According to a new report published by Allied Market Research, titled, “Cruise Tourism Market,” The cruise tourism market was valued at $5.3 billion in 2021, and is estimated to reach $13.6 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031. Cruise tourism is one of the evolving forms of tourism that greatly contributes to the economic growth and development of several nations.
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Cruise tourism offers an all-inclusive experience to travelers comprising various entertainment activities with health & wellbeing programs, suites, dining & beverages, discovery & excursions, and many others. Customized packages are also provided by cruise tourism companies for the travelers with plenty of facilities such as swimming pool, sheltered dock, disco films, casino, library, and others. These factors are anticipated to boost the cruise tourism market share during the forecast period.
Cruise tourism market demand is driven by the growing popularity of theme cruises. Theme cruises include special interest themes such as classical music, yoga, astronomy, meditation, sequence dancing, and others. Cruise tourism companies can design cruise packages based on individual groups, honeymooners, special interest tourists, business executives families, and others. Different types of cruises offer different travel experiences to the users. For instance, premium cruises also known as upscale cruises, offer products and services that are equivalent to resorts and hotels. Premium cruise services are provided by Panama Canal Cruises, Star Cruises, Princess Cruises, and others. Luxury cruises are becoming popular owing to their high-quality services and products on long-haul itineraries for vibrant and exotic destinations. These cruises are basically meant for elite people. Luxury cruises are operated by Crystal Cruises, Royal Caribbean Cruises, and others.
Increase in the number of passengers for cruise tourism is anticipated to boost the cruise tourism market growth in the coming years. For instance, in 2019, the cruise industry has welcomed total 29.7 million passengers, created 1.8 million jobs, and contributed more than $154 billion to the global economy. Cruise tourism helps the tourists to experience multi-center holidays wherein the travelers can spend time at several destinations throughout their trip. Cruise tourism is characterized by the concentration of large number of people visiting different destinations.
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Cruise tourism pose negative impact on the environment which is estimated to restrain the cruise tourism market size to some extent. For instance, huge waste is generated during cruise tourism which includes oily bilge water, sewage, graywater, and others. Cruise ships cause air pollution as the combustion of fuel in cruises leads to emission of sulfur oxide, carbon dioxide, nitrogen oxides, and others.
The presence of leading cruise tourism companies across the world is anticipated to generate excellent opportunities in the market. For instance, Royal Caribbean is a leading cruise company that is popular among a wide range of tourists, solo travelers, couples, and families. P&O is another popular cruise line in the UK. The Norwegian Cruise line offers American-style services on their ships. Ocean cruises incorporate dining & beverages, suites, discovery & excursions, entertainment, dining spaces, and others. For instance, ocean cruises have indulgent & spacious suites with butler service, en-suite bathroom with shower & vanity, separate sleep zone & lounge area, HDTV entertainment systems, private & luxury terrace or verandah, and many others.
The cruise tourism market is segmented on the basis of type, duration, passenger age, and region. By type, the market is divided into river cruise, ocean cruise, expedition cruise, theme cruise, adventure cruise, and others. By duration, the market is classified into 1-3 days, 4-6 days, 7 days, 8 to 13 days, 14 days, 15-20 days, and more than 21 days. By passenger age, the market is divided into less than 12 years, 13-19 years, 20-29 years, 30-39 years, 40-49 years, 50-59 years, and above 60 years. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the cruise tourism market report include Ambassador Cruise Holidays Limited., AmaWaterways, Carnival Corporation & plc, PONANT, Cosmos Tours Ltd., Kerala Shipping and Inland Navigation Corporation Ltd, Mediterranean Shipping Company S.A., Norwegian Cruise Line, Silversea Cruises, and Seabourn Cruise Line.
The report offers a comprehensive analysis of the global cruise tourism market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The cruise tourism market analysis also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.
Impact of COVID-19 on the Global Cruise Tourism Market
- The COVID-19 epidemic had a severe influence on various businesses, notably the travel and tourist industry. Thus, cruise travel was one of the worst hit during the pandemic. This is due to the fact that the cruise tourist business is capital intensive due to its massive supply chain, which greatly contributes to the huge economic impact
- The social-distancing standards, complete lockdown imposed across various countries, resulted in a reduction in the number of travellers globally
- The onset of the COVID-19 pandemic has had a significant impact on the financial performance of the cruise tourist sector due to the entire closure of ports and travel ban
- Many countries have issued a ban on cruise ship entry, which has significantly damaged the development of the cruise tourism business. The number of passengers was declined by more than 80% that has significant impact on cruise tourism industry operations and developments leading to financial losses
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Key Findings of the Study
- Based on type, the ocean cruise sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast period.
- Based on duration, the 7 days sub-segment emerged as the global leader in 2021 and it is expected to witness the fastest growth during the forecast period.
- Based on passenger age, the 40-49 years sub-segment emerged as the global leader in 2021 and 30-.39 years sub-segment is predicted to witness the fastest growth during the forecast years
- Based on region, the North America market registered the highest market share in 2021 and Europe region is anticipated to show the fastest growth during the forecast period