The cruise industry is investing billions in new ships and engines that allow for fuel flexibility using low to zero-GHG fuels, such as green methanol, bioLNG, and synthetic LNG. Cruises are becoming more popular due to their safety, responsibility, and affordability. In 2023, the number of ocean cruise passengers recovered from the health crisis, while the cruise industry’s global revenue nearly caught up with pre-pandemic levels.
The global cruise market size was valued at USD 7.67 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2030. The industry experienced an annual passenger compound annual growth rate of 5.9% from 1990 to 2024. The COVID-19 pandemic brought the ocean passenger cruise industry to a standstill, but it has since rebounded.
According to the Cruise Lines International Associations (CLIA), cruise tourism is expected to reach 106% of 2019 levels this year, with 31.5 million passengers sailing. Global cruise capacity is forecast to grow from 677K lower berths in 2024 to 745K lower berths in 2028.
Cruise trends in 2024 include sustainable and responsible tourism, younger generations becoming the future of cruise, and the rise of expeditions. The global cruise market is expected to grow at a CAGR of 11.5% from 2023 to 2030, reaching USD 18.30 billion by 2030.
Expedition and exploration are the fastest-growing sectors of cruise tourism, with a 71% increase in passengers traveling on expeditions. The cruise industry has made a comeback due to heavy consumer demand and industry innovation, and by 2024, it is projected to generate a revenue of US42.30bn worldwide.
📹 Why the cruise industry is the fastest growing tourism sector | Transforming Business
The cruise industry is the fastest growing tourism sector, expected to generate over 30 billion dollars in revenue this year.
What is the fastest-growing cruise company?
We are the world’s third-largest cruise brand as well as the leader in Europe, South America, the Gulf region and Southern Africa, with more market share in addition to deployed capacity than any other player. We are also the fastest-growing global cruise brand with a strong presence in the Caribbean, North America and the Far East markets.
Headquartered in Geneva, Switzerland, we are part of MSC Group, the leading privately held Swiss-based shipping and logistics conglomerate with over 300 years of maritime heritage.
We employ over 30,000 staff globally and sell cruise holidays in many countries around the world. Each of our highly qualified masters draws on the company’s experience to navigate our fleet of ships.
We want you to discover the world in absolute style, comfort and safety. That’s why we are constantly expanding and improving our fleet, not only to give you a greater choice of destinations, but also to offer you an amazing state-of-art cruising experience wherever you go.
Is cruising still popular?
It was a grim time for certain, but the industry has been weathering that storm, and the association maintains that “cruising has become one of the safest forms of travel.” Last year’s passenger volume totaled 31.7 million, surpassing 2019 by 7%, the association said in its 2024 State of the Cruise Industry Report.
What are the cruise industry trends in 2024?
- Cruise tourism reached 107% of 2019 levels in 2023, with 31.7 million passengers sailing – almost two million more than 2019.
- 2024 is forecast to see 35.7 cruise passengers sailing.
- Intent to cruise is 6% higher than 2019, with Millennials being the most enthusiastic cruise travelers of the future.
- Global cruise capacity is forecast to grow from 677K lower berths in 2024 to 745K lower berths in 2028.
- Each year, the fleet becomes more efficient, as cruise lines invest in propulsion technologies with conversion capabilities for future alternative fuels and utilize a range of technologies and innovations to advance their sustainability initiatives.
- $138 billion to the global economy
- 1.2 million jobs – up 4% compared to 2019.
- $43 billion in wages
- 63% of those who have taken a cruise say that they have returned to a destination that they first visited via cruise ship for a longer stay, extending the economic impact.
For2023,theeconomic impactisforecast tobeevengreatergiventhe50%increaseinthe number of passengers sailing in 2023 compared to 2022.
Which cruise line has the highest customer satisfaction?
Disney Cruise Lines Despite highly publicized problems, cruising remains a popular way to vacation. Disney Cruise Lines ranked highest in customer satisfaction among other cruise lines.
Despite highly publicized problems, cruising remains a popular way to vacation.
Disney Cruise Lines ranked highest in customer satisfaction among other cruise lines.
July 1, 2013 Despite this year’s highly publicized problems on the high seas, cruising remains a popular way to vacation. And most cruisers four out of five report overall satisfaction with their cruise vacation, according to the JD Powers 2013 Cruise Line Satisfaction Report.
What is the outlook for the cruise industry?
The cruise industry has markedly picked up speed after taking a major hit during the COVID-19 pandemic. According to the Cruise Lines International Association (CLIA), about 35.7 million passengers are expected to set sail in 2024, 6% more than in 2019.Indeed, major cruise lines have enjoyed a successful 2024 wave season — the period from January to March, when operators offer their best deals.
