The cruise tourism market size has also shown robust growth in recent years, expected to increase from $6.38 billion in 2023 to $6.96 billion in 2024, with a CAGR of 9.2%. This growth during the historic period can be attributed to rising disposable income, an expanding global population, the growing popularity of cruise destinations, an increasing number of travelers, and a surge in online booking and marketing. In the next few years, the cruise tourism market is projected to grow significantly, reaching $9.94 billion in 2028 at a CAGR of 9.3%. This growth is fueled by rising demand for luxury travel, an increasing emphasis on sustainability and eco-friendliness, a growing popularity of themed cruises, a rise in millennial and Gen Z travelers, and heightened social media influence. Key trends in the forecast period include the implementation of eco-friendly and sustainable practices, the expansion of luxury and niche markets, technological innovations, enhancements in health and safety measures, and the emergence of new travel destinations.
Global Cruise Tourism Market Key Driver
The expansion of the tourism industry is expected to propel the growth of the cruise tourism market going forward. The tourism industry encompasses travel, accommodation, and recreational services provided to individuals for leisure, business, or other purposes. A rise in the tourism industry typically reflects increased travel demand, economic growth, and improved consumer confidence. Cruise tourism significantly boosts global tourism by offering unique travel experiences and contributing to economic growth through port-related activities and expenditures. For instance, in May 2024, according to the Office for National Statistics, a UK-based national statistical institute, the UK saw a rise in overseas visitors, with 38.0 million trips in 2023 compared to 31.2 million in 2022. These visitors spent $39.99 billion (£31.1 billion), an increase of $5.91 billion (£4.6 billion) from the previous year. Conversely, UK residents took 86.2 million trips abroad, up from 71.0 million in 2022, and spent $93.07 billion (£72.4 billion), which was $17.87 billion (£13.9 billion) more than the previous year. Therefore, the expansion of the tourism industry is driving the growth of the cruise tourism market.
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Global Cruise Tourism Market Segments
The cruise tourism market covered in this report is segmented –
1) By Type: River Cruise, Ocean Cruise, Expedition Cruise, Theme Cruise, Adventure Cruise, Other Types
2) By Duration: 1 To 3 Days, 4 To 6 Days, 7 Days, 8 To 13 Days, 14 Days, 15 To 20 Days, More Than 21 Days
3) By Passenger Age: Less Than 12 Years, 13-19 Years, 20-29 Years, 40-49 Years, Above 60 Years
4) By Tourist: Independent Traveler, Tour Group, Package Traveler
By Geography:The regions covered in the cruise tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the cruise tourism market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Cruise Tourism Industry Players
Royal Caribbean International, Princess Crusies Ltd., Costa Cruises, AIDA Cruises, Viking Ocean Cruises, Cunard Line, Seabourn Cruise Line, Hurtigruten, Genting Hong Kong Ltd., Fred. Olsen Cruise Lines, Windstar Cruises, Azamara Club Cruises, Celestyal Cruises, Compagnie du Ponant, Crystal Cruises, Oceania Cruises, AmaWaterways LLC, P&O Cruises, Pullmantur Cruises, Ambassador Cruise Holidays Ltd., Kerala Shipping, Regent Seven Seas Cruises, Silversea Cruises
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Cruise Tourism Market Overview
Cruise tourism involves traveling on a cruise ship to various destinations, often including onboard amenities and entertainment. It combines transportation with leisure, offering passengers a floating resort experience. This form of tourism offers a seamless vacation experience with the added benefit of visiting multiple locations in a single trip, often including both on-board amenities and shore excursions. Cruise tourism is popular for its luxury, convenience, and the opportunity to explore diverse destinations in a single journey.
Cruise Tourism Global Market Report 2023 provides data on the global cruise tourism market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cruise tourism market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
