Cruise Tourism Market Size, Share, Analysis, Trends, Growth, 2032

Cruise Tourism Industry Prospective:

The global cruise tourism market size was worth around USD 3.91 billion in 2023 and is predicted to grow to around USD 9.42 billion by 2032 with a compound annual growth rate (CAGR) of roughly 10.28% between 2024 and 2032.

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Cruise Tourism Market: Overview

Cruise tourism, in general form, is a luxury way of traveling and enjoying tourist destinations. It is predominantly popular in the Arctic, Mediterranean, and Caribbean areas; however, cruise tourism has witnessed extensive popularity among the global population in the last few years. Cruise tourism typically involves an extensive travel itinerary that is predetermined and consists of all-inclusive facilities. The minimum duration for a cruise travel event is 24 hours and extends for months depending on the voyage route and events that are a part of the trip.

One of the primary characteristics of cruise tourism includes a concentration of a large number of travelers from across the globe seeking the same destinations at the same time. The cruise tourism industry is affected by several factors.

For instance, the emergence of a large number of companies providing comprehensive cruise-based travel itineraries with exciting offers has helped create consumer awareness. In addition to this, governments across the globe are encouraging regional investments in cruise tourism to attract foreign and domestic travelers.

However, the industry growth rate for tourism assisted by cruises will be limited in terms of growth due to high expenses. Additionally, cruises are prone to accidents that can be fatal for passengers, which may further inhibit the industry’s overall expansion trends.

Key Insights:

• As per the analysis shared by our research analyst, the global cruise tourism market is estimated to grow annually at a CAGR of around 10.28% over the forecast period (2024-2032)
• In terms of revenue, the global cruise tourism market size was valued at around USD 3.91 billion in 2023 and is projected to reach USD 9.42 billion by 2032.
• The cruise tourism market is projected to grow at a significant rate due to the growing number of travelers worldwide.
• Based on tourist type, the package traveler segment is growing at a high rate and will continue to dominate the global market, as per industry projections.
• Based on cruise type, the river cruises segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Cruise Tourism Market: Growth Drivers

Growing number of travelers worldwide to generate extensive market revenue

The global cruise tourism market is expected to be encouraged by the rising number of travelers worldwide. Since the lockdown restrictions due to COVID-19 were lifted gradually worldwide, the general population has shown extensive interest in travel and tourism. People are seeking new ways of exploring domestic and international locations, including off-beat regions.

Furthermore, the growing trend of experimental and immersive travel, which deals with non-conventional ways of traveling and visiting remote locations, has assisted the cruise tourism sector to gain popularity among the masses. In addition, increasing disposable income, along with higher consumer awareness, are shaping the demand for cruise tourism worldwide.

For instance, in September 2024, Carnival Corporation & plc, one of the world’s largest cruise companies, announced the expansion of its food donation program.  Such efforts are likely to enhance brand perception and perception among travelers seeking new opportunities for visiting new locations. According to market research, over 65% of travelers have shown greater interest in traveling after 2020 compared to the years before the COVID-19 pandemic.

Growing launch of new cruise ships and travel routes along with added amenities to generate extensive revenue

The expansion of cruise-based tourism is influenced by the growing investments in improving travel routes and adding new amenities to cruises that attract a global audience. Furthermore, cruise lines are offering new experiences, such as introducing remote locations and private islands.

For instance, in July 2024, reports emerged Adora Cruises Limited, a leading Chinese producer of world-class cruises, announced that it is expected to deliver its second-largest cruise ship by the end of 2026. The company has already built the Adora Magic City, which accommodates nearly 3000 passengers.

In November 2024, American Cruise Lines announced that American Legend had set sail along with the brand’s first cruise. In December 2024, the company announced new offerings for 2025, which include 8 new itineraries, ships, and the longest river cruise in the US. Such factors are likely to expand the global cruise tourism market revenue in the coming years.

Cruise Tourism Market: Restraints

High cost of travel and niche consumer group to limit the industry’s expansion trends

The global industry for cruise tourism is projected to be restricted due to the high cost of travel experience. Cruise tourism is a part of luxury travel and is highly expensive to afford. The cost increases depending on ship type, route, overall amenities, and itineraries.

According to market analysts, the average cost of a week-long cruise ship can range between USD 1500 and USD 2000, depending on several external factors. In addition, cruise tourism typically offers services to a niche group of consumers, such as rick or ultra-rick travelers, further limiting the industry’s expansion rate.

