It is predicted that the Cruise Tourism Market, which had a market value of US$ 5.3 billion in 2022, will increase to US$ 17.8 billion by 2033, with a CAGR of 12.1% from 2023 to 2033. The disposable income is a critical driver for the cruise tourism business. People are more inclined to spend money on travel and leisure pursuits, such as cruise vacations, when they possess more money to spend. Individuals and their families often have more discretionary cash as the world economy grows, which increases their propensity to travel and explore new places.
When disposable income rises, more lavish and opulent vacation options, like cruises, are more probable to be considered. A variety of activities, entertainment, food choices, and excursions may be found on board a cruise ship in one handy package. People are more inclined to pick a cruise holiday as a means to enhance their travel experience since they have additional money to spend. In the following years, it is projected that these factors would accelerate the expansion of the cruise tourist sector.
There are several potential for luxury tourism in the cruise business. Gourmet meals, spa facilities, and individualized attention from highly skilled crew are just a few of the services and facilities that luxury cruise ships provide to meet the needs of wealthy passengers. Private islands, upscale shopping, as well as VIP access to several cultural landmarks are just a few of the distinctive and exclusive experiences that many luxury cruise companies provide. Travelers who seek exclusivity, comfort, and excellent service may find this appealing. Demand for luxurious cruise vacations has been rising gradually. Factors as these are the main reasons behind propelling the global growth of the cruise tourism market from 2023 to 2033.
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Key Takeaways from the Market Study
- The global scope of the cruise tourism market increased significantly between 2018 and 2022, with a CAGR of 8.3%.
- According on tourist type, river cruises were predicted to hold a market share of more than 35% in 2022.
- The North American area is predicted to account for 33.5% of worldwide cruise travel.
- According to FMI estimates, the European cruise tourism sector will hold a 28.9% share in 2022.
“A major force behind the growth of the cruise tourism sector is disposable money. People who have additional money to spend are inclined to spend some of it on travel and other leisure pursuits, such as cruise vacations,” remarks an FMI analyst.
Competitive Landscape
Prominent players in the cruise tourism market are:
- 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.
The major companies are using a variety of growth tactics, including new acquisitions, launches, and collaborations, to support the expansion of the global cruise tourism industry.
- A U.S.-based cruise operator titled Carnival Corporation & Plc operates a fleet of approximately 100 ships under ten different cruise line names. Princess Cruises, Carnival Cruise Line, Holland America Line, Seabourn, AIDA Cruises, Costa Cruises, P&O Cruises (Australia), P&O Cruises (UK), and Cunard are among the company’s international cruise line brands. Carnival Corporation is the owner of Holland America Princess Alaska Tours, the leading tour company in Alaska as well as the Canadian Yukon. Carnival Corporation will be ranked 160th on the Fortune 500 list with milestone full-year expenditures of US$20.8 billion in 2019.
- The Costa Venezia, a gigantic new cruise ship having a capacity of more than 5,200 passengers, was launched in March 2019 by Italian shipbuilding behemoth Fincantieri. The Costa Venezia is expected to be the largest ship Costa has ever presented to the Chinese market, weighing 135,500 tons and measuring 323 meters in length.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global cruise tourism market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the cruise tourism market, the market is segmented on the basis of cruise type (adventure cruises, classic cruises, luxury cruises, river cruises, and others) and tourist type (independent traveller, tour group, and package traveller) across seven regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
About the Travel and Tourism Division at Future Market Insights
The travel and tourism team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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