Press release
The Cruise Tourism Market to Hit $45.34 Billion by 2029, A 2x Growth in the Next 6 Years - Arizton
Cruise Tourism Market Research Report by Arizton
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https://www.arizton.com/market-reports/cruise-tourism-market
Report Scope:
Market Size (2029): $45.34 Billion
Market Size (2023): $28.55 Billion
CAGR (2023-2029): 8.02%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Cruising, Tourism, Capacity, Duration, and Geography
Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
Growth and Trends in the Global Cruise Tourism Market
The global cruise tourism market is expanding rapidly due to diverse itineraries, technological advancements, and increasing demand for river, expedition, and adventure cruises. River cruises appeal to older demographics seeking intimate, scenic experiences, while expedition cruises attract nature enthusiasts and eco-conscious travelers. The demand for shorter cruise durations is also rising, particularly among families and working professionals. Sustainability is a growing focus, especially among younger travelers. Leading players in the market include Carnival Corporation, Disney, MSC Cruises, and Royal Caribbean. The APAC region, especially China and India, is experiencing the fastest growth in the market.
North America's Dominance in the Global Cruise Tourism Market
In 2023, North America held a 42.66% share of the global cruise tourism market. The US and Canada accounted for 93.08% and 6.92%, respectively, of the North American market. The US leads the region, driven by growth in domestic and international visitors, a rising interest in travel and entertainment, and increasing demand for health and wellness tourism. In 2020, the US and Canada contributed nearly 1.5 times more in revenue than Europe's cruise tourism market and about three times that of the APAC market.
The North American cruise tourism market has been propelled by both domestic and international travelers. Post-pandemic trends such as the domestic travel boom, particularly in road trips and local tourism, and the recovery of international tourism, have further fueled growth. With easing visa processes and travel restrictions, Canada and the US have seen a rebound in visitors from APAC and Europe, alongside a surge in Mexican tourists visiting the US. Additionally, Canada has experienced significant growth in domestic travel and international visitors.
The Demand for Mega & Large Cruise on the Rise
Mega and large cruises, with a capacity of over 2,500 passengers, are highly popular due to their extensive onboard amenities, including theaters, entertainment areas, water parks, and multiple dining options. These ships are particularly favored by families, groups, and first-time cruisers for their family-friendly atmosphere and variety of entertainment options. Mega cruises focus on onboard activities and offer shorter itineraries with fewer port stops.
The demand for mega and large cruises is particularly high in Europe and North America, with popular routes such as the Mediterranean, Alaska, and the Caribbean attracting significant interest. The growing popularity among families and younger travelers is expected to drive market growth during the forecast period. However, concerns regarding congestion at popular ports and the environmental impact of large ships have led companies to invest in eco-friendly technologies and itineraries to better manage demand. Major players in this segment include MSC Cruises, Carnival Corporation & plc, and Royal Caribbean Group.
Recent Product Innovation
* In September 2024, the Shipping Ministry unveiled a five-year Cruise Bharat Mission on Monday. An official statement said the mission will aim to integrate all circuits across the Indian Subcontinent. This includes developing 10 sea cruise terminals, 100 river cruise terminals, and five marinas under the mission, as per the Economic Times report. It aims to double cruise calls and passengers, enhance regional alliances, and increase sea and river cruise passengers significantly by 2029, propelling tourism and connectivity across the subcontinent.
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Key Vendors
* Carnival Corporation & plc
* Disney
* Genting Group
* MSC Cruises
* Norwegian Cruise Line Holdings Ltd.
* Royal Caribbean Group
* TUI Group
* Viking Cruises
* 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
Segmentation & Forecasts
Cruising
* Ocean Cruising
* River/Canal Cruising
Tourism
* Mainstream Cruise
* Adventure & Expedition Cruise
* Specialty Cruise
Capacity
* Mega & Large Cruise
* Midsized Cruise
* Small And Micro Cruise
Duration
* Medium And Small Duration
* Long Duration
Geography
North America
* The US
* Canada
Europe
* Germany
* The UK
* Italy
* France
* Spain
APAC
* China
* Japan
* India
* South Korea
* Australia & New Zealand
Latin America
* Brazil
* Mexico
Middle East & Africa
* Turkey
* Saudi Arabia
* South Africa
The Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the cruise tourism market. Request for Free Sample to get a glance of the report now: [https://www.arizton.com/market-reports/cruise-tourism-market]
What Key Findings Our Research Analysis Reveals?
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?
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About Us:
Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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