“An important point underscoring our more constructive view of the cruise industry post-pandemic is market share gains from the larger $1.9T global vacation market and accelerated new-to-cruise customer acquisition,” said Matt Boss, Head of Leisure and Retailing (Department Stores & Specialty Softlines) at J.P.Morgan. “Demand remains robust, with not a single historical lead indicator in the business, notably booking curve and on-board spend, signaling any softening.”
Ahead of the summer travel season, what is the outlook for the cruise industry, and what’s driving its rebound?
Is the cruise ship industry growing?
By 2024, the Cruises market is projected to generate a revenue of US$42.30bn worldwide. The revenue is expected to grow annually at a rate of 4.81% (CAGR 2024-2029), which will lead to a projected market volume of US$53.49bn by 2029.
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of cruises.
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.
What is the outlook for the cruise market?
The cruise industry has markedly picked up speed after taking a major hit during the COVID-19 pandemic. According to the Cruise Lines International Association (CLIA), about 35.7 million passengers are expected to set sail in 2024, 6% more than in 2019.Indeed, major cruise lines have enjoyed a successful 2024 wave season — the period from January to March, when operators offer their best deals.
“An important point underscoring our more constructive view of the cruise industry post-pandemic is market share gains from the larger $1.9T global vacation market and accelerated new-to-cruise customer acquisition,” said Matt Boss, Head of Leisure and Retailing (Department Stores & Specialty Softlines) at J.P.Morgan. “Demand remains robust, with not a single historical lead indicator in the business, notably booking curve and on-board spend, signaling any softening.”
Ahead of the summer travel season, what is the outlook for the cruise industry, and what’s driving its rebound?
Are cruises in high demand?
The cruise industry is a major player in the global tourism industry, and it continues to grow year after year. The global cruise market was valued at $7.25 billion in 2021 and is expected to grow 11% from 2022 to 2028.
The Profile of the Cruise Demographic. Looking at the profile on the cruise industry, 4.8 million passengers took ocean cruises in 2022, with 1.75 million of those passengers visiting the Caribbean, the Bahamas, and Bermuda. Over 43% of the cruise ship passengers were Americans, demonstrating the huge popularity of the cruise industry in this demographic. What’s also interesting to note is that 45% of global cruise travelers in 2019 were first-time cruisers.
The cruise industry worldwide generated $13.6 billion dollars in revenue in 2022, with the U.S. being the largest contributor in terms of paying passengers. What’s also interesting is that approximately 32% of cruise passengers traveled with their family. It speaks to the appeal of cruises as a vacation option for families, as well as the industry’s ability to provide a wide range of activities and amenities that cater to the needs of all family members. This statistic is a valuable insight into the cruise industry and its potential for growth.
Does cruise have a future?
Cruise Industry Present Day & Forecast. Cruise tourism is booming once again and is rebounding faster than other forms of travel and tourism! With 31.5 million passengers having sailed in 2023 and 35.7 million expected to sail in 2024 (CLIA), there’s no denying that the future of cruising is bright. Cruise is a resilient industry, and it continues to be one of the fastest-growing sectors of tourism.
- 31.5 million cruise passengers sailed in 2023
- 35.7 million cruises passengers expected to sail in 2024
- 56 new cruise ships on order between now and 2028
- 73% of cruise travelers say travel advisors have a meaningful impact on their decision to cruise
- 82% of travelers who have cruised before say they will cruise again
- 75% of the U.S. population is within driving distance of a cruise port
- 10% of cruise travelers take three to five cruises a year
- 27% of cruisers over the past two years are new-to-cruise (an increase of 12%)
- Passengers sailing on expedition itineraries has increased 71% from 2019-2023
- Millennials are the most enthusiastic about planning a cruise holiday
- North America remains the largest cruise market
- Caribbean remains the top destination for cruisers
- Average age of a cruiser is 46 years old
- Cruise industry is expected to reach $28B in revenue by the end of 2024
- Cruise industry supports over 1.2M jobs worldwide
Cruise Industry Investment. The cruise industry has invested over $50 billion dollars towards driving innovation and transformations over the next 4 years. In pursuit of a more responsible, efficient, inclusive, and enjoyable vacation experience, cruise lines are investing in LNG-powered ships, eco-friendly cruise travel, enhanced use of technology onboard, more onboard entertainment and activities, multi-generational experiences, and much more!
Which cruise line is most profitable?
What are the leading cruise companies worldwide?. A handful of U.S.-based players dominate today’s global cruise market, namely Carnival Corporation, Royal Caribbean Cruises, and Norwegian Cruise Line. Although Royal Caribbean Cruises operates some of the largest cruise ships worldwide, the brand’s main competitor Carnival Corporation remains the leading global cruise company based on revenue. In 2023, Carnival Corporation & plc’s global revenue reached nearly 22 billion U.S. dollars, the highest figure reported by the cruise line to date. Meanwhile, Royal Caribbean Cruises’ revenue worldwide also peaked in 2023, being around 27 percent higher than in 2019. Thus, although the financial losses caused by the pandemic and the costs from investments in new ships are not to be overlooked, the passenger and revenue figures are good cause for optimism, as the cruise market is smooth sailing again.
