Cruise Market Report 2024

This Cruise 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 market size has grown rapidly in recent years. It will grow from $6.96 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth observed during the historic period can be attributed to several factors, including improving economic conditions, shifting demographic trends, evolving travel preferences, stricter regulations and safety standards, and increasing health and safety concerns.

The cruise market size is expected to see rapid growth in the next few years. It will grow to $12.57 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The anticipated growth during the forecast period can be attributed to several factors, including a heightened focus on sustainable tourism, improved health and safety protocols, market expansion in emerging economies, increased demand for experiential and themed cruises, and evolving regulatory environments with new incentives. Key trends expected during this period include sustainability and eco-friendly practices, technological advancements, diversification of destinations, luxury and experiential travel, family and multigenerational travel, and greater customization and personalization.

The increasing preference for luxury travel is set to drive the growth of the cruise market. Luxury travel encompasses premium and exclusive experiences, services, and accommodations for travelers seeking exceptional comfort and sophistication. Luxury travelers often seek unique and transformational experiences, exploring off-the-beaten-path destinations and engaging in activities that offer personal enrichment. Cruises, with their blend of luxury accommodations, gourmet dining, and immersive experiences in exotic locations, provide an appealing all-inclusive vacation option. For example, a March 2023 survey by Flywire, a U.S.-based payments company, revealed that 84% of luxury travelers expect longer vacations, and 83% plan to increase their travel spending by 11% in 2023. Spending on luxury trips rose from $3,728 in 2022 to $4,848 in 2023. This growing preference for luxury travel is likely to boost the cruise market.

Leading companies in the cruise market are focusing on developing eco-friendly options, such as LNG-powered cruises, to minimize environmental impact and emissions. LNG-powered cruise ships use liquefied natural gas as their primary fuel, offering benefits such as increased energy efficiency and potential long-term cost savings. For instance, in February 2024, Princess Cruises introduced two LNG-powered ships, the Sun Princess, featuring advanced LNG propulsion for enhanced fuel efficiency and reduced emissions. The ship’s LNG system includes two tanks, each capable of holding 70,000 ft³ of LNG. Using LNG reduces greenhouse gas emissions compared to traditional marine fuels, contributing to a cleaner environment and supporting the cruise industry's sustainability goals.

In November 2022, Disney Cruise Line, a U.S.-based provider of family-oriented cruise experiences, acquired Global Dream Ship for an undisclosed amount. This acquisition is aimed at enhancing Disney Cruise Line’s luxury cruise offerings and expanding its fleet to cater to a broader market segment seeking premium maritime experiences. Global Dream Ship, a Germany-based vessel, is designed to deliver an elevated cruise experience.

Major companies operating in the cruise market are TUI Group, MSC Cruises SA, Carnival Corporation & plc, Royal Caribbean Group, Norwegian Cruise Line Holdings Ltd, Disney Cruise Line, Hurtigruten Group, Windstar Cruises, Grand Circle Cruise Line, Regent Seven Seas Cruises, Oceania Cruises Inc, Genting Hong Kong Limited, CroisiEurope, Compagnie du Ponant, Uniworld Boutique River Cruises, Tauck River Cruises, Viking River Cruises Inc, Seabourn Cruise Line, Fred Olsen Cruise Lines Ltd, Crystal Cruises Inc, Scenic Luxury Cruises & Tours, Azamara Cruises, American Cruise Lines Inc, Paul Gauguin Cruises, SeaDream Yacht Club, Avalon Waterways, AmaWaterways, Island Queen Cruises, Silversea Cruises Ltd, Luxury Cruise Connections.

North America was the largest region in the cruise market in 2023. The regions covered in the cruise market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

A cruise is a leisurely voyage on a ship featuring various amenities and multiple port stops. Unlike driving, where cruise control maintains a steady speed, a cruise offers a relaxed travel experience with diverse entertainment options, allowing passengers to explore multiple destinations without frequent transportation changes.

Cruises are primarily categorized into ocean cruises and river cruises. Ocean cruises utilize large ships to navigate seas and oceans, visiting numerous countries and continents while providing extensive amenities such as swimming pools, entertainment shows, and diverse dining options. These cruises cater to a wide range of passengers and are classified by size into small, mid, and large categories, serving applications in transportation, entertainment, and other areas.

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

The cruise market includes revenues earned by companies operating cruise ships that offer leisure voyages to passengers, often including accommodations, meals, entertainment, and other onboard services. 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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