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• Cruise Ship Market

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Cruise Ship Market Share, Growth and COVID-19 Impact Analysis, By Type (Mainstream Cruise Ships, Ocean Cruise Ships, Luxury Cruise Ships, and Others), By Size (Small, Medium, and Large), By Application (Transportation, Leisure, and Others), and Regional Forecast, 2024-2032

Region :Global | Report ID: FBI108152 | Status : Ongoing

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KEY MARKET INSIGHTS

Key market insights, covid-19 impact, key insights.

• The report analyses a detailed industry overview, including qualitative and quantitative information.
• The report analyses an overview and forecast of the cruise missile market based on various segments.
• The report also analyses comprehensive PEST analysis for all five regions, i.e., North America, Europe, Asia Pacific, Rest of the World, after evaluating economic, social, political, and technological factors affecting the impact of the cargo drones market in these regions.

Regional Analysis

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Key players

• Royal Caribbean Intl.
• Cruise Critic
• Carnival Cruise Line
• Norwegian Cruise Line
• MSC Cruises
• Princess Cruises
• American Cruise Lines
• Celebrity Cruises
• Genting Hong Kong

Cruise Ship Market Segmentation

Recent developments.

• In May 2023, Atlas to Expand to Three Ships in Antarctica, With Atlas Ocean Voyages taking over the World Voyager from sister brand Nicko Cruises, and the company will deploy three ships in Antarctica for the 2023-24 season. The 200-guest ship will start revenue operations for the Mystic brand in November.
• In February 2023, Port of Los Angeles request for proposals on cruise terminal development. The Port is already experiencing a post-COVID cruise industry rebound, with 229 cruise ship calls in 2022, the most since 2008. Such calls are expected to rise to an estimated 250 by 2026 and include larger ships carrying more passengers.
• PUBLISHING STATUS: Ongoing
• BASE YEAR: 2023
• HISTORICAL DATA: 2019-2022

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The global cruise ship market report covered key players such as Royal Caribbean Intl., Cruise Critic, Carnival Cruise Line, & Others.

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Cruise Tourism Market Size & Share Analysis - Growth Trends & Forecast (2024-2029)

The Cruise Tourism Market Report is Segmented by Type (River Cruise, Ocean Cruise, Expedition Cruise, Theme Cruise, Adventure Cruise, and Other Types), by Duration (1- 7 Days, 8 To 14 Days, 15-20 Days, and More Than 21 Days), by Passenger Age (Less Than 12 Years, 13-19 Years, 20-39 Years, 40-59 Years, and Above 60 Years), and by Geography (Asia-Pacific, Europe, North America, South America, and the Middle East). The Report Offers Market Size and Forecasts for the Cruise Tourism Market in Terms of Revenue (USD) for all the Above Segments.

• Cruise Tourism Market Size

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Cruise Tourism Market Analysis

The Cruise Tourism Market size is estimated at USD 9.44 billion in 2024, and is expected to reach USD 14.31 billion by 2029, growing at a CAGR of 8.67% during the forecast period (2024-2029).

• The cruise business has transformed tremendously in recent years, becoming the leading travel industry. It is widely regarded as the most popular recreational activity type and is a successful sector globally. Cruise lines offer various itineraries, from tropical getaways to cultural explorations. The industry has grown significantly due to rising disposable income and the desire for unique travel experiences.
• Cruise companies continuously innovate to attract more passengers and offer exciting features like themed cruises, luxury experiences, and onboard entertainment. Cruise ships visit various destinations, including popular tourist spots worldwide. Some destinations have developed specialized cruise terminals to accommodate large cruise ships and handle passenger arrivals efficiently.
• Cruise Tourism Market Trends

Increase in Number of Ocean Cruise Passengers in North America

• The increase in the number of ocean cruise passengers in North America is making waves in the cruise tourism market. More and more people are opting for cruises as their preferred vacation choice. 
• The convenience, variety of destinations, and onboard amenities offered by cruise lines are attracting a growing number of travelers, the industry is booming and expanding to meet the demand in North America. Cruise lines are constantly innovating and offering new and exciting experiences to attract passengers. 
• From luxurious accommodations to thrilling entertainment options, there's something for everyone. This surge in demand for ocean cruises is contributing to the overall growth of the cruise tourism market.

Increase in Online Sales of Cruises in Asia

• Cruises have been gaining popularity in Asia in recent years. With the convenience and accessibility of online platforms, more and more people in Asia are opting to book their cruises online. This shift in consumer behavior is driving the growth of the cruise tourism market in the region. 
• Online travel agencies and cruise line websites are providing a seamless booking experience, allowing travelers to easily compare options, explore different itineraries, and secure their dream cruise with just a few clicks. This trend not only benefits travelers by offering them more choices and flexibility, but it also presents new opportunities for cruise companies to reach a wider audience in the Asian market.

Cruise Tourism Industry Overview

The cruise tourism market is moderately competitive and has several major players. In terms of market share, few of the major players currently dominate the market. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well-known, including Carnival Corporation & Plc, Royal Caribbean Group, Norwegian Cruise Line Holdings Ltd, MSC Cruises, and Costa Cruises, among others.

Cruise Tourism Market Leaders

Carnival Corporation & Plc

Royal Caribbean Group

Norwegian Cruise Line Holdings Ltd

MSC Cruises

Costa Cruises

*Disclaimer: Major Players sorted in no particular order

Cruise Tourism Market News

• November 2023: TravClan and Resorts World Cruises joined forces in a groundbreaking partnership aimed at revolutionizing cruise tourism in India. Through this collaboration, TravClan embarks on a transformative journey that promises to redefine the landscape of cruise vacations in India, ensuring accessibility and affordability for all.
• October 2023: Traveltek and Cruise Planners formed a strategic alliance, building on their longstanding relationship as Sabre clients. Traveltek is set to empower its agents' cruise technology solution on a national scale, marking a significant step forward in enhancing the cruise booking experience for travelers.

Cruise Tourism Market Report - Table of Contents

1. INTRODUCTION

1.1 Study Assumptions and Market Definition

1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Increasing Disposable Income is Driving the Market

