New York, USA, May 31, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global cruise tourism market. According to the report, the global market is projected to surpass $13,641.4 million and grow at a CAGR of 10.4% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the cruise tourism market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Cruise Tourism Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global cruise tourism market. During the pandemic, because of travel restrictions, lockdowns, and health concerns, demand for cruise tourism decreased dramatically. Moreover, many cruise lines were forced to postpone voyages or temporarily halt operations. This resulted in a tremendous loss of revenue for the sector, as well as for companies that rely on the cruise tourism market. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Cruise Tourism Market Growth
The key factor boosting the growth of the global cruise tourism market is a significant rise in the need for cruise tourism owing to individuals increased willingness to consider more lavish and luxurious kinds of travel, such as cruises, as a result of rising disposable income. Furthermore, growing consumer preferences and a need for unique travel experiences are estimated to unlock lucrative opportunities for market growth in the forecast period. However, the high cost of cruise trips as well as issues about safety and security are anticipated to deter the market’s growth.
The report segments the global cruise tourism market into type, duration, passenger age, and region.
Ocean Cruise Sub-Segment to Grab a Foremost Share of the Market
The ocean cruise sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly due to the creation of new ports and destinations, the rise in popularity of themed cruises (such as gourmet, music, and adventure voyages), and the arrival of new ships with cutting-edge facilities and services.
7 Days Sub-Segment to Witness Rapid Growth
The 7 days sub-segment of the duration segment is predicted to grow enormously in the forecast period. This growth is mainly because of the increasing income levels globally, owing to which individuals have more money to spend on leisure activities like holidays. This has increased demand for cruise tourism, particularly for 7-day trips.
40-49 Years Sub-Segment to Witness Rapid Growth
The 40-49 years sub-segment of the passenger age segment is predicted to grow enormously in the forecast period. This growth is mainly because people aged 40 to 49 may be looking for a break from their hectic job schedules or family commitments and want to relax in an appealing environment with plenty of services and activities.
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North America Cruise Region to Perceive Maximum Growth
The report analyzes the global cruise tourism market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to the increasing popularity of cruising as a vacation choice, as well as the developing middle-class population which has raised the number of individuals who can afford to take cruises in this region.
Key Players of the Cruise Tourism Market
The report states some of the foremost players operating in the global market including
- AmaWaterways
- Carnival Corporation & plc
- Ambassador Cruise Holidays Limited.
- Cosmos Tours Ltd.
- Ponant
- Mediterranean Shipping Company S.A.
- Kerala Shipping and Inland Navigation Corporation Ltd.
- Norwegian Cruise Line
- Seabourn Cruise Line
- Silversea Cruises
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in January 2023, Kerala government, a state-level government of Kerala in India, announced the launch of cruise tourism connecting famous coastal tourist spots in the state with Mangaluru and Goa.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Cruise Tourism Market:
- A Quick Look at the Top 4 Cruise Tourism Destinations in the World for 2023
- Global Cruise Tourism Market to Generate $13,641.4 Million in the 2022–2031 Timeframe Due to An Increase in Disposable Income of Global Population
