Cruises - Madagascar | Statista Market Forecast

By 2024, the projected revenue for the Cruises market is set to reach US$907.20k.
It is expected that the revenue will grow annually at a rate of 8.59% from 2024 to 2029, resulting in a projected market volume of US$1.37m by 2029.
Madagascar is also expected to witness a rise in the number of users in the Cruises market, with an estimated 3.10k users users by 2029.
The user penetration rate in 2024 is 0.01% and is expected to remain the same by 2029.
The average revenue per user (ARPU) is expected to be US$470.40.
It is interesting to note that 21% of the total revenue generated in the Cruises market by 2029 will be through online sales.
Furthermore, in comparison to other countries, United States is projected to generate the most revenue, with an estimated revenue of US$25bn in 2024.
Madagascar's unique wildlife and stunning coastline make it an emerging destination for luxury expedition cruises.

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 Madagascar is experiencing a surge in interest and development.

Customer preferences: Travelers in Madagascar are increasingly seeking unique and exotic experiences, driving a growing demand for cruise vacations. The allure of exploring remote islands, pristine beaches, and diverse marine life is attracting tourists looking for off-the-beaten-path adventures.

Trends in the market: One notable trend in the Cruises market in Madagascar is the rise of expedition cruises. These cruises offer a more immersive experience, allowing passengers to engage in activities such as wildlife watching, snorkeling, and cultural interactions. As the global trend towards sustainable and responsible travel continues, expedition cruises in Madagascar are also focusing on environmental conservation and supporting local communities.

Local special circumstances: Madagascar's unique biodiversity and rich cultural heritage make it a compelling destination for cruise travelers. The island's stunning landscapes, including lush rainforests, baobab trees, and diverse wildlife, offer a one-of-a-kind backdrop for cruise itineraries. Additionally, the vibrant local culture, with traditional music, dance, and crafts, provides an authentic experience for visitors.

Underlying macroeconomic factors: The development of the Cruises market in Madagascar is also influenced by macroeconomic factors such as infrastructure improvements and government initiatives to promote tourism. Investments in port facilities and transportation networks are enhancing the country's cruise tourism infrastructure, making it easier for cruise lines to include Madagascar in their itineraries. Furthermore, government efforts to streamline visa processes and promote the country as a tourist destination are contributing to the growth of the Cruises market in Madagascar.

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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