Dublin, Dec. 19, 2024 (GLOBE NEWSWIRE) -- The "Cruise Tourism Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global cruise tourism market is expected to reach $45.34 billion by 2029 from $28.55 billion in 2023, growing at a CAGR of 8.02% from 2023 to 2029
The cruise industry is evolving constantly and there will be fierce competition in coming years. They are focusing on adopting the changes of cruise passengers and focusing on offering personalized experiences. The companies are investing more in new ship development and launching new & unique ships to expand their market.
It helps to attract a more consumer base. They are focusing on innovative features, amenities, and technologies while launching the cruise. The major players in this market focus on targeting specific passenger segments. The companies are focusing on creating appealing and unique itineraries, offering diverse experiences, and exploring new destinations.
North America dominates and holds the largest share of over 42% in the global cruise tourism market. The North American cruise tourism market has been fueled by international and domestic travelers as the domestic travel boom, and international tourism recovery. Since the pandemic, domestic travel within Canada and the US has surged due to the increased interest in road trips and local tourism.
The US dominates the region due to the growth in domestic and international visitors, rising interest in travel & entertainment activities, and increasing demand for health & wellness tourism. Cruising has a strong popularity and a long history and many of the major companies are based in North America. Demand for responsible tourism and eco-friendly practices is rising significantly among North American cruise travelers.
MARKET TRENDS & DRIVERS
Growing Popularity of River Cruises
The growing popularity of river cruises is a major trend in the global cruise tourism market, due to several factors including rising demand for immersive & intimate experiences, scenic & relaxing journeys, destination focus, growing interest in historical & cultural tourism, and appeal to the wider demographic. River cruises offer a more immersive and intimate experience of travel as compared to large ocean cruises. Smaller ships allow consumers for more personalized atmosphere and a closer connection with the environment. The river cruises delve deeper into the culture & natural beauty of the regions and emphasize exploring inland destinations. River cruises provide easy access to key landmarks and attractions.
Cruising along the scenic rivers gives the best view of picturesque landscapes, historic sites, and charming villages. River cruises include shore excursions, onboard activities, and meals in the fare, which simplifies travel planning. The journey itself is a major part of the appeal. River cruises attract a diverse range of tourists such as couples, solo travelers, and families, seeking a more culturally immersive and relaxed vacation. In Europe, river cruises on the Rhine, Douro, Danube, and Seine are immensely popular. They offer access to charming towns and iconic cities like Germany, France, Hungary, Austria, and Portugal. The popularity of the Mekong River cruises through Cambodia to Vietnam is rising significantly.
Diverse Itineraries and Small-Cruises
Diverse itineraries and small cruises are a major trend in the global cruise tourism market, due to several factors including growing demand for unique experience, rising themed cruises, growing focus on specific regions, rising demand for intimate experience, and exploration beyond popular ports. Travelers are looking for off-the-beaten-path and authentic experiences.
They want to try local cuisine, and new cultures, and engage in various activities that are known for being unique to the destinations they visit. Consumers are showing interest in cruises with gastronomy, music, or history which has increased the popularity of theme cruises. These cruises often feature unique shore excursions and itineraries tailored to the theme.
There is a growing desire to explore lesser-known regions and ports across the world. It helps travelers to avoid crowds and discover hidden gems. The Many cruises offer adventure travelers to encounter wildlife and explore pristine landscapes from remote destinations like Antarctica, the Galapagos Islands, or the Arctic. The demand for river cruises on less-traveled waterways like the Amazon or Mekong Delta.
Small cruises cater to busy travelers who may not have more time for longer trips. They offer 3-4 days itineraries which offer more frequent escapes. The demand for smaller cruises is growing significantly for personalized and intimate experiences. It offers flexibility, more frequent travel, and appeals to new cruisers. Thus, it leads to drive the demand for cruise tourism in the global market, during the forecast period.
Growing Travel & Tourism Activities
Growing travel & tourism activities are a significant driver in the global cruise tourism market, due to several factors including shifting consumer preference, infrastructure development, increased disposable income, growing promotions & marketing activities, and rising emerging markets. Travelers are increasingly focusing on booking experiential and unique vacations. Cruise tourism offers a convenient package of diverse activities, entertainment, and destinations, which fulfill the desires of travelers. As global economies are growing significantly, people have more disposable income to spend on travel and entertainment activities. It directly transfers more consumers to cruise lines.
