Market Insights Mobility Travel & Tourism

Cruises - Albania

Albania

In 2024, the projected revenue in the Cruises market is expected to reach US$1.48m.
By 2029, the revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.99%, resulting in a projected market volume of US$1.98m.
Moreover, the number of users in the Cruises market is expected to amount to 3.14k users by 2029.
As for user penetration, it is expected to increase from 0.07% in 2024 to 0.11% by 2029.
Additionally, the average revenue per user (ARPU) is projected to amount to US$0.78k.
It is worth noting that in the Cruises market, 25% of total revenue will be generated through online sales by 2029.
As for Albania, it is important to mention that the global comparison shows that United States will generate the largest share of revenue in the Cruises market, reaching US$24,700m in 2024.
Albania's emerging tourism industry has not yet fully tapped into the potential of cruise ships, but the country's stunning coastline presents an opportunity for growth in the market.

Key regions: Indonesia, Singapore, United States, India, Vietnam

Market

Region

Region comparison

Currency

Analyst Opinion

The Cruises market in Albania has been experiencing a steady growth in recent years, reflecting the global trend of increasing interest in cruise travel.

Customer preferences: Travelers in Albania are showing a growing interest in cruise vacations due to the allure of exploring multiple destinations in one trip, convenience of unpacking only once, and the variety of onboard amenities and activities available. The appeal of an all-inclusive experience with accommodation, meals, entertainment, and transportation included is also attracting more Albanian tourists to choose cruises for their holidays.

Trends in the market: One noticeable trend in the Albanian Cruises market is the increasing demand for cruises that visit less mainstream destinations and offer unique cultural experiences. Travelers are seeking authentic and off-the-beaten-path destinations, leading to cruise companies expanding their itineraries to include ports in Albania and other emerging markets in the region. Additionally, there is a rising interest in themed cruises catering to specific interests such as gastronomy, wellness, or adventure activities, providing a niche market for cruise operators to explore in Albania.

Local special circumstances: Albania's strategic location along the Adriatic and Ionian Seas positions it as a promising cruise destination with its stunning coastline, rich history, and cultural heritage. The country's efforts to develop its tourism infrastructure, improve port facilities, and enhance the overall visitor experience are contributing to the growth of the Cruises market in Albania. Moreover, the government's initiatives to promote tourism and attract foreign investment are creating a favorable environment for cruise operators to include Albania in their itineraries.

Underlying macroeconomic factors: The improving economic conditions in Albania, coupled with rising disposable incomes and changing consumer preferences towards experiential travel, are driving the growth of the Cruises market in the country. As more Albanians seek unique and memorable travel experiences, the cruise industry is poised to benefit from this shift in consumer behavior. Additionally, the increasing connectivity and accessibility of cruise routes in the Mediterranean region are making cruise vacations more accessible and appealing to Albanian travelers.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of cruises.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.