Report Code: CMI32661

Published Date: October 2023

Pages: 220+

Category: Hospitality & Tourism

Report Snapshot

CAGR: 11%
5,298.9M
2022
6,233.55M
2023
14,645.4M
2032

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Ambassador Cruise Holidays Limited.
  • AmaWaterways
  • Carnival Corporation & plc
  • PONANT
  • Others

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Reports Description

As per the current market research conducted by the CMI Team, the global Cruise Tourism Market is expected to record a CAGR of 11% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 5,298.9 million. By 2032, the valuation is anticipated to reach USD 14,645.4 million.

Cruise tourism stands out as a prominent facet of the travel industry, encompassing various aspects of the tourism sector, including transportation, hospitality, accommodation, and more. Cruising has gained widespread popularity among travelers, offering diverse experiences across different types of cruises, including river, ocean, and expedition cruises.

Cruise tourism involves vacations that are either wholly or partially centered around a cruise ship. Furthermore, it grants travelers the opportunity to enjoy multi-destination holidays as they explore various locales throughout their journey. Cruise ships vary widely in size, ranging from small yachts to colossal mega ships, and these voyages can occur on rivers or in the vast expanses of the oceans.

Several sought-after destinations are favored by cruise enthusiasts, such as the Mediterranean, Caribbean, and Arctic regions. Cruise tourism is experiencing a remarkable surge in popularity, offering a luxurious mode of travel encompassing comprehensive, all-inclusive holidays on a cruise lasting at least 24 hours. It involves the gathering of a substantial number of travelers who converge on a particular destination simultaneously.

The roots of cruise tourism trace back to as early as 1822, showcasing its enduring appeal. Crucially, cruise tourism plays a pivotal role in bolstering the economic stability of nations. A prime example of this is the Caribbean region, which stands out as a prominent destination for ocean cruises, providing lucrative opportunities for travelers.

Cruise tourism delivers high-quality dining and beverage options, opulent accommodations, a plethora of recreational activities, onboard casinos, and a wide array of services. These attributes are poised to propel the demand for cruise tourism within the analyzed timeframe.

However, it is imperative to acknowledge the environmental concerns associated with cruise tourism, which have the potential to hinder market growth. Cruise ships generate substantial amounts of waste, leading to issues like graywater discharge, the deposition of solid waste, sewage disposal, and other factors contributing to the presence of oily bilge in the water.

Such pollutants pose significant threats to marine ecosystems and the welfare of aquatic life. Additionally, the considerable release of carbon dioxide by these vessels can contribute to environmental pollution.

Cruise Tourism Market – Significant Growth Factors

The burgeoning cruise industry plays a pivotal role in propelling the cruise tourism sector, as numerous companies emerge to meet the increasing demand for international sea travel while offering a host of enticing amenities to attract customers. As indicated by an infographic, December 2021 witnessed the launch of a staggering 240 commercial cruise ships, marking a fifteenfold increase compared to the figure for December 2020.

Among these 237 vessels, the top 10 cruise brands accounted for 105 ships. Leading the pack are MSC Cruises, boasting 13 active ships and 50,319 berths, followed by Carnival Cruise Line with 18 ships and 54,355 berths, and Royal Caribbean International, which boasts 20 operational ships accommodating 71,706 berths. Moreover, following a global pause in cruise operations in mid-March 2020, cruises gradually resumed in select regions of Europe, Asia, and the South Pacific from July 2020 onwards.

This period witnessed over 200 sailings from July to mid-December 2020. The success of these initial voyages demonstrated the effectiveness of new safety protocols in mitigating the risks of COVID-19 for passengers, crew members, and the destinations visited by cruise ships. In 2022, the sector is anticipated to recommence operations in regions such as the Caribbean, Canada, Mexico, and various other countries.

Amidst the global battle against the coronavirus pandemic, the cruise industry demonstrated resilience and managed to rejuvenate its market, thereby creating substantial growth opportunities for the cruise tourism sector in the foreseeable future.