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- Premium Statistic Travel and tourism revenue worldwide 2020-2029, by segment
- Premium Statistic Revenue of the cruises industry worldwide 2020-2029
- Premium Statistic Revenue growth of cruises worldwide 2020-2029
- Premium Statistic Countries with the highest revenue in the cruise industry worldwide 2025-2029
- Premium Statistic Share of sales channels of the global cruise industry revenue 2019-2029
Who dominates the cruise industry?
The cruise company with the largest market share is Carnival, which comprises 45% of the market—followed by Royal Caribbean Cruises LTD and Norwegian Cruise Line. Carnival raised over 20 billion in revenue in 2023. However, while the United States generates the most profits from direct cruise revenue, the cruise industry is a highly lucrative market for more countries than just the United States because it vastly boosts tourism revenue for the countries visited throughout the cruise duration. The Caribbean/Bahamas/Bermuda, Central & Western Mediterranean, and Northern Europe were the most popular regions to travel to via cruise in 2022. The cruise industry has boosted the Caribbean economy by billions of dollars.
Recently, concern has been expressed about the pollution that results from the massive amounts of cruise travel. However, many newer cruise ships are making more environmentally friendly improvements. For example, many cruise ships are switching from diesel gas to liquified natural gas (LNG); of the cruise ships launched between 2022 and 2023, over 50% utilized LNG. Additionally, the majority of the diesel gas powered ships that are still running have exhaust gas cleaning systems. Both of these improvements have contributed greatly to reducing greenhouse gas emissions.
The cruise industry has also received significant attention on social media with the launch of the Royal Caribbean’s Serenade of the Seas nine-month cruise that involves traveling to all seven continents. The idea of a 274-day cruise enraptures many people, as it is reported to be the longest cruise in history. The social media marketing being utilized for this cruise is very advantageous for The Royal Caribbean company. The #UltimateWorldCruise has gone viral, obtaining almost 55 million views on TikTok. Along with this, many of the passengers going on this cruise are influencers, so there will be constant posts and updates on social media throughout the nine months.
📹 The Rise And Fall Of The Cruise Industry | Rise And Fall
Until COVID-19 hit, the global cruise industry was on course for a record-breaking year. But major coronavirus outbreaks on board …
Hard to take DW News seriously when it doesn’t have an accurate map(2:22). Port Everglade is in Fort Lauderdale not Fort Myer. The result would show that 8.6M passengers sail out of Greater Miami . I don’t trust their results if they don’t do the most basic fact checks. Other issue is they did not provide citation for the data, was that before Marine Fuel standard being updated 2020. The comparison is not valid if it use pre-2020 data…the article also missed the importance of converting ports to using shore power. This is an editorial piece long on green morality, light on actual cited facts.
I feel like so many people are wholly uneducated when it comes to regulations around shipping. The shipping industry has incredibly stringent rules and practices to follow through SOLAS, MARPOL and now the IMO is starting to come down hard on emissions. Just like all other sectors, we are trying to reduce our emissions through various environmental systems installed onboard. EGRs, SCRs, EGS- cruise ships are an easy target, but they are not the whole problem.
Cruise ships do dispose of waste in the ocean, an Environmental Protection Agency (EPA) spokesperson told VERIFY in a statement. However, each ship must follow specific regulatory requirements when disposing of waste into the ocean.May 12, 2022 – Verify. I should point out that EPA rules only apply in American waters.
The cruise ship is just a microcosm of a portion of greater society. It’s concentrated consumption with an exaggerated carbon footprint. It’s no worse than owning a yacht, private jet, space tourism. It’s appealing because you travel mostly at night while you sleep, wake up in a new port almost everyday, unpack once, food & accommodation are included & are more than adequate, & you can be as busy or relaxed as you choose.
Ships are one of the most environmentally-friendly ways to move around, so hearing how polluting those ships are, personally tells me more about how polluting rich-lifestyle is in general, now try to move that lifestyle around the only way you could (water transport is the cheapest-environmentally friendly) and you get a measurable eco-bomb.
Not to mention the human trafficking that goes into the labor supply, or the fact retirement is so impossible that there’s a “cruise till the infinite snooze” trend. Methane policing as an “environmental protection” measure are about to come for the small farmers cow before a cruise ship corporation. Shout out the cruise lines for hiring musicians and actors though?
I actually cruise quite often. And I am vegan and it is very frustrating. Because they talk about sustainability. But yet almost every food they serve has dairy in it. Which is one of the worst contributors to greenhouse gas emissions…. I even have trouble finding almond milk for my coffee in the morning. They keep it under-the-counter. If they were serious about sustainability they would put it out and promote it…. Also, the health consequences of ridiculous amounts of butter and cheese they put in all their food they are literally killing their passengers…..