The global cruise market was estimated at USD 7.69 billion in 2022 and it is expected to surpass around USD 22.92 billion by 2032, poised to grow at a CAGR of 11.54% from 2023 to 2032. The cruise market in the United States was accounted for USD 3.12 million in 2022.
Key Pointers
Report Scope of the Cruise Market
| Report Coverage | Details |
| Revenue Share of North America in 2022 | 51% |
| CAGR of Asia Pacific from 2023 to 2032 | 12.55% |
| Revenue Forecast by 2032 | USD 22.92 billion |
| Growth Rate from 2023 to 2032 | CAGR of 11.54% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | 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; Island Queen Cruises; Luxury Cruise Connections |
This can be attributed to the rising popularity of the vacation on a cruise due to the cost difference and the amenities provided by the alternative vacations. Cruise vacations are more affordable as compared to alternative land-based vacations, which include transport, meals, accommodation, and entertainment. According to the Cruise Lines International Association, 58.0% of the international vacationers are first-time cruisers, who are likely to cruise in the next few years.
As a result of the COVID-19 pandemic, the market experienced a decline in passenger numbers. As per the Cruise Lines International Association, in 2020, worldwide passenger volume decreased by 80.0%. Due to the eruption of the COVID-19 pandemic, the majority of the cruises were stranded at various locations and other cruises were canceled. However, the industry is anticipated to witness a slow and healthy growth rate owing to the resumed activities and relaxed restrictions. In the wake of the pandemic, many holidaymakers are looking for small vacations as a getaway.
A vacation trip for multiple days, arranged on the cruise ship in the large inland waters or sea while visiting various destinations for tourism, following a particular route is known as a cruise. The focus in this sort of voyage is basically on staying aboard the ship along with eye-catching destinations for the tourists. The growing industry of hospitality & tourism is contributing to the market growth, thus driving the global cruises market.
Increasing leisure trips and voyages taken by generation Z along with the growing preference of a high population to live a luxury life is contributing to the market growth during the forecast period. The rising popularity of the river cruises is likely to drive the global cruise industry. River cruises offer attractive packages that travel inside the countries and not just the coastal areas. These types of river cruises are becoming increasingly popular in European countries.
The growth of the cruises market is restrained by the increasing concerns regarding the environmental pollution, caused by ocean cruising. Cruise passengers and crews generate a significant amount of waste and pollutants. Ocean cruise ships are responsible for approximately 77.0% of the marine pollution, globally. The awareness activities by the environmental organizations and civilian groups are likely to impact the cruises industry growth. This has resulted in the developments and research in sustainable and cleaner disposal of the waste generated.
Nowadays, ships are coming with innovations and numerous exciting in addition to fun activities and theme cruises for the travelers such as yoga themes, kid themes, mystery themes, and others. Such innovations are gaining massive popularity among the targeted population and attracting different demography hence driving the cruises market. However, the presence of a limited number of companies intended for the manufacturing of such cruises along with high-cost association for their manufacturing is expected to restrain the market growth during the forecast period.
Type Insights
The ocean cruise segment accounted for above 81% of its revenue share in 2022. Strong players offering services in the ocean cruises segment for the intercontinental trips at a large number is attributed to the higher market revenue share. Additionally, due to the exciting packages, amenities, and entertainment activities, a large customer base prefers ocean cruises over other cruises. These activities are doable on the big ocean cruise ships that provide spacious areas as compared to the others.
The river cruise segment is expected to witness the fastest growth rate, registering a CAGR of 13.63% from 2023 to 2032. The rising popularity of the river cruises among the vacationers is attributed to the highest CAGR. Unlike, ocean cruises which are docked in the coastal region on the account of their huge size, river cruises travel across the rivers offering more internal destinations and sightseeing. River cruising is becoming popular in European countries navigating across different countries. For instance, the Danube River offers cruises that can travel through 10 countries in Europe.
Regional Insights
North America accounted for around 51% of revenue share and dominated the market in 2022. The region’s dominance in the global market is mainly credited to the strong presence of the international key players and the most developed industry. Higher disposable income, consumer spending, and the developed tourism industry are the factors, attributing to the higher market revenue share.
