Cruises - Montenegro

Montenegro

Highlights

The projected revenue for the Cruises market in Montenegro is expected to reach US$709.60k by 2024, with an anticipated annual growth rate (CAGR 2024-2029) of 1.57%.
This growth is expected to result in a market volume of US$767.20k by 2029.
By then, the number of users in the Cruises market is projected to reach 1.90k users.
The user penetration is estimated to be 0.20% in 2024, which is expected to rise to 0.31% by 2029.
The average revenue per user (ARPU) is expected to be US$561.70.
It is projected that 22% of the total revenue generated in the Cruises market in Montenegro will be from online sales by 2029.
In global comparison, United States is expected to generate the most revenue, with a projected revenue of US$25bn in 2024.
Montenegro's emerging cruise industry is focused on small luxury ships, offering unique itineraries that showcase the country's stunning coastline and rich cultural heritage.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cruises market in Montenegro has been experiencing significant growth in recent years, attracting a growing number of tourists seeking unique travel experiences along the Adriatic coast.

Customer preferences: Tourists visiting Montenegro are increasingly looking for alternative travel options that offer a combination of luxury, adventure, and cultural immersion. Cruises provide an all-in-one experience that allows travelers to explore multiple destinations in a convenient and comfortable manner. With an increasing focus on sustainable tourism, many tourists are also drawn to cruises that prioritize environmental conservation and responsible travel practices.

Trends in the market: One of the notable trends in the Montenegro Cruises market is the rise of small ship and luxury cruises. These cruises offer a more intimate experience, allowing passengers to visit smaller ports and engage in authentic cultural experiences. Additionally, themed cruises focusing on wellness, gastronomy, or adventure activities are becoming increasingly popular among tourists looking for niche travel experiences. The demand for personalized and tailor-made cruise itineraries is also on the rise, catering to the diverse preferences of modern travelers.

Local special circumstances: Montenegro's stunning coastline, picturesque medieval towns, and rich cultural heritage make it a prime destination for cruise tourism. The country's strategic location along the Adriatic Sea, combined with its relatively untouched natural beauty, offers a unique cruising experience that sets it apart from other Mediterranean destinations. Furthermore, Montenegro's efforts to develop its cruise infrastructure, including the expansion of port facilities and the promotion of cruise tourism, have contributed to the market's growth.

Underlying macroeconomic factors: The growth of the Cruises market in Montenegro can be attributed to various macroeconomic factors, including the country's overall tourism development strategy, infrastructure investments, and government support for the cruise industry. Additionally, Montenegro's increasing popularity as a travel destination, coupled with the rising trend of experiential travel, has fueled the demand for cruise experiences in the region. As disposable incomes rise globally and travelers seek unique and immersive experiences, the Cruises market in Montenegro is likely to continue its upward trajectory 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.