Cruises - Bangladesh

Bangladesh

Highlights

By 2024, the projected revenue in the Cruises market in Bangladesh is expected to reach US$9.71m .
Moreover, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 11.80%, resulting in a projected market volume of US$16.96m by 2029.
Additionally, the number of users in the Cruises market in Bangladesh is expected to rise to 18.49k users by 2029.
In 2024, the user penetration rate is expected to be 0.01% which is also projected to remain the same by 2029.
The expected average revenue per user (ARPU) is US$888.10 .
Furthermore, it is forecasted that by 2029, 24% of the total revenue in the Cruises market will be generated through online sales in Bangladesh.
It is noteworthy that in a global comparison, United States is expected to generate the most revenue in the Cruises market, amounting to US$25bn in 2024.
Bangladesh's growing middle class is showing an increasing interest in luxury cruises, leading to a rise in demand for premium cruise packages.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Over the past few years, the Cruises market in Bangladesh has been experiencing a notable growth trajectory, reflecting changing consumer preferences and economic developments in the country.

Customer preferences: Bangladeshi consumers are increasingly drawn to the idea of cruising as a unique and luxurious travel experience. The opportunity to explore different destinations in a single trip, combined with on-board entertainment and amenities, appeals to a growing segment of the population. Additionally, the convenience of all-inclusive packages and the perception of safety and security on cruise ships are factors driving the demand for cruises among Bangladeshi travelers.

Trends in the market: One notable trend in the Bangladesh Cruises market is the emergence of domestic cruise routes along the country's rivers and coastlines. These domestic cruises offer a blend of cultural experiences, scenic views, and relaxation, catering to both local and international tourists. Furthermore, partnerships between cruise companies and local tour operators have facilitated the development of specialized cruise packages tailored to the preferences of Bangladeshi travelers.

Local special circumstances: Bangladesh's geographical location as a delta region with numerous rivers and waterways presents a unique advantage for the development of the Cruises market. The country's rich cultural heritage, including historical sites and traditional festivities, provides a diverse range of attractions for cruise itineraries. Moreover, the government's efforts to promote tourism and improve infrastructure have created a conducive environment for the growth of the Cruises market in Bangladesh.

Underlying macroeconomic factors: The steady economic growth and rising disposable incomes in Bangladesh have contributed to an increase in outbound tourism, including cruise travel. As more Bangladeshis seek novel travel experiences and higher standards of living, the demand for cruises is expected to continue on an upward trend. Additionally, the government's focus on promoting tourism as a key sector for economic development is likely to further boost the Cruises market in the country.

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.