PUBLISHER: Allied Market Research | PRODUCT CODE: 1298451
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298451
The global cruise tourism market was valued at $5,288.8 million in 2021 and is projected to grow with a CAGR of 10.4%, by generating revenue of $13,641.4 million by 2031. Cruise tourism is a popular form of tourism that provides travelers with exotic view of the picturesque destinations in the world. The U.S., Europe, and Southeast Asian countries are popular cruise tourism destinations in the world. For instance, Singapore the island city is one of the well-known destinations for cruise tourism that attracts large number of travelers globally. This is because Singapore is an easily navigable city with large number of exploration sites that amaze the travelers. There are a large number of cruise tourism companies operating globally. Some of these are Cunard, Royal Caribbean, Norwegian Cruise Line, P&O Cruises, Princess Cruises, and others.
The growing popularity of river cruising and ocean cruising is anticipated to drive the cruise tourism market growth. Some of the world-famous rivers opted by the travelers for cruising are Douro, Danube, Rhone, Rhine, Main, Mekong, Seine, and others. Cruise tourism companies offer all-inclusive luxury cruising experience to the travelers that comprises scenic sun lounges, wellness programs, excellent meals, premium international drinks, and personalized experiences to the readers.
The environmental impact associated with cruise tourism that leads to air and water pollution owing to emission of harmful gases such as carbon dioxide is estimated to hamper the cruise tourism market growth in the coming years.
Increase in the number of passengers opting for cruise tourism is anticipated to generate excellent opportunity in the market. Additionally, the availability of diverse cruise tourism types such as expedition cruise, river cruise, sea cruise, mini cruise, theme cruise, world cruise, and others is projected to drive the market growth. For instance, sea cruises are quite popular and cover larger distances. They offer a wide range of facilities and amenities onboard for the passengers. Expedition cruises are usually meant for small group of people that comprises nature-focused adventurous individuals, and highly-focused professionals. Similarly, on river cruise, people can spend several nights enjoying the natural and scenic beauty of any location that they are visiting.
Globally, the onset of COVID-19 pandemic had a drastic impact on the cruise tourism sector that resulted in the halt in the tourism activities due to a ban on unnecessary travel. All the ports, ships, and cruises were closed owing to lockdown restrictions that has resulted in huge financial losses for the cruise companies. Also, ban on unnecessary travel has resulted in drastic decline in the number of travelers across the globe. Cruise tourism is a capital intensive sector and due to economic uncertainties, many cruise tourism companies had to shut down their operations resulting in job losses. Hence, the COVID-19 pandemic has a huge impact on the cruise tourism market growth.
The key players profiled in this report include: Ambassador Cruise Holidays Limited., AmaWaterways, Carnival Corporation & plc, PONANT, Cosmos Tours Ltd., Kerala Shipping and Inland Navigation Corporation Ltd, Mediterranean Shipping Company S.A., Norwegian Cruise Line, Silversea Cruises, and Seabourn Cruise Line.