Cruise Market Size to be Worth $15.10 Billion by 2028 at CAGR of 11.0%: Grand View Research, Inc.

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Oct 17, 2022, 08:00 ET

SAN FRANCISCO, Oct. 17, 2022 /PRNewswire/ -- The global cruise market size is expected to reach USD 15.10 billion by 2028, registering a CAGR of 11.0% during the forecast period from 2022 to 2028, 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.

Key Industry Insights & Findings from the report:

North America dominated the global cruises market in 2021, 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 13.3% from 2022 to 2028.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 2021. 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.

Read full market research report for more Insights, "Cruise Market Size, Share & Trends Analysis Report By Type (Ocean Cruises, River Cruises), By Region, And Segment Forecasts, 2022 - 2028", published by Grand View Research.

Cruise Market Growth & Trends

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 2021. 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 2021, 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.

Cruise Market Segmentation

Grand View Research has segmented the cruise market based on the type, and region:

Cruises Market - Type Outlook (Revenue, USD Million, 2017 - 2028)

Ocean Cruises
River Cruises

Cruises Market - Regional Outlook (Revenue, USD Million, 2017 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France

Asia Pacific

China
India
Japan

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

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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