Global Marine Tourism market will reach 92770 million US$ by the end of 2025

Publisher: QYResearch
Published Date: 2019/10/8

The global Marine Tourism market is valued at 58858 million USD in 2018E and is expected to reach 92770 million USD by the end of 2025, growing at a CAGR (Compounded Annual Growth Rate) of 6.72% between 2018E and 2025.

The market is fragment, the key players are Carnival Corporation, Royal Caribbean, Norwegian Cruise Lines, MSC Cruises, Genting Hong Kong, Dream Yacht Charter, Silversea Cruises (Royal), Disney Cruise and so on.

Cruising is considered a well-established vacation sector in the North American and European markets and a developing sector in several other emerging markets. Industry data indicates that market penetration rates are still low and that a significant portion of cruise guests carried are first-time cruisers. We believe this presents an opportunity for long-term growth and a potential for increased profitability.

The cruise market has expanded in recent decades, with aggressive competition among cruise lines, which have developed distinctive brand positions to differentiate themselves from competitors. Consequently, cruise ships today offer a world of innovative facilities, and services that aim to satisfy the expectations of a growing population of travellers. The industry has responded to the desires of passengers by developing new destinations, ship designs, and on-board amenities. However, in terms of sustainability, the attention of the cruise lines seems confined to relatively minor policies and practices of waste management, water treatment policy, and reduction of air emissions.

Cruise industry growth seems, therefore, to be in conflict with the sustainability paradigm, against the backdrop of an increasingly fragile ecosystem. The images that the cruise lines offer their passengers do not correspond to an authentically ecological version of cruise tourism development, genuinely respectful towards the environment and natural ecosystems. This would require a long-term management strategy, both holistic and multi-voiced, involving international agencies, cruise line operators and host communities.

The future growth strategies increasingly depend on the growth and sustained profitability of certain international markets, such as China. Some factors that will be critica to the success in developing these markets may be different than those affecting the more-established North American and European markets. In the Chinese market, in particular, the future success depends on the ability to continue to raise awareness of Marine Tourism products, evolve the available distribution channels and adapt the offerings to best suit the Chinese consumer.

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