4.3 Market Restraints

4.3.1 High Costs is Restraining the Market

4.4 Market Opportunities

4.4.1 Increasing Popularity of Themed Cruises is Creating an Opportunity

4.5 Value Chain / Supply Chain Analysis

4.6 Porter's Five Forces Analysis

4.6.1 Threat of New Entrants

4.6.2 Bargaining Power of Buyers/Consumers

4.6.3 Bargaining Power of Suppliers

4.6.4 Threat of Substitute Products

4.6.5 Intensity of Competitive Rivalry

4.7 Insights on Technological Innovations in the Market

4.8 Impact of Covid-19 on the Market

5. MARKET SEGMENTATION

5.1 By Type

5.1.1 River Cruise

5.1.2 Ocean Cruise

5.1.3 Expedition Cruise

5.1.4 Theme Cruise

5.1.5 Adventure Cruise

5.1.6 Others

5.2 By Duration

5.2.1 1-7Days

5.2.2 8-14 Days

5.2.3 15-20 Days

5.2.4 More than 21 Days

5.3 By Passenger Age

5.3.1 Less than 12 years

5.3.2 13-19 Years

5.3.3 20-39 Years

5.3.4 40-59 Years

5.3.5 Above 60 Years

5.4 Geography

5.4.1 North America

5.4.1.2 Canada

5.4.1.3 Mexico

5.4.1.4 Rest of North America

5.4.2 Europe

5.4.2.1 Germany

5.4.2.3 France

5.4.2.4 Russia

5.4.2.5 Spain

5.4.2.6 Rest of Europe

5.4.3 Asia Pacific

5.4.3.1 India

5.4.3.2 China

5.4.3.3 Japan

5.4.3.4 Rest of Asia Pacific

5.4.4 South America

5.4.4.1 Brazil

5.4.4.2 Argentina

5.4.4.3 Rest of South America

5.4.5 Middle East

5.4.5.1 UAE

5.4.5.2 Saudi Arabia

5.4.5.3 Rest of Middle East

6. COMPETITIVE LANDSCAPE

6.1 Market Concentration

6.2 Company Profiles

6.2.1 Carnival Corporation & Plc

6.2.2 Royal Caribbean Group

6.2.3 Norwegian Cruise Line Holdings Ltd

6.2.4 MSC Cruises

6.2.5 Costa Cruises

6.2.6 Princess Cruises

6.2.7 Celebrity Cruises

6.2.8 Holland America Line

6.2.9 Disney Cruise Line

6.2.10 Cunard Line*

• *List Not Exhaustive

7. MARKET FUTURE TRENDS

8. DISCLAIMER AND ABOUT US

Cruise Tourism Industry Segmentation

Cruise tourism refers to holidays that are entirely or partly based on a cruise ship. 

The cruise tourism market is segmented by type which includes a river cruise, ocean cruise, expedition cruise, theme cruise, adventure cruise, and other types, by duration, including 1- 7 days, 8-14 days, 15-20 days, and more than 21 days, by passenger age includes less than 12 Years, 13-19 years, 20-39 years, 40-59 years, and above 60 years, and by geography includes Asia-pacific, Europe, North America, South America, and the Middle East. 

The report offers market size and forecasts for the cruise tourism market in terms of revenue (USD) for all the above segments.

Cruise Tourism Market Research FAQs

How big is the cruise tourism market.

The Cruise Tourism Market size is expected to reach USD 9.44 billion in 2024 and grow at a CAGR of 8.67% to reach USD 14.31 billion by 2029.

What is the current Cruise Tourism Market size?

In 2024, the Cruise Tourism Market size is expected to reach USD 9.44 billion.

Who are the key players in Cruise Tourism Market?

Carnival Corporation & Plc, Royal Caribbean Group, Norwegian Cruise Line Holdings Ltd, MSC Cruises and Costa Cruises are the major companies operating in the Cruise Tourism Market.

Which is the fastest growing region in Cruise Tourism Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

Which region has the biggest share in Cruise Tourism Market?

In 2024, the North America accounts for the largest market share in Cruise Tourism Market.

What years does this Cruise Tourism Market cover, and what was the market size in 2023?

In 2023, the Cruise Tourism Market size was estimated at USD 8.62 billion. The report covers the Cruise Tourism Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Cruise Tourism Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

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Cruise Tourism Industry Report

Statistics for the 2024 Cruise Tourism market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cruise Tourism analysis includes a market forecast outlook to for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Cruise Tourism Market Report Snapshots

• Cruise Tourism Market Share
• Cruise Tourism Companies

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• Marine and Shipping

Cruise Market

Global Cruise Market Size, Share, Trends, Growth, Forecast: By Type: Ocean Cruises, River Cruises; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

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Global Cruise Market Outlook

The global cruise market size attained a value of USD 7.89 billion in 2023. The market is further expected to grow at a CAGR of 11.50% between 2024 and 2032, to reach a value of USD 21.02 billion by 2032.

Key Trends in the Market

A cruise refers to a recreational activity in which large or small ships are used to sail around an ocean, sea, or river territory. Cruises also include various entertainment activities such as music, dance, magic, comedy, and theatre, and can be of various durations.

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• Growing enthusiasm to explore new destinations, emergence of women-centred trips, innovations in meals and beverage offerings, gaming, onboard health screenings, and expansion of activities on the ship are some of the key cruise market trends. Increasing number of Gen Z cruisers, owing to the influence of social media and changing preference towards luxurious living, is adding to the market growth.
• The growing use of advanced onboard technologies, such as online check-in, digital boarding pass, cabin key and light switch enabled through smartphones, ocean medallions, and tracking solutions, among others, is a crucial trend in the cruise market. Technologically advanced services are also likely to enhance the customer satisfaction, thereby bolstering the market dynamics.

Global Cruise Market Analysis

Based on type, the market is segmented into ocean cruises and river cruises. The regional markets for cruises are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global cruise market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Carnival Corporation & plc
• Royal Caribbean Group
• MSC Cruises S.A
• Norwegian Cruise Line Holdings Ltd
• Disney Cruise Line
• Oceania Cruises S. de R.L.
• Regent Seven Seas Cruises, Inc.
• Celestyal Cruises
• Genting Hong Kong Limited
• Holland America Line N.V.

Global Cruise Market Share by Type

The ocean cruises segment, based on type, accounts for a healthy share of the cruise market. This can be attributed to the fact that ocean cruise offers a greater number of routes which expands the range of destinations for cruisers. As oceans are significantly large, ships and vessels of bigger sizes can be used for ocean cruises, increasing the number of activities and facilities supported while reducing costs as more people can be accommodated in a single vessel. Moreover, ocean cruise comes with notable advantages such as visits to notable coastal cities during the cruise and insurance against harsh weather conditions.

Global Cruise Market Share by Region

Based on region, North America occupies a sizable share of the market for cruises, supported by the immense popularity of cruises and a vast network of waterways. The strong foothold of cruise service providers in the United States, coupled with the stable living standards is driving the market. Meanwhile, the European region is likely to be a fast-growing region in the forecast period, owing to the growing popularity of river cruising. In line with this, the increasing inclination of the population towards shore excursions and cruise fares is further fuelling the Europe cruise market.

Competitive Landscape

Carnival Corporation & plc is a leading cruise operator which provides cruise vessels designed to offer fun and entertainment to the customers. It was established in 1972 and is headquartered in Florida, United States.

Royal Caribbean Group is a shipping line company which owns three cruise brands;  Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. The company was founded in 1997 and is headquartered in Florida, United States.

MSC Cruises S.A is a family-owned global cruise line which was established in 1989 as a part of Mediterranean Shipping Company. Headquartered in Geneva, Switzerland, this company is one of the largest cruise providers across the world.

Other market players include Norwegian Cruise Line Holdings Ltd, Disney Cruise Line, Oceania Cruises S. de R.L., Regent Seven Seas Cruises, Inc., Celestyal Cruises, Genting Hong Kong Limited, and Holland America Line N.V., among others.

Key Highlights of the Report

Cruise market report snapshots.

