Cruises - Canada | Statista Market Forecast

Cruises - Canada

Canada

Highlights

Canada is expected to contribute to the growth of the Cruises market, with a projected revenue of US$1.21bn by 2024.
It is estimated that the market's revenue will grow at an annual rate of 1.86% from 2024 to 2029, resulting in a market volume of US$1.33bn by 2029.
The number of users in the Cruises market is expected to reach 1.25m users by 2029, with a user penetration rate of 2.55% in 2024 and a projected rate of 3.06% by 2029.
The average revenue per user (ARPU) is expected to be US$1.21k.
Additionally, it is projected that 29% of the total revenue in the Cruises market will be generated through online sales by 2029.
When compared globally, United States is expected to generate the highest revenue in the Cruises market, with a projected revenue of US$25bn in 2024.
Canada's cruise market has seen a rising demand for expedition cruises to remote destinations like the Arctic and Newfoundland.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cruises market in Canada continues to experience growth and development, driven by various factors influencing customer preferences and market trends.

Customer preferences: Canadian consumers are increasingly seeking unique and experiential travel options, leading to a growing interest in cruise vacations. The convenience of visiting multiple destinations in a single trip, combined with onboard amenities and entertainment, appeals to a wide range of travelers. Additionally, the emphasis on sustainability and eco-friendly practices in the cruise industry aligns with the environmentally conscious mindset of many Canadian travelers.

Trends in the market: One prominent trend in the Canadian cruises market is the expansion of cruise itineraries to include more domestic ports of call. This trend caters to the preferences of travelers looking to explore the diverse coastal regions of Canada, from the rugged beauty of the Atlantic provinces to the pristine landscapes of British Columbia. Furthermore, the introduction of themed cruises and niche offerings, such as culinary cruises or wellness retreats, reflects the evolving demands of Canadian consumers seeking personalized and immersive experiences.

Local special circumstances: Canada's vast coastline and strategic geographic position make it a key player in the North American cruise industry. The country's ports serve as important embarkation points for cruises to Alaska, the Caribbean, and other international destinations, contributing to the overall growth of the Canadian cruises market. Moreover, the seasonal nature of cruising in Canada, with peak travel periods during the summer months, influences itinerary planning and pricing strategies to attract both domestic and international passengers.

Underlying macroeconomic factors: The stability of the Canadian economy, coupled with a strong Canadian dollar, has bolstered consumer confidence and disposable income levels, enabling more Canadians to consider cruise vacations as a viable travel option. Additionally, strategic marketing efforts by cruise lines to promote Canada as a desirable cruise destination have contributed to the overall positive momentum in the market. As the industry continues to innovate and adapt to changing consumer preferences, the Cruises market in Canada is poised for further growth and diversification in the coming years.

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.