Cruises - Nigeria | Statista Market Forecast

By 2024, the projected revenue in the Cruises market of Nigeria is expected to reach US$4.39m.
It is further estimated that the market volume will increase at an annual growth rate (CAGR 2024-2029) of 10.92%, resulting in a projected market volume of US$7.37m by 2029.
Moreover, the number of users in this market is expected to reach 15.21k users by 2029.
At present, the user penetration rate is 0.00%, which is expected to remain the same by 2029.
The average revenue per user (ARPU) is projected to be US$465.50.
The online sales are expected to generate 20% of total revenue in the Cruises market by 2029.
In a global comparison, it is noteworthy that United States is expected to generate the most revenue in the Cruises market, with a projected revenue of US$25bn by 2024.
Despite economic challenges, the demand for luxury cruises among Nigeria's affluent population has been steadily increasing.

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 Nigeria has been steadily growing and evolving in recent years.

Customer preferences: Nigerian customers are increasingly seeking unique and experiential travel opportunities, leading to a growing interest in cruise vacations. The desire for luxury experiences, relaxation, and exploration is driving more Nigerians to consider cruise holidays as a preferred choice for their travel plans.

Trends in the market: One notable trend in the Nigerian Cruises market is the rise of themed and culturally immersive cruise experiences. Cruise operators are catering to the local preferences by offering cruises that showcase Nigerian culture, music, and cuisine. This tailored approach is resonating well with Nigerian travelers looking for authentic and engaging experiences.

Local special circumstances: Nigeria's diverse coastal landscapes and rich cultural heritage provide a unique advantage for the Cruises market. The country's beautiful coastlines, islands, and waterways offer a picturesque backdrop for cruise itineraries. Additionally, the growing infrastructure and development in the tourism sector are making it easier for cruise operators to include Nigeria in their routes.

Underlying macroeconomic factors: The improving economic conditions in Nigeria are also contributing to the development of the Cruises market. As disposable incomes rise and the middle class expands, more Nigerians have the financial means to afford luxury travel experiences like cruises. This growing economic stability is creating a conducive environment for the Cruises market to thrive in Nigeria.

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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