According to data from the Cruise Lines International Association in 2021, a noteworthy investment of US$23.5 billion was made in ships equipped with advanced technologies and cleaner fuels, aimed at reducing carbon emissions. The industry has set an ambitious target of achieving a 40% reduction in carbon emissions by the end of 2030, relative to the levels recorded in 2008.

Additionally, there are 24 ships on the order book through 2027, all committed to being powered by liquefied natural gas (LNG).

Cruise tourism has witnessed substantial growth in recent years and is expected to maintain this positive trajectory in the projected period. Nonetheless, the market’s expansion faces a significant obstacle in the form of high associated costs. Particularly in regions like the Caribbean, Alaska, and Europe, cruise prices are on the rise for the latter half of 2022 and 2023.

It’s worth noting that this increase isn’t solely attributable to the U.S. inflation rate, which reached a peak of 9% in December 2021, affecting higher fares. Experts in the cruise industry point to pent-up demand and low occupancy rates as the primary factors driving up the costs of upcoming cruise holidays.

Additionally, the shift by some cruise lines toward more all-inclusive pricing models has also contributed to the upward trend in rates. For instance, Celebrity Cruises now bundles cocktails, WiFi, and gratuities into its cruise prices.

According to insights from Mike Driscoll, publisher of the trade publication CruiseWeek, travel planners have reported higher costs on popular routes, including certain summertime voyages in Alaska, though this pricing trend isn’t universal across all cruise options.

Global Cruise Tourism Market 2023–2032 (By Type)

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Cruise Tourism Market – Mergers and Acquisitions

  • Royal Caribbean Group Acquiring Silversea Cruises: In 2018, Royal Caribbean Group, one of the largest cruise companies in the world, acquired a majority stake in Silversea Cruises, a luxury cruise line. This move allowed Royal Caribbean to enter the ultra-luxury cruise market and broaden its portfolio of cruise brands.
  • Carnival Corporation’s Multiple Acquisitions: Carnival Corporation, another major player in the cruise industry, has made several acquisitions over the years. Notable examples include the acquisition of Princess Cruises in 1974 and the purchase of Holland America Line in 1989. These acquisitions expanded Carnival’s presence in the cruise market.
  • Norwegian Cruise Line Holdings Acquiring Regent Seven Seas Cruises and Oceania Cruises: Norwegian Cruise Line Holdings acquired Prestige Cruise Holdings, the parent company of Regent Seven Seas Cruises and Oceania Cruises, in 2014. This acquisition allowed Norwegian Cruise Line Holdings to enter the upscale and luxury cruise segments.
  • Genting Hong Kong Acquiring Crystal Cruises: Genting Hong Kong, a global leisure, entertainment, and hospitality company, acquired Crystal Cruises in 2015. This acquisition marked Genting’s entry into the luxury cruise market and led to the expansion of the Crystal Cruises brand.
  • MSC Cruises Fleet Expansion: MSC Cruises, a major European cruise company, has been rapidly expanding its fleet through new ship orders and acquisitions. They entered into agreements with shipyards to build several new mega-ships, demonstrating their commitment to growth.
  • Emerging Players Acquiring Smaller Lines: Beyond the industry giants, emerging players in the cruise market have also been active in acquisitions. These acquisitions often involve smaller cruise lines, enabling newer entrants to establish their presence more quickly.
  • RCL-NCLH Partnership: In 2020, Royal Caribbean Group and Norwegian Cruise Line Holdings announced a partnership to create the “Healthy Sail Panel,” focusing on developing health and safety protocols amid the COVID-19 pandemic. While not a traditional merger or acquisition, this collaboration highlights the industry’s cooperation during challenging times.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Cruise Tourism Market Corporate Travel Market Tourism Source Market
CAGR 11% (Approx) CAGR 13.1% (Approx) CAGR 5.2% (Approx)
USD 14,645.4 Million by 2032 USD 330.2 Billion by 2032 USD 986.5 Billion by 2032

