The Caribbean Cruise Market is poised to reach a valuation of US$ 1.12 Bn in 2022. Sales are projected to increase at a 3.0% CAGR, with the market size reaching US$ 1.51 Bn by 2032.
Various attractive tour packages are offered by a number of cruising lines. Travelers who were locked at their homes were eagerly waiting for an opportunity. Cruising lines providing new offers and packages has gained the interest of these travelers.
The cruising lines are also set to make the most out of the opportunity by launching new luxury cruises and exciting activities to add on to the consumer’s cruising experience. Consumers are increasingly interested in unique experiences like Surfing, Wildlife, Northern Lights, Karaoke, bungee trampoline and many more of such adventure activities.
The Centre for Disease Control and Prevention [CDC] has also declared that the Caribbean cruises are out of the pandemic phase. All the authority related handling of the Covid 19 protocols has been handed over to the cruise lines. This has made the booking and travelling easier for the passengers as the cruise lines will be taking care of the safety of their passengers by themselves.
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Besides this, the Caribbean cruises are introducing new routes for cruising which will cover several nations along its path. This will aid attracting the travelers and fulfil their desire of wanderlust.
Government initiatives and growing options in the cruising sector will boost the Caribbean Cruising Market “Says an FMI analyst.
Key Takeaways:
- Based on cruise destination, Bahamas is predicted to account for a dominant share of Travelers in the market through 2032.
- By booking channel, the online booking segment is anticipated to hold a noteworthy share of nearly ~70%.
- In terms of age group, demand in the senior citizens will continue gaining traction through 2032.
- Based on packages, Caribbean cruise travelers will continue to opt packaged deals over the normal travel deals.
- Caribbean region will have travelers throughout the year but cruising season will have rush in the span from December to April.
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Impact of COVID-19 on the Caribbean Cruise Market:
Due to lockdown limitations implemented to manage the virus, the COVID-19 epidemic had a huge impact on the tourism sector and hence the Cruise market too. International tourist visits declined by huge margin from, compared to the period in past years. The ships were forced to be anchored as the ports as they were carrying fewer passengers than the usual. As the economy of population in port towns mainly rely on the cruise travel, they were the ones who got badly hit by the pandemic. Currently, the Cruise travel is getting back to normal and is expected to grow at a good rate as the limitations after the pandemic have eased up.
Who is winning?
Leading players in the Cruising market are focusing on smart promotional strategies, advertisements, and new packaged deals to improve sales in the market.
Major players present in the Caribbean Cruise Market are Royal Caribbean Princess Cruises, MSC Cruises Company, Silversea Cruises, Holland America Line, Star Clippers, Carnival Cruises, Celebrity Cruises, and Carnival Cruise Line among others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Caribbean Cruise market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the Caribbean Cruises by Cruise Destinations (Eastern Caribbean, Western Caribbean, Southern Caribbean, Bahamas and others) Booking Channel (Phone Booking, Online Booking & In Person Booking) Tourist Type (Domestic & International) Tour Type (Independent Traveller, Packaged travellers, Tour Group) Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years,56-65 Years 66-75 Years) & Region – Forecast to 2017 – 2032 across the Caribbean region.
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