines, Carnival Corp., and Plc
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. Compagnie du Ponant
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Cosmos Tours Ltd.
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Genting Hong Kong Ltd.
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Kerala Shipping and Inland Navigation Corp. Ltd.
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. LaVista Travel
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. MSC Mediterranean Shipping Co. SA
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Norwegian Cruise Line Holdings Ltd.
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Cruise Tourism Market