Cruise Tourism Market – Significant Threats

  • Health and Safety Concerns: The ongoing threat of health crises, such as the COVID-19 pandemic, has severely impacted the cruise industry. Outbreaks of infectious diseases on cruise ships can lead to disruptions, cancellations, and a decline in passenger confidence. Implementing and maintaining robust health and safety measures is crucial for the industry’s recovery and resilience.
  • Environmental Concerns: Cruise tourism has faced criticism and regulatory scrutiny regarding its environmental impact. Issues such as air and water pollution, carbon emissions, and the disposal of waste at sea have raised environmental concerns. As governments and international organizations impose stricter environmental regulations, cruise lines must invest in cleaner technologies and sustainable practices.
  • Weather-Related Disruptions: Cruise itineraries are susceptible to disruptions caused by adverse weather conditions, including hurricanes, storms, and adverse sea conditions. These disruptions can lead to itinerary changes, delays, or even cruise cancellations, impacting passenger satisfaction and operational costs.
  • Geopolitical and Security Issues: Political instability, terrorism, and security concerns in various regions can impact cruise itineraries and passenger safety. Geopolitical events, such as conflicts or changes in government policies, can lead to the reevaluation of cruise routes and destinations.
  • Overcrowding at Ports and Destinations: Popular cruise destinations and ports of call may become overcrowded during peak seasons, leading to congestion, longer wait times and a less enjoyable experience for passengers. Managing overcrowding and balancing the interests of cruise operators with those of local communities is a challenge.
  • Economic Uncertainty: Economic downturns, recessions, and fluctuations in exchange rates can affect consumer discretionary spending, potentially leading to decreased demand for cruises. Economic instability can impact the industry’s profitability and growth.
  • Regulatory Changes: Changes in regulations related to cruise tourism, including safety, health, environmental, and immigration policies, can impact operational costs and procedures for cruise lines. Adapting to new regulations requires significant resources and compliance efforts.
  • Climate Change and Natural Disasters: Climate change can result in more frequent and severe weather events, such as hurricanes and typhoons, which can disrupt cruise itineraries and pose risks to passenger safety. Cruise lines must invest in disaster preparedness and response measures.
  • Competition: The cruise tourism market is highly competitive, with many cruise lines vying for passengers. Intense competition can lead to pricing pressures and a focus on innovation and differentiation to attract customers.
  • Consumer Perception: Negative incidents, such as accidents or outbreaks of illness on cruise ships, can influence consumer perception and impact demand for cruises. Maintaining a positive image and addressing concerns swiftly is essential.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 6,233.55 Million
Projected Market Size in 2032 USD 14,645.4 Million
Market Size in 2022 USD 5,298.9 Million
CAGR Growth Rate 11% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Type, Duration, Passenger Age and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Type:

In 2022, the ocean cruise sub-segment emerged as the dominant force in the market and is poised to exhibit the most rapid growth throughout the forecast period. Ocean cruises provide travelers with an opulent and lavish cruising experience, characterized by spacious and stylish amenities.

These ocean cruises boast state-of-the-art facilities, elegant furnishings, distinct sleep zones, and lounge areas, and even offer butler services to ensure the utmost in pampering and relaxation. Passengers can revel in the finest toiletries, choose from various ambient lighting options, and enjoy private verandas to fully immerse themselves in the invigorating sea air.

Ocean cruises take dining to new heights with exotic culinary adventures that showcase a rich tapestry of multicultural flavors. Additionally, they offer in-suite beverage and dining services, as well as advanced heating, ventilation, and air-conditioning systems (HVAC) for optimal comfort.

Entertainment is taken to the next level aboard ocean cruises, with luxurious king-size scenic slumber beds ensuring a restful night’s sleep. These compelling features are poised to be key drivers of growth in the ocean cruise segment during the forecast period.

By Duration:

In 2022, the 7-day cruise duration segment asserted its dominance within the global cruise tourism market, and it is poised to exhibit the most rapid growth throughout the forecast period. The popularity of 7-day cruises is a noteworthy trend, with various renowned cruise itineraries falling under this category.

These itineraries include the Caribbean-Western Cruise, Eastern Caribbean-Miami, Western Caribbean Cruise, Mediterranean-Eastern Cruise, Southern Caribbean-San Juan, Hawaii Cruise, 7-night Western Caribbean & Perfect Day, Bermuda-Boston, among others. For instance, the Norwegian Pearl, a widely recognized cruise ship, offers a 7-day cruise tourism experience that encompasses visits to various ports, including Boston, cruising, King’s Wharf, and Boston.

