The global cruise market is expected to expand at a compound annual growth rate of 11% from now until 2028, according to analysis on research-sharing website ResearchGate.
The cruise market is currently valued at US$7,25 billion (R130,7bn). It is expected to reach US$15,1 billion (R272,4bn) in 2028.
The growth is attributed to a global increase in the popularity of cruises compared with other vacations. Cruises are seen as being more affordable than other options, and also because they are fully inclusive.
Ocean cruises have dominated, accounting for 80% of the value in 2021. However, it is river cruises that are expected to see the fastest growth from 2022 to 2028, registering a compound annual growth rate of 13,3%. This has been attributed to the fact that river cruises offer more opportunity for sightseeing and docking at internal destinations, rather than the coastal ports that large ocean cruises must use.
In terms of regions, North American cruises dominated the market in the last year, with a 50% revenue share. Europe held the second-largest share at 25%. But Asia Pacific is expected to show the highest growth during the forecast period at an annual growth rate of 12,1%. This is expected because of initiatives by governments in the region to develop the tourism industry.
