Cruises - Argentina

Argentina

Highlights

Argentina is projected to see a revenue of US$255.80m in the Cruises market by 2024.
This is expected to grow annually at a rate of 6.65% (CAGR 2024-2029) leading to a projected market volume of US$352.90m by 2029.
The number of users in this market is estimated to be 421.10k users in 2029, with a user penetration of 0.54% in 2024.
This is predicted to increase to 0.89% by 2029.
The average revenue per user (ARPU) in the country is expected to be US$1.03k.
By 2029, online sales are projected to account for 28% of the total revenue in the Cruises market.
It is interesting to note that in a global comparison, United States is expected to generate the most revenue in this market with an estimated revenue of US$25bn in 2024.
Argentina's proximity to Antarctica and the natural beauty of its coastline make it an increasingly popular destination for luxury cruise lines.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cruises market in Argentina has been experiencing a notable growth in recent years, with an increasing number of travelers opting for cruise vacations to explore the beautiful destinations along the Argentine coast.

Customer preferences: Argentinian customers are showing a growing interest in cruise vacations due to the convenience and all-inclusive nature of cruise packages. Many travelers appreciate the opportunity to visit multiple destinations in one trip without the hassle of coordinating transportation and accommodation separately. Additionally, the variety of onboard activities and amenities cater to different age groups and interests, making cruises an attractive option for families, couples, and solo travelers alike.

Trends in the market: One noticeable trend in the Argentine Cruises market is the rise of domestic cruise tourism. More Argentinians are choosing to explore their own country's coastal destinations through cruises, contributing to the overall growth of the market. This trend is also supported by an increase in the number of cruise operators offering routes along the Argentine coast, providing travelers with a wider range of options to choose from.

Local special circumstances: Argentina's unique geographical features, including its stunning coastline along the Atlantic Ocean and the diverse attractions of cities like Buenos Aires and Ushuaia, make it an appealing destination for cruise travelers. The country's rich cultural heritage, vibrant nightlife, and delicious cuisine further enhance the overall cruise experience for passengers. Additionally, the development of modern cruise terminals in cities like Buenos Aires has improved the infrastructure for cruise tourism, making it more convenient for both passengers and cruise operators.

Underlying macroeconomic factors: The growth of the Cruises market in Argentina can also be attributed to favorable macroeconomic conditions, such as increasing disposable incomes and a growing middle class. As more Argentinians have the financial means to afford leisure travel, the demand for cruise vacations is expected to continue rising. Furthermore, the government's efforts to promote tourism and improve infrastructure in key tourist destinations have created a supportive environment for the development of the cruise industry in Argentina.

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.