Cruises - Ghana | Statista Market Forecast

By 2024, the projected revenue for the Cruises market is estimated to hit US$2.77m.
Moreover, the market is predicted to achieve an annual growth rate (CAGR 2024-2029) of 12.66%, which will result in an anticipated market volume of US$5.02m by 2029.
In Ghana, the number of users in the Cruises market is expected to reach 8.26k users by 2029.
The user penetration rate is expected to increase from 0.01% in 2024 to 0.02% by 2029.
Additionally, the average revenue per user (ARPU) is expected to be US$570.70.
The online sales channel is projected to contribute 20% of the total revenue for the Cruises market by 2029.
It is worth noting that in a global comparison, United States is expected to generate the highest revenue in the Cruises market, amounting to US$25bn in 2024.
Ghana's emerging cruise market offers unique cultural experiences, with ports of call including the historic castles of Cape Coast and the vibrant markets of Accra.

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.

For further information on the data displayed, refer to the info button right next to each box.

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 Ghana has been experiencing steady growth and development in recent years.

Customer preferences: Globally, there has been a shift towards experiential travel, with travelers seeking unique and immersive experiences. This trend is also reflected in Ghana, where tourists are increasingly looking for cruise experiences that offer a blend of relaxation, adventure, and cultural exploration.

Trends in the market: In Ghana, there has been a noticeable increase in the number of cruise operators offering itineraries along the country's picturesque coastline. Tourists are drawn to the opportunity to explore Ghana's vibrant culture, historical sites, and stunning beaches from the unique vantage point of a cruise ship. Additionally, the development of modern cruise terminals and infrastructure in Ghana has made it easier for cruise companies to include the country in their routes.

Local special circumstances: One of the key factors driving the growth of the Cruises market in Ghana is the country's rich cultural heritage and diverse attractions. From the bustling markets of Accra to the historic castles along the coast, Ghana offers a unique blend of history, culture, and natural beauty that appeals to cruise passengers looking for authentic experiences. The warm hospitality of the Ghanaian people and the country's reputation for safety and stability also contribute to making it an attractive cruise destination.

Underlying macroeconomic factors: The growth of the Cruises market in Ghana is also supported by broader macroeconomic factors such as increasing disposable incomes and a growing middle class. As more Ghanaians have the financial means to travel, there is a corresponding rise in domestic demand for cruise vacations. Additionally, the government's efforts to promote tourism and improve infrastructure further enhance Ghana's appeal as a cruise destination.

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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