Cruise Market To Reach $18.30 Billion By 2030 | CAGR: 11.5%

Cruise Market Growth & Trends

The global cruise market size is expected to reach USD 18.30 billion by 2030, registering a CAGR of 11.5% during the forecast period, according to a new report by Grand View Research, Inc.The market growth is substantially driven by the rising popularity of the theme cruises that attract various consumer groups. The kids-related theme, yoga theme, mystery theme, and adventure theme are likely to offer extra fun with destination traveling, rather than traditional cruises.

According to the Cruise Lines International Association, gen z is likely to become the largest consumer of the cruise industry outpacing millennials. This generation seeks out unique and authentic experiences and seeks out travel more enthusiastically, which is expected to drive the enlargement of the cruises market. The market growth is restrained by the limited companies playing in the market and rising concerns over environmental pollution of the ocean bodies, destroying marine wildlife.

The COVID-19 pandemic negatively impacted the global cruises industry. At the break of the pandemic, a significant number of cruises were stranded in 2019 and were canceled in 2020. According to the Cruise Lines International Association, passenger volume fell more than 80.0% worldwide from 2019 to 2020. However, with the vaccination process and resumed activities along with relaxed restrictions, the ocean as well as river cruising industry is slowly starting operations with the required care.

The ocean cruises segment dominated the market and held more than 80.0% revenue share, in 2022. The worldwide ocean cruise industry is more developed as compared to the counterpart type of cruises, with more ocean cruise lines operating in the segment. Vacationers’ preference for ocean cruises is higher as compared to the river cruises on the account of spacious decks and rooms, exciting on-board/on-shore activities, and more intercontinental destinations.

North America ranked first in the market revenue share during 2022, in the global cruises market, recording around 50.0% share. The large market share of North America is mainly attributed to the United States' higher share due to the consumer’s elevated spending on travel and tourism, the strong presence of key players, and the highly developed cruise industry. Major players dominating the market are Carnival Corporation & Plc. and Royal Cruise Group, whose major customers and revenue generated is from the North American region, attributing the highest market share.

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Cruise Market Report Highlights

• North America dominated the global cruises market in 2022, occupying around 50.0% revenue share of the market. The developed travel and tourism industry, strong presence of the key players, and higher consumer spending are the factors credited to the higher market revenue share

• River cruises is expected to witness the highest growth rate, registering a CAGR of 13.6% from 2023 to 2030.Rising popularity of river cruise packages and limited operation ability of the ocean cruises, due to COVID-19 restrictions, are the factors likely to help river cruise type, driving the growth rate

• Europe was the second dominating region in terms of revenue share and accounted for more than 25.0% of the share, in 2022. The growing demand for sustainable tourism is fueling the market growth during the forecast period. The growing demand for sustainable tourism within the region leads to be more beneficial for the small as well as medium-sized tour operators and attracts them in large numbers thus contributing to more revenue generation.

Cruise Market Segmentation

Grand View Research has segmented the global cruise market on the basis of type, and region:

Cruise Type Outlook (Revenue, USD Million, 2017 - 2030)

• Ocean Cruises

• River Cruises

Cruise Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • Australia & New Zealand

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in Cruise Market

• Carnival Corporation & Plc

• Royal Caribbean Group

• MSC Cruises S.A.

• Norwegian Cruise Line Holdings Ltd.

• Disney Cruise Line

• Genting Hong Kong Limited

• Fred. Olsen Cruise Lines

• Cruiseaway

• Island Queen Cruises

• Luxury Cruise Connections