Global Cruise Tourism Market 2024-2031

Global Cruise Tourism Market 2024-2031

Global Cruise Tourism Market Size, Share & Trends Analysis Report by Cruise Type (Adventure Cruises, Classic Cruises, Luxury Cruises, River Cruises, and Others), by Passenger Age (Children, Adult, and senior citizen) and by Duration Type (Short , Medium , and Extended) Forecast Period (2024-2031)

Global cruise tourism market is anticipated to grow at a signnificant CAGR of 10.4% during the forecast period (2024-2031). The market’s growth is attributed to growing cruise adventure activities. According to the State Of The Cruise Industry, in 2023, in order to accommodate the anticipated rise in cruise capacity globally through 2023 and 2025, it is essential to generate in 4 million newly inclined cruise passengers. In comparison to foreign tourist arrivals, cruise tourism is recovering more quickly, according to the CLIA Cruise Forecast/Tourism Economics. According to the prediction, 31.5 million cruise passengers are anticipated to travel in 2023, accounting for 106% of 2019 levels. In contrast, the UNWTO prediction states that foreign visitor arrivals in 2023 are estimated to vary from 80% to 95% of 2019 levels. The growing number of cruise passenger for travelling is further aiding to the global market growth.

Market Dynamics

Increasing demand for Diverse Itineraries and Experiences

The cruise industry's growth has expanded its offerings, including diverse regional itineraries, themed cruises, and specialty itineraries tailored to specific interests, enhancing the appeal of cruise vacations. According to the State of the Cruise Industry, in 2023, the number of ocean-going vessels in the CLIA-member cruise line fleet is expected to surpass 300 for the first time in 2024. This increase in ships and itineraries is well-aligned with the strong demand for cruise travel, which is rebounding faster than international arrivals. CLIA's forecast suggests that cruise tourism will likely reach 106.0% of 2019 passenger volume by 2023, while the UNWTO forecast predicts that international tourist arrivals in 2023 will range from 80.0% to 95.0% of 2019 levels.

Growing influence of Social Connectivity and Networking

Through online groups and communities, tourists can exchange experiences, influence decision-making, and shape opinions of cruise vacations owing to digital platforms and social media. According to the State of the Cruise Industry, in 2023 ,the significant majority of cruise travelers, approximately 86.0%, reported that family and friends played a role in their decision-making process when it came to booking a cruise. This suggests that personal recommendations and opinions have a significant impact on the choices made by travelers in regards to cruising.

Market Segmentation

Our in-depth analysis of the global cruise tourism market includes the following segments by cruise type, passenger age, and duration type:

Based on cruise type, the market is sub-segmented into adventure cruises, classic cruises, luxury cruises, river cruises, and others.

Based on application, the market is bifurcated into children, adult, and senior citizen.

Based on duration type, the market is augmented into short, medium, and extended.

Adultis Projected to Emerge as the Largest Segment

Based on the passenger age, the cruise tourism market is sub-segmented into children, adult, and senior citizen. Among these, the adult sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includes the increasing demand the for customized experiences and amenities.Cruise entities are increasing the possibility that young adults are planning by improving their offerings in areas such as entertainment, cuisine, shore excursions, and recreational activities. As a result there is growing demand for adults crowd and accordingly companies and government agencies are launching new and innovative solutions to meet this growing demands. According to the State Of The Cruise Industry, in 2023 ,young adults generations are the future of cruise with 88.0% of Millennials and 86.0% of Gen-X travelers.

River Cruises Sub-segment to Hold a Considerable Market Share

The growth of immersive tourism drives innovation in the cruise industry, motivating cruise lines to develop novel and compelling itineraries that accommodate travelers' evolving preferences. For instance, in January 2023,Indialaunched the globe's longest river cruise, the MV Ganga Vilas, which covered 27 rivers over 52 days, marking a new era in luxury tourism.

Regional Outlook

The global cruise tourism market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).

North America

The regulatory organizations such as the CDC provide regulatory guidelines that facilitates a resumption of cruise operations. Standardized health and safety procedures are developed through cooperation between cruise lines, industry associations, and regulators, guaranteeing adherence to public health regulations.

Furthermore, in June 2021, Royal Caribbean launched first passenger cruise from US since pandemic no-sail orders.The cruise, runned at 36% capacity, accommodateed nearly 1,100 passengers, with all crew and passengers being fully vaccinated.

Asia-Pacific to Exhibit Considerable Growth

Among all the regions, Asia-Pacific is anticipated to exhibit considerable growth.The growing government's support and policy initiatives, including ambitious targets for increasing cruise passenger traffic and economic contributions, are instrumental in fostering growth in the cruise tourism sector. According to the Minister for Ports, Shipping & Waterways, in May 2022, India has set a target to increase cruise passenger traffic from 0.4 million to 4 million, with the economic potential of cruise tourism expected to rise from $110 million to $ 5.5 billion in the coming years. To achieve this, the Government of India has implemented various initiatives, such as upgrading infrastructure, streamlining port fees, eliminating additional charges, prioritizing berthing for cruise ships, and offering e-visa facilities.

Upgrades and modernization are currently underway at seven major ports in the country, including the flagship New International Cruise terminal in Mumbai, which has a projected cost of Rs 495 crores. The iconic sea cruise terminal at BPX-Indira Dock, scheduled to be operational by July 2024, will be capable of accommodating 200 ships and serving 1 million passengers annually. Similar infrastructure enhancements are also being carried out in Goa, New Mangalore, Kochi, Chennai, Visakhapatnam, and Kolkata.

In January 2024,the shipping ministry planed to launched the 'HaritNauka' guidelines and River Cruise Tourism Roadmap at the newly formed council for inland waterway development in Kolkata.

In January 2023, Kerala government launched cruise tourism connecting major coastal tourist destinations in the state with Mangaluru and Goa.

Market Players Outlook

The major companies serving the global cruise tourism market include Carnival Corporation &plc, Royal Caribbean Cruises Ltd.,Norwegian Cruise Line Holdings Ltd., MSC Cruises,The Walt Disney Co.,and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in January 2023,MSC Cruises launched a global campaign, ""Discover the future of cruising,"" promoting sustainable vacationing and innovative cruise experiences across 30 countries through various advertising channels.

The Report Covers

Market value data analysis of 2023and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global cruise tourism market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.