Cruise Tourism Market Growth Expected to Reach US$ 13.6 Billion by 2031, Boasting a 10.4% CAGR

According to a new report published by Allied Market Research, titled, "Cruise Tourism Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Duration, by Passenger Age : Global Opportunity Analysis and Industry Forecast, 2021-2031" The cruise tourism market was valued at $5.3 billion in 2021, and is estimated to reach $13.6 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031. Cruise tourism is one of the evolving forms of tourism that greatly contributes to the economic growth and development of several nations. The research report offers quantitative and qualitative analyses of the overall market environment, focusing on key investment opportunities, top market segments, value chain analysis, market dynamics, regional outlook, and the competitive landscape.

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Cruise tourism market demand is driven by the growing popularity of theme cruises. Theme cruises include special interest themes such as classical music, yoga, astronomy, meditation, sequence dancing, and others.

Cruise tourism companies can design cruise packages based on individual groups, honeymooners, special interest tourists, business executives families, and others. Different types of cruises offer different travel experiences to the users. For instance, premium cruises also known as upscale cruises, offer products and services that are equivalent to resorts and hotels. Premium cruise services are provided by Panama Canal Cruises, Star Cruises, Princess Cruises, and others.

Luxury cruises are becoming popular owing to their high-quality services and products on long-haul itineraries for vibrant and exotic destinations. These cruises are basically meant for elite people. Luxury cruises are operated by Crystal Cruises, Royal Caribbean Cruises, and others.

Increase in the number of passengers for cruise tourism is anticipated to boost the cruise tourism market growth in the coming years. For instance, in 2019, the cruise industry has welcomed total 29.7 million passengers, created 1.8 million jobs, and contributed more than $154 billion to the global economy.

Cruise tourism helps the tourists to experience multi-center holidays wherein the travelers can spend time at several destinations throughout their trip. Cruise tourism is characterized by the concentration of large number of people visiting different destinations.

Cruise tourism pose negative impact on the environment which is estimated to restrain the cruise tourism market size to some extent. For instance, huge waste is generated during cruise tourism which includes oily bilge water, sewage, graywater, and others.

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Cruise ships cause air pollution as the combustion of fuel in cruises leads to emission of sulfur oxide, carbon dioxide, nitrogen oxides, and others. The cruise tourism market is segmented on the basis of type, duration, passenger age, and region. By type, the market is divided into river cruise, ocean cruise, expedition cruise, theme cruise, adventure cruise, and others.

By duration, the market is classified into 1-3 days, 4-6 days, 7 days, 8 to 13 days, 14 days, 15-20 days, and more than 21 days. By passenger age, the market is divided into less than 12 years, 13-19 years, 20-29 years, 30-39 years, 40-49 years, 50-59 years, and above 60 years.

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the cruise tourism market report include 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, and Seabourn Cruise Line.

Analyst Review:

Cruise tourism industry is becoming quite popular owing to increase in the number of travelers globally. Cruise tourism is an all-inclusive form of tourism that incorporates dining & beverages, entertainment, onboard spaces, submarine, health & wellbeing, and suites.

Some of the popular cruise tourism destinations across the world are Antarctica, Caribbean, Australia, Europe, Greenland, Baltics, & Fjords, Central America, and others. Cruise tourism includes indulgent and spacious suites that includes in-suite beverage and dining service, butler service, highest sound insulation as per marine class, en-suite bathroom with shower and sanity, full mini-bar stocked with wines, a private terrace and verandah, and others. These factors are anticipated to drive the cruise tourism market growth during the forecast period.

Key Findings of the Study:

○ Based on type, the ocean cruise sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast period.
○ Based on duration, the 7 days sub-segment emerged as the global leader in 2021 and it is expected to witness the fastest growth during the forecast period.
○ Based on passenger age, the 40-49 years sub-segment emerged as the global leader in 2021 and 30-.39 years sub-segment is predicted to witness the fastest growth during the forecast years
○ Based on region, the North America market registered the highest market share in 2021 and Europe region is anticipated to show the fastest growth during the forecast period.

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Key Benefits For Stakeholders:

○ The report provides an exclusive and comprehensive analysis of the global cruise tourism market trends along with the cruise tourism market forecast.
○ The report elucidates the cruise tourism market opportunity along with key drivers and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts.
○ Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the market for strategy building
○ The report entailing the cruise tourism market analysis maps the qualitative sway of various industry factors on market segments as well as geographies
○ The data in this report aims at market dynamics, trends, and developments affecting the cruise tourism market growth

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