Investments in tourism infrastructure are rising significantly across the globe, such as terminals and ports. It makes it easier for cruise companies to access and operate new destinations. The companies are focusing on effective marketing campaigns by creating awareness and stimulating the cruise vacations' demand. The cruise industry contributes significantly to the overall travel & tourism sector. Cruise companies are generating revenue for local businesses, tour operators, and ports in the destinations they visit. Many cruise companies are offering investments in the development of tourist infrastructure in destinations, to improve attractions and facilities. One of the largest growing sectors in the tourism industry is the cruise industry.
INDUSTRY RESTRAINTS
Health and Safety Concerns
Health and safety concerns are a significant challenge in the global cruise tourism market. It includes infectious diseases, accidents & injuries, medical emergencies, food safety, crime, and mental health. While at sea access to specialized medical care may not be sufficient, and evacuation may be expensive or difficult. Cruises may encounter storms, rough seas, or any other natural hazards that can pose risks to passenger safety. Cruise ships, with their shared spaces and close quarters can be vulnerable to outbreaks of infectious diseases.
It can lead to illness among crew and passengers, damage to the reputation of the cruise industry, and disruption in itineraries. Accidents can happen on board, including trips, falls, and slips. Ensuring passenger safety is very important. Modern cruises carry thousands of passengers which increases the risk of disease transmission and makes it difficult to manage emergencies. It may hinder the market growth of cruise tourism during the forecast period.
KEY QUESTIONS ANSWERED
- How big is the global cruise tourism market?
- Which cruising segment has the largest share of the global cruise tourism market?
- What is the growth rate of the global cruise tourism market?
- Which region holds the largest share of the global cruise tourism market?
- Which tourism segment provides more business opportunities in the global cruise tourism market?
- Who are the major players in the global cruise tourism market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 126 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $28.55 Billion |
| Forecasted Market Value (USD) by 2029 | $45.34 Billion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Global |
KEY TAKEAWAYS
- By Cruising: The ocean cruising segment holds the largest market share. The segmental growth is due to rising demand for unique route destinations and the increasing popularity of multi-destination travel options.
- By Tourism: The specialty tourism segment shows the highest growth, with a CAGR of 8.51%, driven by the rising popularity of luxury & wellness cruises, increased awareness about theme cruises, and the rise of river-cursing.
- By Capacity: The mega & large cruise segment holds the largest market share of over 61%. The segmental growth is due to extensive onboard amenities such as theaters, large entertainment areas, water parks, and multi-dining options.
- By Duration: The medium and small cruises segment shows the highest growth, as they appeal to travelers with limited time, and often over weekends or long weekends.
- By Geography: North America dominates & holds the largest market share of over 42%. The growth of the segment can be attributed to the strong popularity and long history of cruising, with many major companies based in North America.
- Growth Factor: The global cruise tourism market is set to grow due to growing travel & tourism activities and the growing popularity of river cruises.
COMPETITIVE LANDSCAPE
Key Vendors
- Carnival Corporation & plc
- Disney
- Genting Group
- MSC Cruises
- Norwegian Cruise Line Holdings Ltd.
- Royal Caribbean Group
- TUI Group
- Viking Cruises
Other Prominent Vendors
- AmaWaterways
- Ambassador Cruise Holidays Limited.
- APT Travel Group
- Atlas Ocean Voyages
- Aurora Expeditions
- Azamara
- Celestyal Cruises
- Coral Expeditions
- Cordelia Cruises
- Fred. Olsen Cruise Lines
- Globus family of brands
- Hapag-Lloyd
- Heritage Expeditions
- Hurtigruten Group
- Kerala Shipping & Inland Navigation Corporation
- Mystic Cruises
- PONANT
- Quark Expeditions
- Saga Cruises
- Scenic Cruises International GmbH
- Sea Cloud Cruises
- SeaDream Yacht Club
- Swan Hellenic
- The Anschutz Corporation
- Virgin Cruises Intermediate Limited
For more information about this report visit https://www.researchandmarkets.com/r/5inxtq
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