Portland, OR, April 06, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cruise tourism market garnered $5.3 billion in 2021, and is estimated to generate $13.6 billion by 2031, manifesting a CAGR of 10.4% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $5.3 billion |
| Market Size in 2031 | $13.6 billion |
| CAGR | 10.4% |
| No. of Pages in Report | 290 |
| Segments covered | Type, Duration, Passenger Age, and Region. |
| Drivers | The growing popularity of cruise destinations across the world |
| Opportunities | The world-famous cruise destinations |
| Restraints | The environmental concerns associated with cruise tourism |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global cruise tourism market, owing to implementation of the global lockdown which resulted in suspending cruise line operations and docking all ships.
- The drastic decline in the number of travelers globally had led to a decline in the cruise tourism market growth, resulting in huge operating and revenue losses for cruise tourism companies across the world.
- Post-pandemic, the cruise tourism industry is slowly recovering and is expected to grow significantly as the cruise lines are adapting to the new travel norms.
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The research provides detailed segmentation of the global cruise tourism market based on type, duration, passenger age, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the ocean cruise segment held the highest share in 2021, accounting for nearly one-third of the global cruise tourism market, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 11.3% from 2022 to 2031.
Based on duration, the 7 days segment accounted for the highest share in 2021, contributing to more than one-third of the global cruise tourism market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 11.3% from 2022 to 2031.
Based on passenger age, the 40-49 years segment accounted for the highest share in 2021, holding nearly one-fourth of the global cruise tourism market, and is expected to continue its leadership status during the forecast period. However, the 30-39 years segment is estimated to grow at the highest CAGR of 11.5% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly half of the global cruise tourism market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Europe region is expected to manifest the fastest CAGR of 11.1% during the forecast period. The research also analyzes regions including LAMEA and Asia-Pacific.
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Leading market players of the global cruise tourism market analyzed in the research include Silversea Cruises, seabourn cruise line, Ambassador Cruise Holidays Limited., AmaWaterways, Carnival Corporation & plc, Cosmos Tours Ltd., Kerala Shipping and Inland Navigation Corporation Ltd, PONANT, Mediterranean Shipping Company S.A., Norwegian Cruise Line.
The report provides a detailed analysis of these key players of the global cruise tourism market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
