What is the cruise market forecast for 2023?

Revenue in the Cruises market is projected to reach US$25.14bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 9.29%, resulting in a projected market volume of US$35.87bn by 2027. In the Cruises market, the number of users is expected to amount to 32.53m users by 2027.



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Cruising in 2023 is mostly back to normal following the pandemic-induced changes implemented across the industry in 2021 and 2022. Pre-cruise testing has been almost entirely abolished, ships are sailing at full capacity, and new ships are being constructed.

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Many cruise stocks have outpaced the stock market and rewarded investors in 2023. Significant travel growth has helped cruise lines hit revenue records and get closer to profitability. Many of these same stocks also offered dividends and reliably paid them for several years before the pandemic.

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Cruise stocks fell Tuesday, with Norwegian Cruise Line plummeting, after the company set a third-quarter profit outlook that was narrower than Wall Street expected. Norwegian's shares were recently down more than 12%, on pace to break a four-day winning streak and one of the S&P 500's worst performances on the day.

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While the cruise lines have been sailing around 60-80% capacity in 2022, some are predicting they will reach 100%+ occupancy by the middle of this year. So, with more individuals wanting to cruise, this means higher cruise fares. We are already feeling these effects when trying to plan trips for the year ahead.

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The prices of some cruises will decrease last minute – but this doesn't always happen. Booking a cruise within the last 60/90 days may not always be the best way to get a bargain. If you leave it this late you run the risk of the cruise line only having a few cabins left and the prices increasing.

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For 2023, the passenger capacity is forecast to grow another 18 percent, with the full fleet sailing, plus new ships entering service, offset by the retirement of older ships and some brands that ceased service during the pandemic.

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He noted the removal of COVID-19-related cruising restrictions in the fall of 2022 as a big factor in boosting Europe bookings and allowing for price increases, and he said the surge in bookings was coming from both veteran cruisers and newcomers.

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Cruise Tourism Market in the United States and Canada produces the utmost share. Whereas the European Cruise Tourism Market is projected to continue its presence globally during the period of 2023-2030.

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CLIA forecasts passenger numbers will not only meet but exceed pre-pandemic levels by the end of 2023. And according to Cruise Industry News' cruise ship orderbook for ocean-going vessels, nearly 40 new ships are lined up to debut this year alone, with more than 75 vessels on order through 2027.

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