Cruise Market Size

Cruise Market Analysis

Cruise Market Share

Cruise Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface 2    Report Coverage – Key Segmentation and Scope 3    Report Description     3.1    Market Definition and Outlook     3.2    Properties and Applications     3.3    Market Analysis     3.4    Key Players 4    Key Assumptions 5    Executive Summary     5.1    Overview     5.2    Key Drivers     5.3    Key Developments     5.4    Competitive Structure     5.5    Key Industrial Trends 6    Market Snapshot     6.1    Global     6.2    Regional 7    Opportunities and Challenges in the Market 8    Global Cruise Market Analysis     8.1    Key Industry Highlights     8.2    Global Cruise Historical Market (2018-2023)     8.3    Global Cruise Market Forecast (2024-2032)     8.4    Global Cruise Market by Type         8.4.1    Ocean Cruises             8.4.1.1    Historical Trend (2018-2023)             8.4.1.2    Forecast Trend (2024-2032)         8.4.2    River Cruises             8.4.2.1    Historical Trend (2018-2023)             8.4.2.2    Forecast Trend (2024-2032)     8.5    Global Cruise Market by Region         8.5.1    North America             8.5.1.1    Historical Trend (2018-2023)             8.5.1.2    Forecast Trend (2024-2032)         8.5.2    Europe             8.5.2.1    Historical Trend (2018-2023)             8.5.2.2    Forecast Trend (2024-2032)         8.5.3    Asia Pacific             8.5.3.1    Historical Trend (2018-2023)             8.5.3.2    Forecast Trend (2024-2032)         8.5.4    Latin America             8.5.4.1    Historical Trend (2018-2023)             8.5.4.2    Forecast Trend (2024-2032)         8.5.5    Middle East and Africa             8.5.5.1    Historical Trend (2018-2023)             8.5.5.2    Forecast Trend (2024-2032) 9    North America Cruise Market Analysis     9.1    United States of America          9.1.1    Historical Trend (2018-2023)         9.1.2    Forecast Trend (2024-2032)     9.2    Canada         9.2.1    Historical Trend (2018-2023)         9.2.2    Forecast Trend (2024-2032) 10    Europe Cruise Market Analysis     10.1    United Kingdom         10.1.1    Historical Trend (2018-2023)         10.1.2    Forecast Trend (2024-2032)     10.2    Germany         10.2.1    Historical Trend (2018-2023)         10.2.2    Forecast Trend (2024-2032)     10.3    France         10.3.1    Historical Trend (2018-2023)         10.3.2    Forecast Trend (2024-2032)     10.4    Italy         10.4.1    Historical Trend (2018-2023)         10.4.2    Forecast Trend (2024-2032)     10.5    Others 11    Asia Pacific Cruise Market Analysis     11.1    China         11.1.1    Historical Trend (2018-2023)         11.1.2    Forecast Trend (2024-2032)     11.2    Japan         11.2.1    Historical Trend (2018-2023)         11.2.2    Forecast Trend (2024-2032)     11.3    India         11.3.1    Historical Trend (2018-2023)         11.3.2    Forecast Trend (2024-2032)     11.4    ASEAN         11.4.1    Historical Trend (2018-2023)         11.4.2    Forecast Trend (2024-2032)     11.5    Australia         11.5.1    Historical Trend (2018-2023)         11.5.2    Forecast Trend (2024-2032)     11.6    Others 12    Latin America Cruise Market Analysis     12.1    Brazil         12.1.1    Historical Trend (2018-2023)         12.1.2    Forecast Trend (2024-2032)     12.2    Argentina         12.2.1    Historical Trend (2018-2023)         12.2.2    Forecast Trend (2024-2032)     12.3    Mexico         12.3.1    Historical Trend (2018-2023)         12.3.2    Forecast Trend (2024-2032)     12.4    Others 13    Middle East and Africa Cruise Market Analysis     13.1    Saudi Arabia         13.1.1    Historical Trend (2018-2023)         13.1.2    Forecast Trend (2024-2032)     13.2    United Arab Emirates         13.2.1    Historical Trend (2018-2023)         13.2.2    Forecast Trend (2024-2032)     13.3    Nigeria         13.3.1    Historical Trend (2018-2023)         13.3.2    Forecast Trend (2024-2032)     13.4    South Africa         13.4.1    Historical Trend (2018-2023)         13.4.2    Forecast Trend (2024-2032)     13.5    Others 14    Market Dynamics     14.1    SWOT Analysis         14.1.1    Strengths         14.1.2    Weaknesses         14.1.3    Opportunities         14.1.4    Threats     14.2    Porter’s Five Forces Analysis           14.2.1    Supplier’s Power         14.2.2    Buyer’s Power         14.2.3    Threat of New Entrants         14.2.4    Degree of Rivalry         14.2.5    Threat of Substitutes     14.3    Key Indicators for Demand     14.4    Key Indicators for Price   15    Competitive Landscape     15.1    Market Structure     15.2    Company Profiles         15.2.1    Carnival Corporation & plc             15.2.1.1    Company Overview             15.2.1.2    Product Portfolio             15.2.1.3    Demographic Reach and Achievements             15.2.1.4    Certifications         15.2.2    Royal Caribbean Group             15.2.2.1    Company Overview             15.2.2.2    Product Portfolio             15.2.2.3    Demographic Reach and Achievements             15.2.2.4    Certifications         15.2.3    MSC Cruises S.A             15.2.3.1    Company Overview             15.2.3.2    Product Portfolio             15.2.3.3    Demographic Reach and Achievements             15.2.3.4    Certifications         15.2.4    Norwegian Cruise Line Holdings Ltd             15.2.4.1    Company Overview             15.2.4.2    Product Portfolio             15.2.4.3    Demographic Reach and Achievements             15.2.4.4    Certifications         15.2.5    Disney Cruise Line             15.2.5.1    Company Overview             15.2.5.2    Product Portfolio             15.2.5.3    Demographic Reach and Achievements             15.2.5.4    Certifications         15.2.6    Oceania Cruises S. de R.L.             15.2.6.1    Company Overview             15.2.6.2    Product Portfolio             15.2.6.3    Demographic Reach and Achievements             15.2.6.4    Certifications         15.2.7    Regent Seven Seas Cruises, Inc.             15.2.7.1    Company Overview             15.2.7.2    Product Portfolio             15.2.7.3    Demographic Reach and Achievements             15.2.7.4    Certifications         15.2.8    Celestyal Cruises             15.2.8.1    Company Overview             15.2.8.2    Product Portfolio             15.2.8.3    Demographic Reach and Achievements             15.2.8.4    Certifications         15.2.9    Genting Hong Kong Limited             15.2.9.1    Company Overview             15.2.9.2    Product Portfolio             15.2.9.3    Demographic Reach and Achievements             15.2.9.4    Certifications         15.2.10    Holland America Line N.V.             15.2.10.1    Company Overview             15.2.10.2    Product Portfolio             15.2.10.3    Demographic Reach and Achievements             15.2.10.4    Certifications         15.2.11    Others 16    Key Trends and Developments in the Market

List of Key Figures and Tables

1.    Global Cruise Market: Key Industry Highlights, 2018 and 2032  2.    Global Cruise Historical Market: Breakup by Type (USD Million), 2018-2023 3.    Global Cruise Market Forecast: Breakup by Type (USD Million), 2024-2032 4.    Global Cruise Historical Market: Breakup by Region (USD Million), 2018-2023 5.    Global Cruise Market Forecast: Breakup by Region (USD Million), 2024-2032 6.    North America Cruise Historical Market: Breakup by Country (USD Million), 2018-2023 7.    North America Cruise Market Forecast: Breakup by Country (USD Million), 2024-2032 8.    Europe Cruise Historical Market: Breakup by Country (USD Million), 2018-2023 9.    Europe Cruise Market Forecast: Breakup by Country (USD Million), 2024-2032 10.    Asia Pacific Cruise Historical Market: Breakup by Country (USD Million), 2018-2023 11.    Asia Pacific Cruise Market Forecast: Breakup by Country (USD Million), 2024-2032 12.    Latin America Cruise Historical Market: Breakup by Country (USD Million), 2018-2023 13.    Latin America Cruise Market Forecast: Breakup by Country (USD Million), 2024-2032 14.    Middle East and Africa Cruise Historical Market: Breakup by Country (USD Million), 2018-2023 15.    Middle East and Africa Cruise Market Forecast: Breakup by Country (USD Million), 2024-2032 16.    Global Cruise Market Structure

What was the cruise market value in 2023?