This segment’s attractiveness can be attributed to the ideal balance it strikes between providing travelers with a comprehensive cruise experience and the convenience of a week-long getaway.

Global Cruise Tourism Market 2023–2032 (By Million)

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Cruise Tourism Market – Regional Analysis

North America:

  • North America, particularly the United States, is a major hub for the cruise tourism industry.
  • The Caribbean and Alaska are popular cruise destinations from North American ports.
  • The market is characterized by a variety of cruise lines catering to different preferences, including family-friendly, luxury, and adventure cruises.
  • Health and safety protocols are of utmost importance in this region due to the regulatory framework and public awareness.

Europe:

  • Europe offers diverse cruise experiences, with the Mediterranean, Northern Europe, and the Baltic Sea being favored destinations.
  • River cruises along the Rhine, Danube, and other waterways are also popular.
  • Sustainability and environmental concerns are prominent, leading to the adoption of cleaner technologies and itineraries designed to minimize environmental impact.

Asia-Pacific:

  • The Asia-Pacific region is witnessing rapid growth in cruise tourism, with countries like China, Japan, and Australia emerging as key markets.
  • Asian cruise passengers often prefer shorter cruises, and the market is characterized by a mix of international and regional cruise lines.
  • Cultural diversity and unique destinations are major attractions.

Global Cruise Tourism Market 2023–2032 (By Duration)

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List of the prominent players in the Cruise Tourism Market:

  • 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
  • Seabourn Cruise Line
  • Others

The Cruise Tourism Market is segmented as follows:

By Type

  • River Cruise
  • Ocean Cruise
  • Expedition Cruise
  • Theme Cruise
  • Adventure Cruise
  • Others

