Join us at CruiseWorld Asia 2023 on 7 November 2023 to unlock opportunities into the world’s fastest growing travel sector.
Cruise tourism is poised for immense growth in the coming decade, the
fastest ever in the travel industry, according to Future Market
Insights Inc. The cruise tourism market's value stood at a robust US$5.3
billion in 2022, with predictions indicating that it will surge to an
impressive $17.8 billion by 2033, boasting a compound annual growth rate
(CAGR) of 12.1% from 2023 to 2033.
Before the Covid-19 pandemic struck in 2020, the cruise industry had
already established itself as a global powerhouse, hosting a staggering
29.7 billion passengers worldwide. This industry not only created jobs
for approximately 1.8 billion people but also injected a substantial
US$150 billion into the global economy.
Cruise tourism has emerged as the fastest-growing segment within the
global travel industry, offering a diverse range of options to
travellers.
What’s in store for cruise tourism
Future Market Insights' report reveals that the global demand for
cruise tourism is on a steep ascent, with a projected CAGR of over 12%
from 2023 to 2033. The market witnessed substantial growth from 2018 to
2022, with sales demonstrating a CAGR of 8.3% during this period.
This growth is attributed to several factors, including rising
disposable incomes, continuous enhancements in cruise facilities and
onboard offerings, and the introduction of innovative services and
amenities. Modern cruise liners now offer in-room spa treatments,
skydiving simulators, adventurous activities, water coasters, and more
to attract tourists, thereby boosting footfall and revenue.
What’s driving the cruise growth
- Expanding cruise industry: The global cruise
industry has witnessed significant growth, with numerous companies
offering diverse amenities across a range of prices to attract
travellers. In December 2022 alone, 239 ships entered commercial
service, marking a substantial increase from the previous year.
- Demographic diversity: Cruise tours are
increasingly popular across all age groups, offering a wide range of
activities suitable for every demographic and every budget. New ships
are launched with cutting-edge technologies and additional onboard
entertainment to cater to a larger audience.
- Emerging market demand: Cruise tourism is gaining
traction in emerging countries, presenting substantial opportunities for
cruise service providers worldwide. To tap into these untapped markets
in developing economies, cruise companies are expanding their presence
and offering exclusive deals and discounts.
What’s up and coming for cruises
River cruises are expected to hold a significant market share in
2023, constituting over 35% of the market. River cruises offer
passengers an opportunity to enjoy scenic landscapes along riverbanks,
enhanced by various amenities such as river-facing staterooms, free
WiFi, dining options, and more.
The cruise tourism sector holds a promising future, enjoying
increased popularity across generations and ongoing expansion into new
destinations. To explore business opportunities in this thriving market,
register for CruiseWorld Asia 2023 here: https://cruiseworld-asia.com/