The market reached a value of USD 7.89 billion in 2023.

What is the growth rate of the cruise market?

The market is estimated to grow at a CAGR of 11.50% between 2024 and 2032.

What is the cruise market forecast for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 21.02 billion by 2032.

What are the major market drivers?

The increasing affordability and availability of cruises, emergence of women-centred trips, innovations in meals and beverage offerings, onboard health screenings, and expansion of activities on ships are the major drivers of the market.

What are the key trends of the market?

The key trends in the market include the growing enthusiasm to explore new destinations, increasing use of advanced onboard technologies, and rising popularity of cruises on social media.

What are the primary types of cruises in the market?

Ocean cruises and river cruises are the primary types of cruises in the market.

What are the major regions in the market?

North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the major regions in the market.

Who are the key market players, according to the cruise market report?

Carnival Corporation & plc, Royal Caribbean Group, MSC Cruises S.A, Norwegian Cruise Line Holdings Ltd, Disney Cruise Line, Oceania Cruises S. de R.L., Regent Seven Seas Cruises, Inc., Celestyal Cruises, Genting Hong Kong Limited, and Holland America Line N.V., among others, are the key players of the cruise market, according to the report.

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Growth of the Ocean Cruise Line Industry

Worldwide, the ocean cruise industry experienced an annual passenger compound annual growth rate of 5.9% from 1990 to 2024.

While the COVID-19 pandemic brought the ocean passenger cruise industry to a standstill for nearly two years, it also prompted the accelerated retirement of numerous older ships. Simultaneously, new additions to fleets adopted a more modern and environmentally friendly approach. In 2024, passenger numbers are expected to surpass the pre-COVID levels of 2019.

Between 2023 and 2024, a total of 10 new ships, with a combined passenger capacity of 25,450, are set to be added (refer to the tables below). This influx will bring the worldwide ocean cruise passenger capacity to 673,000, spread across 360 ships. These vessels are projected to carry a total of 30.0 million passengers by the end of 2024, representing a 4.2% increase over 2023 and a 9.2% increase over 2019.

Shipbuilding Summary

Sources: Royal Caribbean Cruises, Ltd., Carnival Corporation and plc, NCL Corporation Ltd., Thomson/First Call, Cruise Lines International Association (CLIA) , The Florida-Caribbean Cruise Association (FCCA) , DVB Bank and proprietary Cruise Market Watch Cruise Pulse data.

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Look at the Stocks Leading the Market Now

Devastated at the height of the pandemic, cruise lines have become top performers.

By Jeff Sommer

Jeff Sommer is the author of Strategies , a weekly column on markets, finance and the economy.

Many top performers in the stock market for the first half of this year were exactly what you would expect, if you’ve been following the news.

Big tech companies were well represented at the front of the pack, led by Nvidia, which makes computer chips that power artificial intelligence programs. It was followed closely by Meta, the Facebook owner, which has been promoting its own A.I. prowess. Tesla, the electric vehicle champion, wasn’t far behind.

But what were cruise ships doing near the very pinnacle of the stock market listings?

At midyear, three of the big cruise companies — Carnival, Royal Caribbean Group and Norwegian Cruise Line Holdings — were among the top 10 stocks in the S&P 500.

Consider that only three years ago, in the first months of the coronavirus pandemic, all cruise lines suspended operations and that in the ensuing months, the shares of publicly traded cruise companies were devastated.

Now, with fears of contagion ebbing and pent-up demand for pleasure trips being unleashed, cruise lines have had a remarkable change of fortune.

Inconsistent Returns

Each of the cruise line stocks had astonishing gains for the first six months of the year, but they are still down significantly from the start of 2020.

Here are their returns, according to FactSet:

Carnival, up 134 percent for the first six months of 2023 but down 63 percent since the start of 2020.

Royal Caribbean Group, up 110 percent in the first half of 2023 but down 22 percent since 2020.

Norwegian Cruise Line, up 78 percent in the first half of 2023 but down 63 percent since 2020.

Returns like these might be puzzling if you were unaware of what happened on the planet in the last three years. But factor in the pandemic and the subsequent economic recovery, and the cruise line stock and bond performance tracks nicely.

It’s part of a larger pattern.

Just as cruise lines have begun to come into their own, a series of companies that prospered during the pandemic are laggards now. Peloton, Zoom and Etsy are trailing in this year’s stock market performance derby. And major pharmaceutical companies, like Moderna and Pfizer, whose shares took off when the firms were providing scarce and desperately needed vaccines against Covid-19, are among the poorest performers in the S&P 500.

The Pandemic

Briefly put, it wasn’t until December 2019 that the first reports of the emergence of a novel coronavirus began to emanate out of China — and in March 2020 that the World Health Organization declared that a pandemic was underway. In January, cruise lines began canceling port calls in China.

In January 2020, the Diamond Princess , a luxury ship owned by Carnival, began an ill-fated journey in Yokohama, Japan. More than 3,700 passengers and crew members were stranded on board for weeks, with little information about the pandemic.

But the virus spread relentlessly, and more than 700 people ultimately tested positive. In those early days of the pandemic, when people lacked natural immunity against the disease, and effective treatment and vaccines were not yet widely available, nine passengers died.

All major cruise lines suspended operations, as passengers canceled their bookings en masse. It became evident that a cruise ship wasn’t an ideal place to be in the middle of a pandemic.

In the stock market, cruise line shares plummeted as 2020 wore on. In that pandemic year, Carnival fell 57 percent, Royal Caribbean 44 percent, and Norwegian 56 percent. The companies had virtually no revenue and mounting debt, and their ability to remain going concerns was in doubt. They survived by taking on enormous debt loads and paying sky-high junk-bond yields, which were needed to attract investors.

The joyful atmosphere needed for a successful vacation at sea seemed unattainable.

An Incipient Recovery

It was only in 2022 that their finances — and share prices — stabilized, and only this year that they have begun to report sufficient earnings and cash flow to show signs of paring down their debt and returning to steady profit-making operations. In a conversation with stock analysts after reporting earnings in late June, Josh Weinstein, the chief executive of Carnival, said the company’s business volume was approaching 2019 levels for the first time since the start of the pandemic and, in some metrics, beginning to exceed it.

According to a transcript of the same session, David Bernstein, the company’s chief financial officer, said Carnival was pouring cash into debt reduction, “driving more than $8 billion in total debt reduction through 2026,” down from a $35 billion peak early in 2023.

These debt payments, combined with increased revenues, should enable the company to “approach investment grade” in its bond ratings in 2026, Mr. Bernstein said. Because of Carnival’s improving financial picture, the yields on the company’s debt have been declining and the price of its bonds, which move in the opposite direction, have risen.

The specifics of each company matter, of course. What the cruise lines have in common is that all have heightened safety procedures aimed at stemming the spread of any future outbreaks on board, commissioned new ships, taken measures to cut costs and embarked on fresh marketing campaigns. Wall Street analysts, including those at JPMorgan Chase, Bank of America and Jefferies, have given them high grades and helped to drive up their share prices.

Perhaps the magic of sea cruises is back. Certainly no one needs a recurrence of the dismal events of 2020.

