Global Cruise Tourism Market to Generate $13,641.4 Million in the 2022–2031 Timeframe Due to An Increase in Disposable Income of Global Population

Cruise tourism, a subset of the global tourism sector, refers to spending a vacation or a holiday on a cruise ship where entertainment, dining, and other services are provided. Cruise tourism is becoming increasingly popular in the North Atlantic and North Pacific regions where the exotic marine life and temperate climates further add to the aesthetics of the marine habitat. In the past few years, Australia, Southeast Asia, and the Caribbean have also gained a lot of attention as they have developed their cruise tourism destinations wonderfully.

Forecast Analysis of the Cruise Tourism Market

Over the years, there has been an increase in the disposable incomes and private final consumption expenditure of global populations which is predicted to push the global cruise tourism market forward in the forecast years. Along with this, rising demand for luxury tourism is expected to boost the market further. Furthermore, increasing demand from customers for inclusive vacation experiences is predicted to offer numerous growth opportunities to the market in the analysis timeframe. However, safety and security concerns may hamper the growth of the cruise tourism market in the 2022-2031 timeframe.

Regionally, the cruise tourism market in the North America region is expected to have the most dominant market share in the forecast period. The rising middle class in various countries of the North America region is expected to be the primary growth driver of the market in this region.

As per a report by Research Dive, the global cruise tourism market is expected to reach a revenue of $13,641.4 million in the 2022–2031 timeframe, thereby growing at a stunning CAGR of 10.4% by 2031. Some prominent market players include Ambassador Cruise Holidays Limited., Cosmos Tours Ltd., Norwegian Cruise Line, AmaWaterways, Kerala Shipping and Inland Navigation Corporation Ltd., Silversea Cruises, Carnival Corporation & plc, Mediterranean Shipping Company S.A., Seabourn Cruise Line, Ponant, and many others.

Covid-19 Impact on the Market

The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The cruise tourism market, too, faced tremendously negative impact of the pandemic. The travel restrictions put in place by various countries led to a massive decline in the number of tourists and travelers which reduced the growth rate of the market in the pandemic period.

Significant Market Developments

The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the cruise tourism market to flourish. For instance:

• In August 2022, Juniper, a leading technological solutions provider for the travel industry, announced the acquisition of IST, a technology partner in the sale of cruises. Juniper plans to open a new vertical of cruises and this acquisition is anticipated to help the company to achieve its aim in the near future.
   
• In March 2023, Saudi Arabia announced that it was acquiring Genting Hong Kong’s World Dream cruise ship in a bid to expand its cruise industry in the Kingdom of Saudi Arabia. This acquisition is in line with the growing governmental expenditure in the tourism sector that has been taking place in the last few years.
   
• In April 2023, Disney Cruise Line, a subsidiary of the Walt Disney Company, announced a collaboration with Singapore Tourism Board, a state-owned entity of the Singapore Government. Under this partnership agreement Disney Cruise Line will introduce their cruise ships in the Singapore which will help the country to develop its cruise tourism market substantially in the coming period.