Cruise Tourism Market Report 2024

This Cruise Tourism industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The cruise tourism market size has grown strongly in recent years. It will grow from $6.38 billion in 2023 to $6.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth observed during the historic period can be attributed to rising disposable income, an expanding global population, increased popularity of cruise destinations, a higher number of travelers, and the growing use of online booking and marketing.

The cruise tourism market size is expected to see strong growth in the next few years. It will grow to $9.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth during the forecast period can be linked to rising demand for luxury travel, a growing focus on sustainability and eco-friendliness, the increasing appeal of themed cruises, a rise in millennial and GenZ travelers, and the expanding influence of social media. Major trends expected in the forecast period include eco-friendly and sustainable practices, the growth of luxury and niche markets, technological advancements, improvements in health and safety, and the emergence of new destinations.

The expansion of the tourism sector is anticipated to drive the growth of the cruise tourism market. The tourism industry, encompassing travel, accommodation, and leisure services, is closely linked to increased travel demand, economic advancement, and enhanced consumer confidence. Growth in tourism typically reflects a rise in global travel activities and overall economic prosperity. Cruise tourism plays a vital role in this ecosystem by providing unique travel experiences and contributing significantly to economic growth through port-related activities and expenditures. For instance, in May 2024, according to the Office for National Statistics, the UK experienced a notable increase in overseas visitors in May 2024. The number of trips rose to 38 million in 2023 from 31.2 million in 2022. This influx of visitors resulted in a total expenditure of $39.99 billion (£31.1 billion), marking a $5.91 billion (£4.6 billion) increase compared to the previous year. In contrast, UK residents made 86.2 million trips abroad, up from 71 million in 2022, spending a total of $93.07 billion (£72.4 billion), which represents an increase of $17.87 billion (£13.9 billion) over the previous year. This data highlights the significant role of the tourism industry's expansion in driving the growth of the cruise tourism market.

Major players in the cruise tourism sector are innovating with advanced solutions to improve booking efficiency and offer real-time access to inventory and fare information. One such innovation is the booking web portal, an online platform designed to facilitate the search, booking, and management of cruise itineraries. This technology enables both travel agents and customers to access real-time inventory and pricing, streamlining the booking process and enhancing operational efficiency. For instance, in February 2024, Resorts World Cruises, a Singapore-based company, introduced the RW CruiseBuddy platform in India. This advanced booking web portal is aimed at providing travel partners with direct access to real-time inventory and fare information. The RW CruiseBuddy platform is poised to revolutionize the booking and management of cruise itineraries by offering a user-friendly interface that simplifies the booking process and ensures access to the latest information.

In November 2023, BC Tours, a US-based provider of cruise tourism services, completed the acquisition of Ibercruises for an undisclosed amount. This strategic acquisition is designed to reinforce BC Tours' position as a leader in cruise services within Portugal and the Azores. The move aligns with BC Tours' expansion strategy to enhance its service offerings and extend its reach into new global cruise markets and destinations. The integration of Ibercruises into BC Tours’ operations is expected to strengthen their service capabilities and broaden their market presence in the cruise tourism sector. Ibercruises, a travel agency headquartered in Portugal, specializes in providing handling services for cruise lines.

Major companies operating in the cruise tourism market are Royal Caribbean International, Princess Crusies Ltd., Costa Cruises, AIDA Cruises, Viking Ocean Cruises, Cunard Line, Seabourn Cruise Line, Hurtigruten, Genting Hong Kong Ltd., Fred. Olsen Cruise Lines, Windstar Cruises, Azamara Club Cruises, Celestyal Cruises, Compagnie du Ponant, Crystal Cruises, Oceania Cruises, AmaWaterways LLC, P&O Cruises, Pullmantur Cruises, Ambassador Cruise Holidays Ltd., Kerala Shipping, Regent Seven Seas Cruises, Silversea Cruises.

North America was the largest region in the cruise tourism market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cruise tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cruise tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cruise tourism entails traveling on a cruise ship to multiple destinations, featuring onboard amenities and entertainment. It merges transportation with leisure, providing passengers with a resort-like experience on the water. This type of tourism delivers a seamless vacation by allowing travelers to visit various locations within one trip, combining both onboard amenities and shore excursions. The appeal of cruise tourism lies in its luxury, convenience, and the chance to explore diverse destinations in a single journey.

The primary types of cruise tourism include river cruises, ocean cruises, expedition cruises, theme cruises, adventure cruises, and others. A river cruise involves traveling on a river, usually on a smaller, more intimate vessel that navigates through inland waterways, providing scenic views and access to riverside destinations. Cruises can last from 1-3 days, 4-6 days, 7 days, 8 to 13 days, 14 days, 15-20 days, or over 21 days. Passengers encompass a range of age groups, including those under 12 years, 13-19 years, 20-29 years, 40-49 years, and those over 60 years. Tourists may be independent travelers, part of a tour group, or package travelers.

The cruise tourism market research report is one of a series of new reports that provides cruise tourism market statistics, including the cruise tourism industry's global market size, regional shares, competitors with a cruise tourism market share, detailed cruise tourism market segments, market trends and opportunities, and any further data you may need to thrive in the cruise tourism industry. This cruise tourism market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cruise tourism market includes revenues earned by entities by providing services such as accommodation, dining, entertainment, and various recreational activities while navigating between ports of call. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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