In prepandemic times, I took a couple of lovely cruises. On one trip, three generations of my extended family were able to see the world together, while participating separately in age-appropriate recreation — on board, in the water and on land. So I’m personally pleased by the beginnings of a sea cruise renaissance, though not ready to sail again quite yet.

As an investor, I see the stock performance of the cruise lines this year less as a question of whether this is an opportune time to buy their shares and more as an affirmation of the ever-present need to diversify. What may seem safe today could easily become hazardous tomorrow.

Harry Markowitz, a Nobel laureate in economics who died last month, transformed modern investing with his teachings about how rigorous diversification can reduce risk. A decade ago, during a volatile stretch in the stock market, he told me that ordinary investors would be better off if they forgot about individual stocks and bought broad low-cost stock and bond index funds instead.

Allocate them in a proportion that makes you comfortable, and then devote yourself to more pleasant pursuits. Mr. Markowitz convinced me. As for pleasant pursuits, go with what delights you.

That could even be a sea cruise, if you find them fun and, at this stage, safe enough for a carefree voyage.

An earlier version of this article misstated when the World Health Organization declared a coronavirus pandemic. It was March 2020, not January 2020.

How we handle corrections

Jeff Sommer writes Strategies , a column on markets, finance and the economy. He also edits business news. Previously, he was a national editor. At Newsday, he was the foreign editor and a correspondent in Asia and Eastern Europe. More about Jeff Sommer

Come Sail Away

Love them or hate them, cruises can provide a unique perspective on travel..

 Cruise Ship Surprises: Here are five unexpected features on ships , some of which you hopefully won’t discover on your own.

 Icon of the Seas: Our reporter joined thousands of passengers on the inaugural sailing of Royal Caribbean’s Icon of the Seas . The most surprising thing she found? Some actual peace and quiet .

Th ree-Year Cruise, Unraveled:  The Life at Sea cruise was supposed to be the ultimate bucket-list experience : 382 port calls over 1,095 days. Here’s why  those who signed up are seeking fraud charges  instead.

TikTok’s Favorite New ‘Reality Show’:  People on social media have turned the unwitting passengers of a nine-month world cruise  into  “cast members”  overnight.

Dipping Their Toes: Younger generations of travelers are venturing onto ships for the first time . Many are saving money.

Cult Cruisers: These devoted cruise fanatics, most of them retirees, have one main goal: to almost never touch dry land .

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• Worldwide cruise company market share 2022

Worldwide market share of leading cruise companies in 2022

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The main performance indicators of the Cruises market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

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Cruise Market Size, Share, Competitive Landscape and Trend Analysis Report by Type : Global Opportunity Analysis and Industry Forecast, 2023-2032

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A cruise ship is a passenger ship where the trip and ship amenities itself are a part of a luxurious experience. Generally, the length of the cruise ship is 1,187 feet, the tonnage for a passenger cruise is 225,300 tons, and max crew-passenger capacity of almost 8,500. The worlds largest cruise ship is Royal Caribbean Internationals harmony of the seas, which was launched in 2016 that has a gross tonnage of 226,963 and length of about 1,188.1 ft with a passenger capacity of 6,780. Cruising has led to an increase in the tourism industry.

The key factors that drive the growth of the market are the rise in tourism & hospitality industry due to a rise in economy and high disposable income. However, the high costs associated with cruises and clean sailing through strict regulations act as restraints for the market growth. Irrespective of these challenges, the increasing demand for river cruises continues to boost the market growth in future.

The market segmentation is based on type. By type the market is divided into adventure cruises, Christmas cruises, classic cruises, contemporary cruise, family cruises, LGBT cruises, luxury cruises, ultra-luxury cruises, and river cruises. Geographically, it has been analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Prominent players profiled in the report include Hyundai Heavy Industry Co. Ltd, Dsme Co. Ltd, Samsung Heavy Industries Co. Ltd., Meyer Werft Gmbh & Co. Kg, Fincantieri S.P.A., Mitsubishi Heavy Industry. Ltd., Oshima Shipbuilding Co. Ltd., China State Shipbuilding Corporation, MV WERFTEN Wismar GmbH, and Mediterranean Shipping Company S.A.

Key Benefits

• This report provides an extensive analysis of the current & emerging market trends and dynamics in the cruise market report.
• In-depth analysis has been carried out by constructing market estimations for key market segments.
• The report provides a quantitative analysis of the current trends and future estimations, which helps identify prevailing market opportunities.
• Competitive intelligence of the industry helps understand the competitive scenario across geographies.

  Cruise Market Report Highlights

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Cruise Market

Global Opportunity Analysis and Industry Forecast, 2023-2032

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Global Cruise Market, By Type (Ocean Cruises and River Cruises), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

• Published date: May 2023
• Report ID: 22103
• Number of Pages: 242
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Report Overview

Driving factors, restraining factors, growth opportunities, latest trends, by type analysis, key market segments:, covid-19 impact analysis, regional analysis, market share & key players analysis, report scope:.

The Global Cruise Market size is expected to be worth around USD 22.8 Billion by 2032 from USD 7.9 Billion in 2022, growing at a CAGR of 11.50% during the forecast period from 2023 to 2032.

A cruise is a multi-day vacation plan that is arranged on a cruise ship large inland while visiting numerous tourist attractions along a planned route. On this kind of trip, the focus is mostly on the ship’s accommodations as well as tourist-attractive locations. The global cruise market is being driven by the expanding hospitality and tourist industries.

Ships are introducing new technologies, a variety of exciting activities, as well as enjoyable themes for travelers, including yoga themes, kid themes, mystery themes, and others. Such innovations are attracting different populations and acquiring massive popularity among the target audience, which is driving the cruise business. The market is expected to increase as a result of the new generation’s increasing preference for leisure travel and adventures with the rising number of people who want to live a luxurious life.

Consumer Demand:

Cruise lines have seen an exponential rise in demand over recent years as more travelers search for unique travel experiences. This has led to growth within the industry, as cruise lines expand their fleets and add new routes to keep up with demand.

Innovation:

Cruise lines are constantly innovating and introducing new features and amenities to attract customers. This includes everything from entertainment options to advanced technology and unique dining experiences.

Expansion of Cruise Line Offerings:

Cruise lines are expanding their services to include niche markets like adventure cruises, river cruises, and small-ship cruising to appeal to different types of travelers.

Natural disasters like hurricanes and earthquakes can disrupt cruise itineraries and impact passenger safety. Geopolitical impacts such as terrorism or political instability also impact cruise demand and itinerary planning. Building and maintaining a cruise ship requires significant capital, which limits market participants, creating limited competition and less price flexibility.

Furthermore, environmental regulations in the industry contribute to higher operational costs which in turn reduce profit margins; cruise lines must invest in cleaner technologies to reduce their environmental footprint, adding to their expenses. Outbreaks of contagious illnesses like COVID-19 can damage the reputation of the cruise industry and sap consumer confidence in sailing.

This could result in decreased demand and revenue for cruise lines. Cruising is typically seasonal, with most travelers opting for cruises during summer holidays. Lower occupancy rates and revenue during off-peak periods impact profitability for cruise companies. Negative media coverage such as reports of passenger injuries or crimes further weakens consumer trust in cruising leading to decreased bookings overall.

Expansion in Emerging Markets

The worldwide cruise market offers several prospects for growth and development, including emerging markets, sustainable tourism, technical improvements, specialized cruises, upselling opportunities, and partnerships and collaborations. Emerging markets such as Asia and South America present major growth prospects for the cruise industry.