By Duration

  • 1-3 days
  • 4-6 days
  • 7 days
  • 8 to 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 Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Cruise Tourism Market, (2024 – 2033) (USD Million)
    • 2.2 Global Cruise Tourism Market: snapshot
  • Chapter 3. Global Cruise Tourism Market – Industry Analysis
    • 3.1 Cruise Tourism Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Consumer Preferences and Demographics
      • 3.2.2 Economic Conditions
      • 3.2.3 Health and Safety
      • 3.2.4 Environmental Sustainability
      • 3.2.5 Regulatory Environment
      • 3.2.6 Competition
      • 3.2.7 Technological Advancements
      • 3.2.8 Geopolitical Factors
      • 3.2.9 Weather and Natural Disasters
      • 3.2.10 Global Events and Health Concerns
      • 3.2.11 Cruise Infrastructure and Ports
      • 3.2.12 Marketing and Branding.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Type
      • 3.7.2 Market Attractiveness Analysis By Duration
      • 3.7.3 Market Attractiveness Analysis By Passenger Age
  • Chapter 4. Global Cruise Tourism Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Cruise Tourism Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Cruise Tourism Market – Type Analysis
    • 5.1 Global Cruise Tourism Market Overview: By Type
      • 5.1.1 Global Cruise Tourism Market Share, By Type, 2022 and – 2033
    • 5.2 River Cruise
      • 5.2.1 Global Cruise Tourism Market by River Cruise, 2024 – 2033 (USD Million)
    • 5.3 Ocean Cruise
      • 5.3.1 Global Cruise Tourism Market by Ocean Cruise, 2024 – 2033 (USD Million)
    • 5.4 Expedition Cruise
      • 5.4.1 Global Cruise Tourism Market by Expedition Cruise, 2024 – 2033 (USD Million)
    • 5.5 Theme Cruise
      • 5.5.1 Global Cruise Tourism Market by Theme Cruise, 2024 – 2033 (USD Million)
    • 5.6 Adventure Cruise
      • 5.6.1 Global Cruise Tourism Market by Adventure Cruise, 2024 – 2033 (USD Million)
    • 5.7 Others
      • 5.7.1 Global Cruise Tourism Market by Others, 2024 – 2033 (USD Million)
  • Chapter 6. Global Cruise Tourism Market – Duration Analysis
    • 6.1 Global Cruise Tourism Market Overview: By Duration
      • 6.1.1 Global Cruise Tourism Market Share, By Duration, 2022 and – 2033
    • 6.2 1-3 days
      • 6.2.1 Global Cruise Tourism Market by 1-3 days, 2024 – 2033 (USD Million)
    • 6.3 4-6 days
      • 6.3.1 Global Cruise Tourism Market by 4-6 days, 2024 – 2033 (USD Million)
    • 6.4 7 days
      • 6.4.1 Global Cruise Tourism Market by 7 days, 2024 – 2033 (USD Million)
    • 6.5 8 to 13 days
      • 6.5.1 Global Cruise Tourism Market by 8 to 13 days, 2024 – 2033 (USD Million)
    • 6.6 14 days
      • 6.6.1 Global Cruise Tourism Market by 14 days, 2024 – 2033 (USD Million)
    • 6.7 15-20 days
      • 6.7.1 Global Cruise Tourism Market by 15-20 days, 2024 – 2033 (USD Million)
    • 6.8 More than 21 days
      • 6.8.1 Global Cruise Tourism Market by More than 21 Days, 2024 – 2033 (USD Million)
  • Chapter 7. Global Cruise Tourism Market – Passenger Age Analysis
    • 7.1 Global Cruise Tourism Market Overview: By Passenger Age
      • 7.1.1 Global Cruise Tourism Market Share, By Passenger Age, 2022 and – 2033
    • 7.2 Less than 12 Years
      • 7.2.1 Global Cruise Tourism Market by Less than 12 Years, 2024 – 2033 (USD Million)
    • 7.3 13-19 Years
      • 7.3.1 Global Cruise Tourism Market by 13-19 Years, 2024 – 2033 (USD Million)
    • 7.4 20-29 Years
      • 7.4.1 Global Cruise Tourism Market by 20-29 Years, 2024 – 2033 (USD Million)
    • 7.5 30-39 years
      • 7.5.1 Global Cruise Tourism Market by 30-39 years, 2024 – 2033 (USD Million)
    • 7.6 40-49 years
      • 7.6.1 Global Cruise Tourism Market by 40-49 years, 2024 – 2033 (USD Million)
    • 7.7 50-59 years
      • 7.7.1 Global Cruise Tourism Market by 50-59 years, 2024 – 2033 (USD Million)
    • 7.8 Above 60 years
      • 7.8.1 Global Cruise Tourism Market by Above 60 Years, 2024 – 2033 (USD Million)
  • Chapter 8. Cruise Tourism Market – Regional Analysis
    • 8.1 Global Cruise Tourism Market Regional Overview
    • 8.2 Global Cruise Tourism Market Share, by Region, 2022 & – 2033 (USD Million)
    • 8.3. North America
      • 8.3.1 North America Cruise Tourism Market, 2024 – 2033 (USD Million)
        • 8.3.1.1 North America Cruise Tourism Market, by Country, 2024 – 2033 (USD Million)
    • 8.4 North America Cruise Tourism Market, by Type, 2024 – 2033
      • 8.4.1 North America Cruise Tourism Market, by Type, 2024 – 2033 (USD Million)
    • 8.5 North America Cruise Tourism Market, by Duration, 2024 – 2033
      • 8.5.1 North America Cruise Tourism Market, by Duration, 2024 – 2033 (USD Million)
    • 8.6 North America Cruise Tourism Market, by Passenger Age, 2024 – 2033
