Cruises - Nicaragua | Statista Market Forecast

By 2024, the projected revenue in the Cruises market is expected to reach US$810.60k.
Furthermore, the annual growth rate is anticipated to be 6.56% (CAGR 2024-2029), resulting in a projected market volume of US$1.11m by 2029.
It is expected that the number of users in the Cruises market will amount to 1.90k users by 2029.
In 2024, user penetration is 0.02% and is projected to increase to 0.03% by 2029.
The average revenue per user (ARPU) is expected to be US$536.20.
It is worth noting that in the Cruises market, 22% of total revenue will be generated through online sales by 2029.
In terms of global comparison, the majority of revenue (US$25bn in 2024) is expected to be generated United States.
It is interesting to observe that in Nicaragua, as a country, has a significant coastline on the Pacific Ocean and Caribbean Sea, which could potentially make it an attractive destination for the Cruise market.
Despite being a lesser-known destination, Nicaragua's pristine beaches and cultural heritage make it an emerging market for luxury 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.

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

Nicaragua, known for its stunning landscapes and rich cultural heritage, has been witnessing a steady growth in its Cruises market.

Customer preferences: Travelers are increasingly drawn to Nicaragua for its unspoiled natural beauty, diverse wildlife, and vibrant local communities. Tourists are seeking unique and authentic experiences, opting for cruises that allow them to explore the country's hidden gems and immerse themselves in its rich culture.

Trends in the market: The Cruises market in Nicaragua is experiencing a surge in demand for eco-friendly and sustainable cruise options. Travelers are becoming more environmentally conscious and are actively seeking cruises that prioritize responsible tourism practices. As a result, cruise operators in Nicaragua are focusing on offering eco-friendly excursions, supporting local conservation efforts, and promoting sustainable tourism initiatives.

Local special circumstances: Nicaragua's strategic location in Central America, with access to both the Caribbean Sea and the Pacific Ocean, makes it an attractive destination for cruise companies looking to expand their itineraries. The country's diverse geography, including pristine beaches, lush rainforests, and historic colonial cities, offers a wide range of experiences for cruise passengers. Additionally, Nicaragua's warm hospitality and welcoming locals contribute to its growing popularity as a cruise destination.

Underlying macroeconomic factors: The growing stability and development of Nicaragua's tourism infrastructure, including ports, transportation networks, and tourist facilities, have played a significant role in driving the growth of the Cruises market. The government's efforts to promote tourism and attract foreign investment have also contributed to the increasing number of cruise ships visiting Nicaraguan ports. Additionally, the country's competitive pricing, compared to other cruise destinations in the region, has made it an appealing choice for budget-conscious travelers looking for a unique and enriching cruise experience.

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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