These regions boost a growing travel demand, creating an expansive customer base for cruise lines. Furthermore, with growing awareness about the environmental effects of tourism comes an increased interest in sustainable tourism practices; cruise lines that implement sustainable practices and offer eco-friendly itineraries can attract eco-conscious tourists.

Furthermore, advances in technology such as artificial intelligence, virtual reality, and the Internet of Things have the potential to enhance passenger experiences on board while improving operational efficiencies for cruise lines. Specialist cruises, such as wellness cruises, adventure cruises, and culinary cruises can appeal to niche markets and give cruise lines a chance to stand out from competitors.

Cruise lines can generate additional revenue by offering onboard amenities and services like spa treatments, shore excursions, and specialty dining options. Collaborations and partnerships with other travel companies, such as airlines and hotels, can enable cruise lines to extend their reach and offer customers more comprehensive travel experiences.

The global cruise market is expanding in support of luxury experiences, multigenerational travel, wellness and health, sustainability, and the digital revolution. Cruise lines that can anticipate these developments and respond appropriately will likely be successful in the highly competitive cruise market.  River cruising has become increasingly popular in recent years, particularly in Europe and Asia.

River cruises offer a more intimate setting with smaller ships and the chance to visit remote destinations. Sustainability has become a top priority for the cruise industry, with many lines adopting eco-friendly practices such as using clean energy sources, reducing single-use plastics, and encouraging responsible tourism.

Cruise lines are investing in technology to enhance their passengers’ experiences, from mobile apps and wearable devices to virtual reality headsets and AI-powered assistants. Wellness and health have become a major priority for the cruise industry, with many lines offering onboard fitness facilities, healthy dining options, and wellness-themed activities.

Cruise lines are catering to this trend by offering family-friendly amenities like onboard water parks and kids’ clubs. Luxurious and experiential cruises have seen a resurgence in the cruise market, with travelers demanding amenities such as private balconies, and exclusive dining venues. Many are seeking authentic cultural encounters; cruise lines have responded by providing shore excursions that showcase local customs, traditions, and cuisine.

The ocean cruises Segment Accounted for the Largest Revenue Share in the Cruise Market

Based on type, the cruise market is segmented into ocean cruises and river cruises. Among these types, the Oceans Cruises segment is the most lucrative in the global cruise market, with a projected total revenue of 80%. The larger market revenue share is attributed to strong players who provide services in the ocean cruises category for transcontinental travel in large numbers. Also, a sizable portion of customers favor ocean cruises over other types of cruises because of the interesting packages, amenities, and entertainment options.

These activities are possible aboard large ocean cruise ships, which offer more room than the others. The global river cruise market is expected to have the fastest growth rate, rising at a CAGR of 13.3%. This growing popularity among vacationers can be attributed to river cruising’s larger size compared to ocean cruises which usually dock along coastal regions. Rivers offer more internal destinations for sightseeing, especially in Europe where some cruise lines offer tours through multiple countries. For instance, Danube River cruises traverse 10 nations within Europe.

Based on Type

• Ocean Cruises
• River Cruises

Based on Applications

• Daily Commute

The COVID-19 pandemic has had a significant impact on the global cruise market, leading to reduced demand, refunds, operational challenges, decreased revenue, shifts in consumer behavior, and regulatory adjustments. The industry will need to navigate these challenges to recover and rebuild passenger confidence in cruising.

Due to the pandemic, cruise lines have seen a reduction in demand for their services, with many potential passengers opting to postpone or cancel their travel plans due to safety fears. Due to travel restrictions and safety worries, many sailings have had to be canceled. Because of these events, significant financial losses have occurred and customers are now demanding refunds.

The pandemic has also presented cruise lines with several operational difficulties, such as implementing new health and safety protocols and managing crew members who have tested positive for COVID-19. The suspension of operations and decreased demand for cruise lines have resulted in significant revenue losses, which may impact their long-term financial viability.

Furthermore, the pandemic has caused changes in consumer behavior such as an increased focus on health and safety that may influence which types of cruises passengers seek and which amenities are offered. The pandemic has led to increased regulatory scrutiny of the cruise industry, with many countries enforcing new health and safety rules that may impact cost and feasibility when operating cruises.

North America Accounted for the Largest Revenue Share in Cruise Market in 2022.

North America dominated the cruise market with the largest revenue share of 50%. Due mainly to its strong presence of international key players and highly developed industry. Higher disposable income levels, consumer spending patterns, and an expanding tourism industry all played their respective roles in driving up market revenue share significantly. The Asia Pacific region is forecast to experience the highest growth rate over the forecast period, with a CAGR of 12.1%.

Recently, cruise industry activity has shifted away from North America and Europe towards Asia Pacific due to government initiatives to develop tourism and increase economic output. For instance, on August 19th, 2020 the Indian government announced the reduction of 70% of berth charges to promote cruise tourism.

Europe ranked second in terms of revenue share in 2021 with over 25% share, expected to achieve an impressive CAGR during the forecast period. The growth is attributed to an uptick in demand for sustainable tourism which in turn makes local communities more appealing to small and medium-sized tour operators, propelling market expansion even further.

Key Regions and Countries

• Switzerland
• Rest of Western Europe
• The Czech Republic
• Rest of Eastern Europe
• South Korea
• Australia & New Zealand
• Philippines
• Rest of APAC
• Rest of Latin America
• Saudi Arabia
• South Africa
• United Arab Emirates
• Rest of MEA

The global market is dominated by a few major players and numerous small local players. The majority of the market share is held by Carnival Corporation & Plc. and Royal Caribbean Group. Key companies are taking new initiatives to expand their clientele.

Examples include multigenerational packages targeting family travel, kids theme cruise vacations for children, mystery theme cruise vacations, etc. Key players in the global cruise industry are also constantly looking for opportunities in underdeveloped regions.

Market Key Players:

Listed below are some of the most prominent cruise industry players.

• 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
• Other Market Players

Recent Developments:

• Many cruise lines began operations in 2021 after being suspended due to the COVID-19 pandemic. Some lines, such as Royal Caribbean and Celebrity Cruises, require all passengers to be fully vaccinated.
• Despite the pandemic, several new ships were launched in 2021. Royal Caribbean’s Odyssey of the Seas, Carnival Cruise Line’s Mardi Gras, and MSC Cruises’ Virtuosa.

Frequently Asked Questions (FAQ)

The Global Cruise Market size was USD 7.9 Billion in 2022, growing at a CAGR of 11.50%.

The Global Cruise Market size is expected to grow at a CAGR of 11.50% during the forecast period from 2023 to 2032.

The Global Cruise Market size is expected to be worth around USD 22.8 Billion by 2032 during the forecast period.

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Best Value Cruise Line Stocks

Fastest growing cruise line stocks, cruise line stocks with the best performance, advantages of cruise line stocks, risks of cruise line stocks.

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Top Cruise Line Stocks for 2023

CCL, NCLH, and RCL are top for value, growth, and performance, respectively

Peter Adams/Getty Images

Cruise line companies are seeing a strong rebound after years of COVID-related setbacks, with passenger booking rates up industry-wide. Still, just one stock—Royal Caribbean Group—has outperformed the broader market in the last year.

Royal Caribbean shares are up about 42% in the last year, while the benchmark Russell 1000 Index is up just over 1%. All other cruise industry stocks have lost value in the past year, a sign there could still be room for further recovery.

