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Global Cruise Market to reach USD 18.30 billion by the end of 2030

Global Cruise Market Size study & Forecast, by Type (Ocean Cruises, River Cruises) and Regional Analysis, 2023-2030

Product Code: ALTAWT-10729527
Publish Date: 20-10-2023
Page: 200

Global Cruise Market is valued at approximately USD 7.67 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 11.5% over the forecast period 2023-2030. The global cruise market provides leisure travel services on cruise ships, which are large passenger vessels designed for voyages that often include various ports of call. Passengers on cruise ships enjoy a combination of transportation, accommodation, dining, entertainment, and recreational activities while traveling to different destinations. The global cruise market is driven by several key factors that shape its growth and dynamics. Firstly, an increasing desire for unique and experiential travel has fueled the demand for cruise vacations, offering passengers the opportunity to explore multiple destinations in a single trip while enjoying onboard amenities. Additionally, growing disposable incomes and a trend towards experiential spending have drawn diverse demographics, from families to luxury travelers, towards cruise offerings. Following a sharp fall in the first two years of the coronavirus (COVID-19) pandemic, the number of passengers taking ocean cruises increased dramatically around the world in 2022 compared to the previous year. Despite the significant annual growth, the number of cruise passengers worldwide, which reached 20.4 million in 2022, remained below pre-pandemic levels. In 2023, this number was predicted to increase to 31.5 million, exceeding the peak recorded in 2019.

The industry’s constant innovation, incorporating advanced technology, themed experiences, and eco-friendly initiatives, appeals to modern travelers seeking convenience and sustainability. Moreover, partnerships between cruise lines and popular destinations have further expanded the market by creating curated itineraries that cater to specific interests. While the industry has faced challenges due to health concerns, cruise lines’ stringent health and safety measures, along with pent-up travel demand, are driving a rebound. However, sustainable practices and addressing environmental impacts remain crucial as travelers increasingly value eco-conscious options. However, increasing concerns regarding the environmental pollution, caused by ocean cruising stifles the market growth during the forecast period of 2023-2030.

The key regions considered for the Global Cruise Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The region’s dominance in the world market is mostly attributable to the substantial presence of significant companies from abroad and its most developed industry. The variables that contribute to the larger market revenue share include higher disposable income, consumer expenditure, and a developing tourism sector. During the projection period, the Asia Pacific is anticipated to experience the highest growth rate. The cruise business has recently moved from North America and Europe to the Asia Pacific. The tourist sector is being developed by the government in order to boost economic production, and this is helping the Asia Pacific cruise market grow. For instance, to increase cruise tourism, the Indian government stated on August 19th, 2020, that berth fees may be reduced by 70.0%.

Major market player included in this report are:
Carnival Corporation & Plc
Royal Caribbean Group
MSC Cruises S.A.
Norwegian Cruise Line Holdings Ltd.
Disney Cruise Line
Genting Hong Kong Limited
Fred. Olsen Cruise Lines
Cruiseaway Pty Ltd
Island Queen Cruises & Tours
Luxury Cruise Connections

Recent Developments in the Market:
Ø Carnival Corporation & plc announced in March, 2023 that it would be investing USD15 billion in new ships and terminals over the next five years. This investment is a sign of the company’s confidence in the future of the cruise industry.
Ø Royal Caribbean Cruises Ltd. announced in April, 2023 that it would be building a new cruise terminal in Miami, Florida. The terminal is expected to be completed in 2025 and may be able to accommodate up to six cruise ships at a time.

Global Cruise Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Ocean Cruises
River Cruises

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Cruise Market, by Region, 2020-2030 (USD Billion)
1.2.2. Cruise Market, by Type, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Cruise Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Cruise Market Dynamics
3.1. Cruise Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing desire for unique and experiential travel Growing disposable incomes

3.1.2. Market Challenges Increasing concerns regarding the environmental pollution, caused by ocean cruising
3.1.3. Market Opportunities Growing partnerships between cruise lines and popular destinations
Chapter 4. Global Cruise Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Cruise Market, by Type
5.1. Market Snapshot
5.2. Global Cruise Market by Type, Performance – Potential Analysis
5.3. Global Cruise Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Cruise Market, Sub Segment Analysis
5.4.1. Ocean Cruises
5.4.2. River Cruises
Chapter 6. Global Cruise Market, Regional Analysis
6.1. Top Leading Countries
6.2. Top Emerging Countries
6.3. Cruise Market, Regional Market Snapshot
6.4. North America Cruise Market
6.4.1. U.S. Cruise Market Type breakdown estimates & forecasts, 2020-2030
6.4.2. Canada Cruise Market
6.5. Europe Cruise Market Snapshot
6.5.1. U.K. Cruise Market
6.5.2. Germany Cruise Market
6.5.3. France Cruise Market
6.5.4. Spain Cruise Market
6.5.5. Italy Cruise Market
6.5.6. Rest of Europe Cruise Market
6.6. Asia-Pacific Cruise Market Snapshot
6.6.1. China Cruise Market
6.6.2. India Cruise Market
6.6.3. Japan Cruise Market
6.6.4. Australia Cruise Market
6.6.5. South Korea Cruise Market
6.6.6. Rest of Asia Pacific Cruise Market
6.7. Latin America Cruise Market Snapshot
6.7.1. Brazil Cruise Market
6.7.2. Mexico Cruise Market
6.8. Middle East & Africa Cruise Market
6.8.1. Saudi Arabia Cruise Market
6.8.2. South Africa Cruise Market
6.8.3. Rest of Middle East & Africa Cruise Market

Chapter 7. Competitive Intelligence
7.1. Key Company SWOT Analysis
7.1.1. Company 1
7.1.2. Company 2
7.1.3. Company 3
7.2. Top Market Strategies
7.3. Company Profiles
7.3.1. Carnival Corporation & Plc Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
7.3.2. Royal Caribbean Group
7.3.3. MSC Cruises S.A.
7.3.4. Norwegian Cruise Line Holdings Ltd.
7.3.5. Disney Cruise Line
7.3.6. Genting Hong Kong Limited
7.3.7. Fred. Olsen Cruise Lines
7.3.8. Cruiseaway Pty Ltd
7.3.9. Island Queen Cruises & Tours
7.3.10. Luxury Cruise Connections
Chapter 8. Research Process
8.1. Research Process
8.1.1. Data Mining
8.1.2. Analysis
8.1.3. Market Estimation
8.1.4. Validation
8.1.5. Publishing
8.2. Research Attributes
8.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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