Cruise Tourism Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of Cruise tourism market was valued at USD 5.9 billion in 2022, and CAGR of 11.1% is expected during the forecast period. Cruise tourism market refers to the industry that involves providing travel services on cruise ships for leisure purposes. It encompasses everything from luxury liners to budget friendly cruises, offering travelers a variety of destinations. Cruise tourism is one of the popular forms of tourism. It encompasses all the faces of tourism like hospitality, transportation, accommodation, and others.

Increasing popularity of cruise tourism has excelled the growth in the market. Cruise tourism includes various types of cruise, like river cruise, ocean cruise, expedition cruise and others. Cruise tourism refers to the holiday that is entirely based on spending the time on cruise. Increasing demand for luxury by the travelers is driving growth in cruise tourism market significantly.

Impact of Covid-19

COVID-19 brought a significant slowdown in the market due to a shift in the priorities of people due to economic uncertainties, budget constraints, a stringent lockdown, and social distancing. The growing popularity of cruise destinations across the world has driven the growth of the market significantly. Due to supply chain disruptions and strict government norms regarding lockdown and social distancing, the market had to face a slowdown in the initial phase, but later on, with the ease of lockdown and social distancing, the cruise tourism market witnessed moderate growth. Increasing demand for unique vacation experiences attracts travelers to cruise vacations.

Growth Drivers

The increasing popularity of living a luxurious life among middle-class people is driving the growth of the cruise tourism market. Increasing disposable income and aging people, along with the constant innovations in cruise ship amenities, entertainment, and dining options, are driving the demand for cruise tourism. Desire for unique and immersive experiences, and cruises offer the opportunity to visit multiple destinations in one trip. Growth in emerging markets, particularly in the Asia-Pacific region, is driving the demand for cruise tourism.

Effective market campaigns and investment in port infrastructure and facilities make it easier for cruise lines to expand their routes. With increasing environmental awareness, there is a growing demand for eco-friendly and sustainable cruise options. Increasing demand for luxurious forms of tourism is driving growth in the market. Cruise companies expanding their routes to new destinations worldwide is driving growth in the market significantly. Investments in new ports, terminals, and facilities to accommodate large ships are the factors driving significant growth in the market.

Innovations in ship design, onboard amenities, and digital services improve the overall cruise experience. Aggressive marketing campaigns, discounts, and loyalty programs incentivize travelers to choose their desired destination. Increasing emphasis on eco-friendly practices, such as alternative fuels, waste management, and wildlife conservation, attracts environmentally conscious travelers. Cruise lines offering personalized experiences, customizable itineraries, and tailored services cater to diverse traveler preferences, enhancing customer satisfaction and loyalty.

Segmentation

By Type

·         River Cruise

·         Ocean Cruise

·         Expedition Cruise

·         Theme Cruise

·         Adventure Cruise

·         Others

By Duration

·         1-3 days

·         4-6 days

·         7 days

·         8-13 days

·         14 days

·         15-20 days

·         More than 21 days

By Passenger Age

·         Less than 12 years

·         13-19 years

·         20-29 years

·         30-39 years

·         40-49 years

·         50-59 years

·         Above 60 years

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Cruise Tourism Market by Type Segmentation

On the basis of type, the cruise tourism market is segmented into river cruises, ocean cruises, expedition cruises, theme cruises, adventure cruises, and others. Ocean cruises are the leading segment in the cruise tourism market because they attract a large number of travelers due to their wide variety of destinations, larger ships, and extensive onboard amenities. River cruises are popular among travelers seeking more intimate and culturally immersive experiences, particularly in regions with scenic river routes, such as Europe, Southeast Asia, and the United States.

While river cruises have seen significant growth in recent years, they generally contribute a smaller portion of the overall cruise market compared to ocean cruises. Adventure cruises cater to travelers seeking to be more active, and adventure cruises appeal to adventurous and nature-loving travelers who want to explore off-the-beaten-path destinations while still enjoying the comforts of a cruise ship. While adventure cruises represent a smaller segment of the overall cruise market compared to ocean cruises, increasing demand for luxurious life is the main factor driving the growth in the market.

Regional Outlook

On the basis of the regions, the cruise tourism market is segmented into 5 types: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment due to increasing disposable income, a rise in the number of middle-class people, rising urbanization, the desire to explore the sea, and new destinations, which are the key factors driving the growth in the market significantly. The market is negatively impacted due to air pollution, and an increasing number of factors are affecting the market significantly.

Austria’s capital, Vienna, is one of the biggest destinations for cruise tourism. The European market is flourishing with time, and Europe is the second biggest market in the world. The expanding middle-class population in the Asia-Pacific region, especially in countries like China, Singapore, Taiwan, and South Korea, is driving the growth of the market.

European countries and the Asia Pacific region offer rich cultural experiences and historical ports, while the Asia Pacific region boasts stunning landscapes and vibrant cultures. The industry faced challenges, such as environmental concerns and occasional geopolitical tensions, but overall it continued to attract travelers seeking unique vacation experiences, which is the factor behind the significant growth in the market.

The cruise tourism market in the Middle East, Africa, and Latin America has been growing steadily in recent years. Countries like Morocco, Egypt, Brazil, and Mexico are becoming increasingly popular due to their rich cultural heritage and vibrant cities, along with their natural attractions. These regions are offering unique experiences to travelers looking for adventure and exploration. Increasing demand for luxurious tourism is driving growth in the market significantly.

Key Players

·         Kerala Shipping and Inland Navigation Corporation Ltd.

·         AmaWaterways

·         Ambassador Cruise Holidays Ltd.

·         Seabourn cruise line

·         Cosmos Tours Ltd

·         Ponant

·         Carnival Corporation and Plc

·         Norwegian Cruise Line

·         Silversea Cruise

·         Other Players