Below, we look at the top cruise line stocks for 2023 based on best value, fastest growth, and best performance. The Russell 1000 benchmark figure above is as of May 29, while all other data throughout are as of May 23.

These are the cruise line stocks with the lowest 12-month trailing price-to-sales (P/S) ratio . For companies in early stages of development or industries suffering from major shocks, this can be substituted as a rough measure of a business's value. A business with higher sales could eventually produce more profit when it achieves (or returns to) profitability. The price-to-sales ratio shows how much you're paying for the stock for each dollar of sales generated.

Source: YCharts

• Carnival Corp.:  Carnival operates the world’s largest fleet of cruise ships. The company also owns travel-related properties such as hotels and vacation destinations. Carnival shares have fallen 16% in the last year while revenues nearly tripled for the first quarter of the year as a result of surging demand post-pandemic.
• Norwegian Cruise Line Holdings Ltd.: Norwegian Cruise Line operates a fleet of passenger cruise ships. In addition, the company offers itineraries and theme cruises. Norwegian's revenue more than tripled for the first three months of the year as it ramped up cruise voyages again following COVID-19.
• Lindblad Expeditions Holdings Inc.: Lindblad Expeditions owns and operates cruise ships and provides expedition cruising and travel services. The company offers both sea-based and land-based expeditions. Lindblad shares have plunged by 22% in the last year, making it among the worst-performing cruise line stocks that we looked at.

These are the cruise line stocks with the highest  year-over-year (YOY)  sales growth for the most recent quarter. Rising sales can help investors to identify companies that are able to grow revenue organically or through other means and to find growing companies that have not yet reached profitability.

In addition, accounting factors that may not reflect the overall strength of the business can significantly influence  earnings per share (EPS) . However, sales growth can also prove to be potentially misleading about the strength of a business—growing sales does not guarantee a company will eventually become profitable.

• Norwegian Cruise Line Holdings Ltd.: See company description above.
• Carnival Corp.:  See company description above.
• Royal Caribbean Group: Royal Caribbean Group, formerly known as Royal Caribbean Cruises, operates either directly or through joint ventures a fleet of 64 ships with a total capacity of 150,000 berths. Total revenue almost tripled in the most recent quarter, driven by rebounds in both passenger ticket sales and onboard revenue.

These are the cruise line stocks that had the highest returns or smallest declines in total return over the past 12 months out of the companies we looked at.

• Royal Caribbean Group: See company description above.

Shareholder Perks: A little-known benefit of holding cruise line stocks is that they offer shareholder perks. For instance, investors who hold at least 100 Carnival shares are entitled to a $250 onboard credit for cruises that are 14 days or longer, a $100 credit for cruises between 7 and 13 days, and a $50 credit for sailings of six days or less. Similarly, both Royal Caribbean and Norwegian Cruise Line offer comparable shareholder benefits. To claim these benefits, investors need to provide proof of ownership, such as a shareholder proxy card or a copy of a current brokerage statement.

Pent-Up Demand: Cruise line companies have seen a rebound in demand as customers book cruises they had put on hold during COVID-19. This positions operators in the sector to boost profits as fleets are back at total capacity with reduced COVID requirements. In March 2023, for example, Carnival Cruise Lines said it had reached record future bookings.

High Debt Load: Cruise line companies racked up substantial debt over the past several years to stay afloat during the pandemic. With inflation leading to higher fuel costs and rising interest rates , these elevated debt levels will become increasingly difficult to service, increasing the risk of the companies offering new shares to raise capital , thus diluting the stakes of current shareholders.

Future Pandemics: Cruise Line stocks sank during the pandemic, with the sector facing multiple challenges from bad publicity, no-sail orders, and a sluggish recovery. In the early stages of the health crisis, reports of major outbreaks spreading onboard put downward pressure on the group. Selling accelerated as the Centers for Disease Control and Prevention (CDC) issued and extended no-sail orders. Although forward bookings have bounced back, these challenges remind investors that future pandemics remain a risk for cruise line stocks.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. Read our  warranty and liability disclaimer  for more info.

As of the date this article was written, the author does not own any of the above stocks.

The Maritime Executive. " Cruising’s Rebound Raises Hopes of Normalcy Going Forward ."

YCharts. " Financial Data ."

Carnival Corp. " CARNIVAL CORPORATION & PLC PROVIDES FIRST QUARTER 2023 BUSINESS UPDATE ."

Norwegian Cruise Line Holdings Ltd. " Norwegian Cruise Line Holdings Reports First Quarter 2023 Financial Results ."

Royal Caribbean Cruises Ltd. " Form 10-K for the fiscal year ended December 31, 2022 ." Page 2.

Royal Caribbean Group. " ROYAL CARIBBEAN GROUP REPORTS FIRST QUARTER EARNINGS AND INCREASES FULL YEAR GUIDANCE ON STRONG REVENUE OUTLOOK ."

Cruise Radio. " Overview: Cruise Line Stock Benefits for Shareholders ."

Fox Business. " Carnival Cruise Lines has record future bookings, demand rebounds ."

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Caribbean Commands Highest Cruise Market Share, Followed by Med

• June 7, 2023

The Caribbean will command the highest share of the global cruise industry’s deployment, with approximately 38 percent market share, according to the 2023 Cruse Industry News Annual Report

That number is down from 40 percent in 2022. The Caribbean had 39 percent market share in 2019, the last “normal” year of operations prior to the Covid-19 pandemic.

The Mediterranean is the second largest deployment region for another year running, with 17.5 percent market share, down from 19.2 percent in 2022, and compared to 14.8 percent in 2019.

Both regions are benefitting from a slow-to-restart Asian market, as a number of ships that could have been sailing in Asia have since been redeployed to Europe and North America.

One of those ships is the Carnival Venezia. Having launched as the Costa Venezia in 2019, the ship was built for year-round operations in China. The vessel relocated to Europe with China closed to cruise, sailing for Costa and sourcing passengers in Europe. Now the ship is heading to New York City where she will be based year-round for Carnival Cruise Line.

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Market Share of Main Cruise Lines, 2023

Source: adapted from Cruise Industry News. In terms of vessel capacity.

The cruise line market is oligopolistic in its ownership but diversified in the offering of services. It fundamentally competes for the discretionary spending of tourists by offering different brands. Two main cruise lines account for 63% of the market; Carnival and Royal Caribbean. Each owns a portfolio of lines catering to a specific market in terms of cost and experience. Thus, the industry offers product diversity through a market segmentation of cruise offerings, even if ownership is highly concentrated.

Carnival Corporation & plc. , the world’s largest cruise operator, was founded in 1972 and is headquartered in Miami. In addition to Carnival Cruise Lines, it owns Holland America Line, Costa Cruises, Princess Cruises, Seabourn Cruise Line, Windstar Cruises, AIDA Cruises, Cunard Line, Ocean Village, P&O Cruises, Swan Hellenic, and P&O Cruises Australia. The fleet sails year-round in the Caribbean, Mexico, and Panama. The seasonal routes operate in Alaska, Hawaii, the Panama Canal, and the Canadian waters.

Royal Caribbean Cruise Lines is the world’s second-largest cruise line and was founded in 1969. It is a major brand with new types of ships, large tonnages, and diverse facilities. It owns cruise ship brands such as Royal Caribbean International (RCI), Celebrity Cruises, Azamara Club Cruises, Pullmantur, and CDF (Croisieres de France). Royal Caribbean International operates the world’s largest super-luxury cruise ships (Oasis class vessels).

