Cruises - Guatemala | Statista Market Forecast

By 2024, revenue in the Cruises market of Guatemala is expected to reach US$1.91m.
Looking ahead, the market is projected to grow at an annual growth rate (CAGR 2024-2029) of 6.13%, which will result in a market volume of US$2.57m by 2029.
In the same period, the number of users in the Cruises market is expected to reach 4.75k users, with user penetration increasing from 0.02% in 2024 to 0.02% by 2029.
The average revenue per user (ARPU) is projected to reach US$538.20.
In terms of distribution channels, it is expected that 23% of the total revenue in the Cruises market of Guatemala will be generated through online sales by 2029.
It is worth noting that in global comparison, United States is expected to generate the most revenue in the Cruises market, with a projected revenue of US$25bn in 2024.
Guatemala's cruise market is rapidly growing, attracting tourists with its rich cultural heritage and stunning natural beauty.

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

Over the past decade, the Cruises market in Guatemala has experienced a steady growth in demand and popularity among tourists visiting the region.

Customer preferences: Travelers in Guatemala are increasingly opting for cruise vacations as a convenient and all-inclusive way to explore various destinations in a short period of time. The appeal of luxury cruise ships offering a wide range of amenities, entertainment options, and exotic itineraries has captured the interest of Guatemalan tourists looking for unique travel experiences.

Trends in the market: One noticeable trend in the Cruises market in Guatemala is the growing interest in eco-friendly and sustainable cruise options. Travelers are becoming more conscious of their environmental impact and are seeking cruises that prioritize sustainability practices and support local communities. This trend aligns with the global movement towards responsible tourism and eco-conscious travel choices.

Local special circumstances: Guatemala's strategic location along the Caribbean Sea and Pacific Ocean offers a prime opportunity for cruise companies to include the country in their itineraries. The stunning natural beauty, rich cultural heritage, and diverse attractions in Guatemala make it an appealing destination for cruise passengers looking to explore beyond the typical tourist hotspots. Additionally, the government's efforts to improve infrastructure and promote tourism have further boosted the Cruises market in the country.

Underlying macroeconomic factors: The overall economic stability and growth in Guatemala have contributed to the positive development of the Cruises market. As disposable incomes rise and the middle class expands, more Guatemalans are able to afford luxury cruise vacations. Additionally, the government's focus on tourism development and investment in port facilities have enhanced the country's attractiveness as a cruise destination, driving further growth in 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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