Cruises - Cuba | Statista Market Forecast

By 2024, revenue in the Cruises market in Cuba is projected to reach US$14.60m.
It is expected to show an annual growth rate (CAGR 2024-2029) of 1.36%, resulting in a projected market volume of US$15.62m by 2029.
Looking at the user base in the Cruises market, the number of users is expected to amount to 18.19k users by 2029.
In 2024, user penetration is 0.16% and is expected to hit 0.16% by 2029.
The average revenue per user (ARPU) is expected to amount to US$815.00.
In terms of revenue generation, it is projected that 21% of total revenue in the Cruises market in Cuba will be generated through online sales by 2029.
Comparing globally, United States is expected to generate the most revenue in the Cruises market with US$25bn in 2024.
Cuba's cruise market is booming as travelers flock to explore the country's rich history, vibrant culture, and stunning scenery.

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 Cuba has been experiencing significant growth and development in recent years.

Customer preferences: Cruise passengers in Cuba are increasingly seeking unique and authentic experiences, including cultural immersion and interaction with local communities. This has led to a rise in demand for cruises that offer visits to off-the-beaten-path destinations and opportunities to engage with Cuban culture and heritage.

Trends in the market: One notable trend in the Cuban cruise market is the increase in smaller cruise ships and luxury vessels catering to high-end travelers looking for exclusive and personalized experiences. Additionally, there is a growing interest in sustainable and eco-friendly cruises that minimize environmental impact and support local conservation efforts.

Local special circumstances: Cuba's unique history, vibrant culture, and picturesque landscapes make it a popular destination for cruise travelers seeking a mix of relaxation and exploration. The country's rich heritage, including its colonial architecture, classic cars, and world-renowned music and dance scene, offers a distinctive experience for visitors.

Underlying macroeconomic factors: The gradual easing of travel restrictions and improved diplomatic relations between Cuba and other countries have contributed to the growth of the cruise market in Cuba. Additionally, the government's efforts to invest in tourism infrastructure and promote the country as a top travel destination have attracted more cruise lines to include Cuba in their itineraries.

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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