Cruise Tourism Market: Opportunities

Increasing government undertakings to promote tourism will generate growth opportunities

The global cruise tourism market is expected to generate growth opportunities due to the growing number of government undertakings to promote regional tourism. According to industry analysis, tourism is an excellent way of boosting a country's revenue. It opens new channels for foreign investments, increases job opportunities, and helps place the country on the global map.

For instance, in June 2022, Genova hosted a group of cruise industry policymakers and leading players. The gathering aimed to discuss the new implementation of the industry’s policies aligned with Europe’s 2030 vision, which aimed to achieve net zero. Furthermore, the stakeholders focused on seeking partnerships with the governments to achieve decarbonization goals.

In December 2024, the Union Ministry of India announced that it plans to launch cruise ships made in India in the coming years. The Indian government is reported to be working on improving and upscaling waterways across the country, creating travel routes for cruises and other water transportation-based units. Regional governments are extending support by offering subsidies to cruise makers and service providers. Additionally, the development of water channels from state funds to support smooth cruise operations will encourage more players to enter the market.

Cruise Tourism Market: Challenges

Accidents related to cruises will challenge the market expansion rate

The global cruise tourism industry is projected to be challenged by the rising number of accidents reported on cruises worldwide. For instance, in November 2024,  the Royal Caribbean cruise ship was rocked by rough weather, causing severe damage to property and people onboard the ship. A passenger lost his life during the event.

In 2023, another passenger met a fatal accident when the Spirit of Discovery cruise ship was hit by the force of 11 winds in the Bay of Biscay. Ship hijacking and concerns related to pirates are some of the additional growth barriers against the industry.

Cruise Tourism Market: Report Scope

Cruise Tourism Market: Segmentation

The global cruise tourism market is segmented based on tourist type, cruise type, and region.

Based on tourist type, the global market segments are package travelers, tour groups, and independent travelers. In 2023, the highest growth was listed in the package traveler segment. It deals with passengers seeking packaging that includes a number of activities related to travel. For instance, package-based travel will allow easy access to accommodations, meals, and excursions. The emergence of online booking portals offering exciting packages has helped the segment thrive. India’s Goibibo, an online travel company, has recorded an increase of over 64.9% in customers since 2022.

Based on cruise type, the cruise tourism industry segments are river cruises, luxury cruises, class cruises, adventure cruises, and others. In 2023, the highest growth was listed in the river cruises segment. In 2023, it dominated nearly 35.05% of the final revenue. These cruises are carried out along inland waterways. The cruises often stop at multiple ports and are generally considered safer, offering cost efficiency compared to the other alternatives.

Cruise Tourism Market: Regional Analysis

North America to maintain its dominance during the forecast period

Global cruise tourism is expected to witness the highest growth rate in North America during the forecast period. In 2023, the region held control over 34% of the global revenue. Cruise culture in North American countries is widely popular. Additionally, the presence of some of the most dominant players in the cruise industry in North America further facilitates regional revenue. The US is the largest contributor to North American revenue. In 2025, the country is expected to register the launch of several new excursions offering never-seen-before adventures, such as exploration of the Smoky Mountains and Alaska.

Asia-Pacific is expected to emerge as the fastest-growing region during the forecast period. In September 2024, the Indian government announced the launch of the Cruise Bharat Mission. It is a five-year plan to improve river and ocean cruising in the country. The country will invest in developing 10 state-of-the-art ocean cruise terminals, 100 river cruise terminals, and 5 marinas to achieve its vision. In December 2024, Oriental Land Co., the operator of Tokyo Disney Resort, announced its plans to enter the cruise industry as its new expansion strategy.

Cruise Tourism Market: Competitive Analysis

The global cruise tourism market is led by players like:

• Holland America Line
• Carnival Cruise Line
• Viking Ocean Cruises
• Royal Caribbean International
• Silversea Cruises
• Costa Cruises
• Norwegian Cruise Line
• Disney Cruise Line
• Azamara
• MSC Cruises
• Cunard Line
• Princess Cruises
• Seabourn Cruise Line
• Celebrity Cruises
• P&O Cruises.

The global cruise tourism market is segmented as follows:

By Tourist Type

• Package Traveler
• Tour Group
• Independent Traveler

By Cruise Type

• River Cruises
• Luxury Cruises
• Class Cruises
• Adventure Cruises
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa