It is anticipated that the cruise tourism market, which had a demand value of US$ 5.3 billion in 2022, will grow to US$ 17.8 billion by 2033, with a CAGR of 12.1% from 2023 to 2033.
The disposable income is a critical driver for the cruise tourism business. People are more inclined to spend money on travel and leisure pursuits, such as cruise vacations, when they possess more money to spend. Individuals and their families often have more discretionary cash as the world economy grows, which increases their propensity to travel and explore new places.
When disposable income rises, more lavish and opulent vacation options, like cruises, are more probable to be considered. A variety of activities, entertainment, food choices, and excursions may be found on board a cruise ship in one handy package. People are more inclined to pick a cruise holiday as a means to enhance their travel experience since they have additional money to spend. In the following years, it is projected that these factors would accelerate the expansion of the cruise tourist sector.
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There are several potential for luxury tourism in the cruise business. Gourmet meals, spa facilities, and individualized attention from highly skilled crew are just a few of the services and facilities that luxury cruise ships provide to meet the needs of wealthy passengers. Private islands, upscale shopping, as well as VIP access to several cultural landmarks are just a few of the distinctive and exclusive experiences that many luxury cruise companies provide. Travelers who seek exclusivity, comfort, and excellent service may find this appealing. Demand for luxurious cruise vacations has been rising gradually. Factors as these are the main reasons behind propelling the global growth of the cruise tourism market from 2023 to 2033.
Key Takeaways from the Market Study
- The global scope of the cruise tourism market increased significantly between 2018 and 2022, with a CAGR of 8.3%.
- According on tourist type, river cruises were predicted to hold a market share of more than 35% in 2022.
- The North American area is predicted to account for 33.5% of worldwide cruise travel.
- According to FMI estimates, the European cruise tourism sector will hold a 28.9% share in 2022.
Competitive Landscape
Prominent players in the cruise tourism market are:
- AmaWaterways LLC
- Ambassador Cruise Holidays Ltd.
- American Cruise Lines, Carnival Corp., and Plc
- Compagnie du Ponant
- Cosmos Tours Ltd.
- Genting Hong Kong Ltd.
- Kerala Shipping and Inland Navigation Corp. Ltd.
- LaVista Travel
- MSC Mediterranean Shipping Co. SA
- Norwegian Cruise Line Holdings Ltd.
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The major companies are using a variety of growth tactics, including new acquisitions, launches, and collaborations, to support the expansion of the global cruise tourism industry.
Key Segments Profiled in the Cruise Tourism Market
By Cruise Type:
- Adventure Cruises
- Classic Cruises
- Luxury Cruises
- River Cruises
- Others
By Tourist Type:
- Independent Traveller
- Tour Group
- Package Traveller
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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