Cruises - Burkina Faso | Statista Market Forecast

By 2024, the projected revenue for the Cruises market is set to reach US$191.20k.
Following a steady annual growth rate (CAGR 2024-2029) of 3.58%, the market volume is expected to soar to US$227.90k by 2029.
Moreover, the number of users in the Cruises market is expected to spike to 557.20users by 2029.
It is noteworthy that user penetration is anticipated to remain at 0.00% throughout 2024-2029.
The average revenue per user (ARPU) is also expected to remain stable at US$513.10.
Looking at the sales distribution, 17% of total revenue is projected to be generated through online sales by 2029.
Furthermore, in the global comparison of generated revenue, United States is expected to lead with US$25bn in 2024.
While Burkina Faso is not a popular cruise destination, the country's tourism industry has been growing, presenting an opportunity for cruise companies to explore its potential.

Definition:

A cruise is a multi-day vacation trip on a cruise ship which crosses the sea or large inland waters while calling at different tourist destinations along a certain route. With this kind of ship journey, it is not the aspect of transport that is in the spotlight but the stay aboard the ship as well as visiting the tourist destinations. The Cruises market encompasses exclusively passenger ticket revenues. Onboard and other revenues are not included.

Additional Information:

The main performance indicators of the Cruises market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

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Multi-day cruises
Ocean cruises and river cruises

Trips by ferry (including trips with overnight stay)
Trips by ferry mainly for transport purposes

The Cruises market in Burkina Faso is showing signs of steady growth and development.

Customer preferences: Customers in Burkina Faso are increasingly drawn to the idea of cruising as a luxurious and adventurous way to travel and explore different destinations. The opportunity to experience high-quality services, diverse entertainment options, and exotic destinations is appealing to many travelers in the region.

Trends in the market: In Burkina Faso, there is a growing trend of travelers seeking unique and personalized cruise experiences. This has led to an increase in demand for niche cruises that cater to specific interests such as cultural immersion, eco-tourism, and wellness retreats. Additionally, there is a rising interest in shorter cruise itineraries that allow for quick getaways and weekend trips.

Local special circumstances: Burkina Faso's landlocked geography presents a unique challenge for the development of the Cruises market. However, this has also sparked innovation in the industry, with the introduction of river cruises along the country's waterways and themed cruises that focus on cultural experiences and local traditions. These specialized offerings have captured the interest of local travelers looking for new and exciting vacation options.

Underlying macroeconomic factors: The improving economic conditions in Burkina Faso have contributed to the growth of the Cruises market. With rising disposable incomes and a growing middle class, more people have the financial means to afford cruise vacations. Additionally, government initiatives to promote tourism and infrastructure development have made Burkina Faso a more attractive destination for cruise operators, further fueling the expansion of the market.

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.

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