Key regions: Indonesia, Singapore, United States, India, Vietnam
The cruise market in Morocco has been experiencing a notable growth in recent years, attracting both domestic and international tourists looking for unique travel experiences along the coastlines of the country.
Customer preferences: Travelers in Morocco are increasingly seeking experiential and culturally immersive vacations, which has led to a rising interest in cruise holidays. Tourists are drawn to the convenience and luxury of cruise ships, offering a variety of onboard activities, entertainment, and dining options. Moreover, the opportunity to visit multiple destinations in a single trip appeals to those looking to explore different cities and coastal regions.
Trends in the market: One prominent trend in the Moroccan cruise market is the expansion of cruise itineraries to include lesser-known ports and destinations along the country's coastline. This allows tourists to discover hidden gems and experience authentic Moroccan culture beyond the popular tourist spots. Additionally, cruise operators are incorporating more sustainable practices in their operations to cater to the growing demand for eco-friendly travel options.
Local special circumstances: Morocco's strategic location at the crossroads of Europe, Africa, and the Middle East makes it a favorable cruise destination with easy access to multiple continents. The country's rich history, diverse landscapes, and vibrant markets provide a unique and exotic experience for cruise passengers. Furthermore, the Moroccan government has been investing in infrastructure development to enhance port facilities and accommodate larger cruise ships, further boosting the cruise market in the region.
Underlying macroeconomic factors: The growth of the cruise market in Morocco can also be attributed to the overall increase in tourism and economic development in the country. As Morocco continues to invest in its tourism sector and promote itself as a top travel destination, the cruise industry stands to benefit from a larger pool of potential customers. Additionally, the stability of the political environment and improvements in security measures have helped attract more international visitors, including cruise passengers, to the country.
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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