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Carnival shares rise as flood of demand for cruise bookings bolsters record quarterly results

After cruises became the canary in the coal mine for the tourism industry’s decimation during the pandemic, bookings have come roaring back. The biggest winner is cruise companies, with Carnival reporting on Tuesday that it had reached record revenue in the second quarter of 2024.

The outlook for the cruise giant is even rosier for 2025, with advanced bookings set to be higher than in 2024. Analysts at UBS maintained their buy rating on the stock, setting a target price of $21. Carnival shares rose Tuesday on the news, reaching $18.40 at time of publication after hovering around $16 at the start of the week.

A rising tide

After a disastrous 2020 and 2021, which saw cruise companies lose tens of billions of dollars and become saddled with debt, they won back customers with what a Morningstar analyst referred to as "diplomatic pricing"—offering deep discounts and packaging together amenities.

In Tuesday's second-quarter earnings release, Carnival announced it had prepaid around $6.6 billion in debt over the last 15 months, reducing its debt by nearly 40%. With growing revenue, however, the company also has invested in infrastructure, including installing the Elon Musk–run internet service Starlink across its fleet and launching a new ship called Queen Anne, which can hold 3,000 passengers.

Competition remains steep, with Royal Caribbean unveiling the Icon of the Seas, the world's largest cruise ship, in January. Carnival's market cap of $23 billion is just over half of Royal Caribbean's $41 billion, though it remains the largest company in the industry by number of boats. The Switzerland-based Viking remains the smallest of the big three, with a market cap of around $13 billion.

Despite the positive outlook, UBS analysts warned that an economic slowdown, especially in the U.S. and Europe, could impact booking levels and pricing. Fuel prices remain another concern. Still, Tuesday's financials outperformed the analysts' expectations, largely driven by increased bookings and higher pricing. According to a separate report from Morningstar, booking patterns indicate that 2025 could yield higher results than the 3% previously predicted.

A May report from the trade association Cruise Lines International Association attributed the growth to new passengers, with 27% of "cruisers" over the past two years embarking on their first voyage, an increase of 12% over the past year. According to the report, cruise tourism rebounded faster than other forms of travel after the pandemic, with 31.7 million passengers in 2021 compared with pre-pandemic numbers of 29.7 million in 2019.

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After nearly collapsing during COVID, it’s now an amenities arms race for the cruise industry

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The world’s largest cruise company, Carnival, announces its quarterly earnings Tuesday.

Four years ago, the pandemic all but shut down the cruise industry , and operators incurred huge debt just to maintain their mothballed fleets. But the industry has bounced back and then some; passenger numbers last year exceeded pre-pandemic levels.  

When it comes to vacationers, you’ve got your national park people, you’ve got your museum lovers. And then, said Cornell’s Rob Kwortnik, you’ve got your cruisers.

“Cruise fanatics are — they’re a breed unto themselves. They absolutely love the experience,” he said.

And they’re reliable customers who helped the industry set sail after the COVID shutdowns. But it’s not the diehards who are driving the near-record growth today, Kwortnik noted.

“The new-to-cruise is the lifeblood of the industry, and so there’s always efforts to try to persuade someone who’s a land-based vacationer to take a cruise,” he said.

If you’re into rock climbing, ice skating or riding roller coasters, you can do all those things on a boat. And this arms race of amenities is even spilling over onto land, according to Assia Georgieva of Infinity Research.

“In addition to the actual ships, private islands have been really important,” she said.

That’s right: private islands. Georgieva said that cruise companies are investing more and more in their own ports of call. So, instead of docking in a city to soak up local culture and food, “you can experience a beach club. You can go jet skiing, water slides that I just absolutely love,” she said. “I’m probably the oldest person that goes up there with all the kids.”

These all-inclusive experiences seem to be attracting extended families. “So now we’re having three generations going on a cruise ship,” said Georgieva.

Including some who may have never cruised before.

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Stock market today: Wall Street hangs around its records after European stocks slump

FILE - Specialist James Denaro works at his post on the floor of the New York Stock Exchange on June 12, 2024. Global shares were mixed on Friday, June 14, 2024, after Wall Street touched fresh records, with benchmarks pushed higher by the frenzy over artificial intelligence technology. (AP Photo/Richard Drew, File)

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NEW YORK (AP) — U.S. stocks hung around their record levels on Friday as Wall Street remained relatively quiet following another slide in Europe.

The S&P 500 edged down by less than 0.1%, marking the first time this week where it did not set an all-time high. The Dow Jones Industrial Average dipped 57 points, or 0.1%, while the Nasdaq composite added 0.1% to its record set a day before on the back of gains for technology stocks.

Losses were sharper across the Atlantic, where markets have been rocked by the results of recent elections in Europe. Wins by far-right parties have raised the pressure on France’s president in particular, and investors worry it could weaken the European Union, stall fiscal plans and ultimately hurt France’s ability to pay its debt. Recent elections have also shaken markets in Mexico, India and elsewhere.

France’s CAC 40 fell 2.7% to bring its loss for the week to 6.2%, its worst in more than two years. Germany’s DAX lost 1.4%.

On Wall Street, RH fell 17.1% after reporting a worse loss for the latest quarter than financial analysts expected. The seller of home furnishings called this “the most challenging housing market in three decades.”

High mortgage rates have hurt the housing market, as the Federal Reserve has kept its main interest rate at the highest level in more than two decades. The central bank is intentionally slowing the economy through high rates in hopes of starving high inflation of its fuel.

Cruise-ship operators were among the market’s biggest losers after analysts at Bank of America flagged softening price trends for trips. Norwegian Cruise Line dropped 7.5% for the worst loss in the S&P 500, and Carnival fell 7.1%.

Stocks have nevertheless set records as hopes rise that inflation is slowing enough to convince the Federal Reserve to cut interest rates later this year. Big technology stocks, meanwhile, continue to race ahead almost regardless of what the economy and interest rates are doing.

Adobe jumped 14.5% after reporting stronger profit for the latest quarter than analysts expected.

Broadcom rose 3.3% for a second straight day of gains after reporting better profit than expected and a 10-for-one stock split to make its price more affordable. Nvidia gained 1.8% as the poster child of the rush into artificial-intelligence technology sees its total market value climb even higher above $3 trillion.

Nvidia was the strongest single force pushing upward on the S&P 500, as has become almost routine recently. Adobe and Broadcom were close behind.

All told, the S&P 500 dipped 2.14 points to 5,431.60. The Dow lost 57.94 to 38,589.16, and the Nasdaq composite added 21.32 to 17,688.88.

In the bond market, U.S. Treasury yields ticked lower after a preliminary report from the University of Michigan suggested sentiment among U.S. consumers failed to improve this month, against economists’ expectations.

Solid spending by U.S. households has been one of the main engines keeping the economy out of a recession, but “assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes,” according to Joanne Hsu, director of the Surveys of Consumers.

Perhaps more importantly for financial markets, expectations for upcoming inflation among U.S. consumers don’t seem to be moving much, even if they are relatively high. That’s an encouraging signal that the economy could avoid a self-fulfilling cycle where expectations for higher inflation drive behavior that creates more of it.

The yield on the 10-year Treasury fell to 4.21% from 4.25% late Thursday. It had been as high as 4.60% late last month, before a couple of encouraging reports on inflation .

In stock markets abroad, indexes were mixed in Asia. Japan’s Nikkei 225 rose 0.2% after the country’s central bank held steady on interest rates.

AP Business Writer Yuri Kageyama contributed.