The Asia Pacific is expected to witness the highest growth rate during the forecast period. The region is likely to register a CAGR of 12.55% from 2023 to 2032. During the past few years, the cruise industry is shifting from North America and Europe to the Asia Pacific. Due to the government initiatives to develop the tourism industry to increase the economic output, the cruise industry in the Asia Pacific is flourishing. For instance, on August 19th, 2020, the Indian government announced to reduce 70.0% of the berth charges to boost cruise tourism.
Europe was the second-largest in terms of revenue share and accounted for around 25.03% of the share in 2022. It is expected to achieve a significant CAGR during the forecast period. The growth of the market is attributed to an increase in demand for sustainable tourism. Due to this increasing demand, local communities are becoming more appealing to the tour operators that are small medium-sized and thus contributing to the market growth.
Cruise Market Segmentations:
By Type
By Regional
Chapter 1. Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2. Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3. Executive Summary
3.1.Market Snapshot
Chapter 4. Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5.COVID 19 Impact on Cruise Market
5.1. COVID-19 Landscape: Cruise Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8. Global Cruise Market, By Type
8.1.Cruise Market, by Type, 2023-2032
8.1.1. Ocean Cruises
8.1.1.1.Market Revenue and Forecast (2020-2032)
8.1.2. River Cruises
8.1.2.1.Market Revenue and Forecast (2020-2032)
Chapter 9. Global Cruise Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Type (2020-2032)
9.1.2. U.S.
9.1.2.1. Market Revenue and Forecast, by Type (2020-2032)
9.1.3. Rest of North America
9.1.3.1. Market Revenue and Forecast, by Type (2020-2032)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Type (2020-2032)
9.2.2. UK
9.2.2.1. Market Revenue and Forecast, by Type (2020-2032)
9.2.3. Germany
9.2.3.1. Market Revenue and Forecast, by Type (2020-2032)
9.2.4. France
9.2.4.1. Market Revenue and Forecast, by Type (2020-2032)
9.2.5. Rest of Europe
9.2.5.1. Market Revenue and Forecast, by Type (2020-2032)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Type (2020-2032)
9.3.2. India
9.3.2.1. Market Revenue and Forecast, by Type (2020-2032)
9.3.3. China
9.3.3.1. Market Revenue and Forecast, by Type (2020-2032)
9.3.4. Japan
9.3.4.1. Market Revenue and Forecast, by Type (2020-2032)
9.3.5. Rest of APAC
9.3.5.1. Market Revenue and Forecast, by Type (2020-2032)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Type (2020-2032)
9.4.2. GCC
9.4.2.1. Market Revenue and Forecast, by Type (2020-2032)
9.4.3. North Africa
9.4.3.1. Market Revenue and Forecast, by Type (2020-2032)
9.4.4. South Africa
9.4.4.1. Market Revenue and Forecast, by Type (2020-2032)
9.4.5. Rest of MEA
9.4.5.1. Market Revenue and Forecast, by Type (2020-2032)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Type (2020-2032)
9.5.2. Brazil
9.5.2.1. Market Revenue and Forecast, by Type (2020-2032)
9.5.3. Rest of LATAM
9.5.3.1. Market Revenue and Forecast, by Type (2020-2032)
Chapter 10.Company Profiles
10.1. Carnival Corporation & Plc
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2. Royal Caribbean Group
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3. MSC Cruises S.A.
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4. Norwegian Cruise Line Holdings Ltd.
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
10.5. Disney Cruise Line
10.5.1.Company Overview
10.5.2.Product Offerings
10.5.3.Financial Performance
10.5.4.Recent Initiatives
10.6. Genting Hong Kong Limited
10.6.1.Company Overview
10.6.2.Product Offerings
10.6.3.Financial Performance
10.6.4.Recent Initiatives
10.7. Fred. Olsen Cruise Lines
10.7.1.Company Overview
10.7.2.Product Offerings
10.7.3.Financial Performance
10.7.4.Recent Initiatives
10.8. Cruiseaway
10.8.1.Company Overview
10.8.2.Product Offerings
10.8.3.Financial Performance
10.8.4.Recent Initiatives
10.9. Island Queen Cruises
10.9.1.Company Overview
10.9.2.Product Offerings
10.9.3.Financial Performance
10.9.4.Recent Initiatives
10.10. Luxury Cruise Connections
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1. About Us
12.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers