Cruise Industry on Course for Recovery and Growth in 2023

Post-Pandemic Surge in Ocean Cruise Passengers

The cruise industry is experiencing a remarkable rebound in 2023, with the number of ocean cruise passengers worldwide recovering from the impact of the COVID-19 pandemic. This surge is fueled by pent-up demand for travel and increased consumer confidence.

Investment in New Technology and Sustainability

To meet the growing demand, the industry is investing billions in new ships and engines that enable fuel flexibility. This investment allows cruise lines to use low to zero-GHG (greenhouse gas) emissions, reducing their environmental impact. Additionally, ships are increasingly using renewable biofuel as an energy source, further contributing to sustainability efforts.

Global Market Expansion and Growth Potential

The global cruise market size reached USD 767 billion in 2022 and is projected to grow at a steady rate. This growth is driven by factors such as the rising popularity of ocean cruising and increased disposable income in emerging markets. Morgan Research predicts that the cruise industry will capture 38% of the $19 trillion global travel and tourism market by 2030.

Industry Trends and Impact of COVID-19

The cruise industry is experiencing key trends such as the growth of mainstream and ocean cruise ships. The industry is also adapting to the impact of COVID-19, implementing safety measures and protocols to ensure the well-being of passengers and crew.