      • 8.6.1 North America Cruise Tourism Market, by Passenger Age, 2024 – 2033 (USD Million)
    • 8.7. Europe
      • 8.7.1 Europe Cruise Tourism Market, 2024 – 2033 (USD Million)
        • 8.7.1.1 Europe Cruise Tourism Market, by Country, 2024 – 2033 (USD Million)
    • 8.8 Europe Cruise Tourism Market, by Type, 2024 – 2033
      • 8.8.1 Europe Cruise Tourism Market, by Type, 2024 – 2033 (USD Million)
    • 8.9 Europe Cruise Tourism Market, by Duration, 2024 – 2033
      • 8.9.1 Europe Cruise Tourism Market, by Duration, 2024 – 2033 (USD Million)
    • 8.10 Europe Cruise Tourism Market, by Passenger Age, 2024 – 2033
      • 8.10.1 Europe Cruise Tourism Market, by Passenger Age, 2024 – 2033 (USD Million)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Cruise Tourism Market, 2024 – 2033 (USD Million)
        • 8.11.1.1 Asia Pacific Cruise Tourism Market, by Country, 2024 – 2033 (USD Million)
    • 8.12 Asia Pacific Cruise Tourism Market, by Type, 2024 – 2033
      • 8.12.1 Asia Pacific Cruise Tourism Market, by Type, 2024 – 2033 (USD Million)
    • 8.13 Asia Pacific Cruise Tourism Market, by Duration, 2024 – 2033
      • 8.13.1 Asia Pacific Cruise Tourism Market, by Duration, 2024 – 2033 (USD Million)
    • 8.14 Asia Pacific Cruise Tourism Market, by Passenger Age, 2024 – 2033
      • 8.14.1 Asia Pacific Cruise Tourism Market, by Passenger Age, 2024 – 2033 (USD Million)
    • 8.15. Latin America
      • 8.15.1 Latin America Cruise Tourism Market, 2024 – 2033 (USD Million)
        • 8.15.1.1 Latin America Cruise Tourism Market, by Country, 2024 – 2033 (USD Million)
    • 8.16 Latin America Cruise Tourism Market, by Type, 2024 – 2033
      • 8.16.1 Latin America Cruise Tourism Market, by Type, 2024 – 2033 (USD Million)
    • 8.17 Latin America Cruise Tourism Market, by Duration, 2024 – 2033
      • 8.17.1 Latin America Cruise Tourism Market, by Duration, 2024 – 2033 (USD Million)
    • 8.18 Latin America Cruise Tourism Market, by Passenger Age, 2024 – 2033
      • 8.18.1 Latin America Cruise Tourism Market, by Passenger Age, 2024 – 2033 (USD Million)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Cruise Tourism Market, 2024 – 2033 (USD Million)
        • 8.19.1.1 The Middle-East and Africa Cruise Tourism Market, by Country, 2024 – 2033 (USD Million)
    • 8.20 The Middle-East and Africa Cruise Tourism Market, by Type, 2024 – 2033
      • 8.20.1 The Middle-East and Africa Cruise Tourism Market, by Type, 2024 – 2033 (USD Million)
    • 8.21 The Middle-East and Africa Cruise Tourism Market, by Duration, 2024 – 2033
      • 8.21.1 The Middle-East and Africa Cruise Tourism Market, by Duration, 2024 – 2033 (USD Million)
    • 8.22 The Middle-East and Africa Cruise Tourism Market, by Passenger Age, 2024 – 2033
      • 8.22.1 The Middle-East and Africa Cruise Tourism Market, by Passenger Age, 2024 – 2033 (USD Million)
  • Chapter 9. Company Profiles
    • 9.1 Ambassador Cruise Holidays Limited.
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 AmaWaterways
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Carnival Corporation & plc
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 PONANT
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Cosmos Tours Ltd.
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Kerala Shipping and Inland Navigation Corporation Ltd
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Mediterranean Shipping Company S.A.
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Norwegian Cruise Line
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Silversea Cruises
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Seabourn Cruise Line
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Others.
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
List Of Figures

Figures No 1 to 36

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • 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
  • Seabourn Cruise Line
  • Others

FAQs

The key factors driving the Market are Consumer Preferences and Demographics, Economic Conditions, Health and Safety, Environmental Sustainability, Regulatory Environment, Competition, Technological Advancements, Geopolitical Factors, Weather and Natural Disasters, Global Events and Health Concerns, Cruise Infrastructure and Ports And Marketing and Branding.

The “Passenger Age” category dominated the market in 2022.

The key players in the market are 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, Seabourn Cruise Line, Others.

“North America” had the largest share in the Cruise Tourism Market.

The global market is projected to grow at a CAGR of 11% during the forecast period, 2023-2032.

The Cruise Tourism Market size was valued at USD 5,298.9 Million in 2022.

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