Market Insights Mobility Travel & Tourism

Cruises - Pakistan

Pakistan

By the year 2024, the projected revenue for the Cruises market is estimated to reach US$26.31m.
This is expected to grow annually at a rate of 7.62%, resulting in a projected market volume of US$37.98m by 2029.
In Pakistan, the number of users in the Cruises market is predicted to reach 67.86k users by 2029.
The user penetration in the country's Cruises market is expected to increase from 0.02% in 2024 to 0.03% by 2029.
The average revenue per user (ARPU) for this market is expected to be US$0.68k.
It is anticipated that 19% of the total revenue generated in the Cruises market by 2029 will be through online sales.
Furthermore, in comparison to other countries, the majority of the revenue in this market is expected to generate from United States, which is projected to earn US$24,700m in 2024.
Despite a lack of local demand, Pakistan's strategic location as a port of call for international cruise ships presents an opportunity for growth in the industry.

Key regions: Indonesia, Singapore, United States, India, Vietnam

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Analyst Opinion

The Cruises market in Pakistan has been experiencing a notable growth in recent years, reflecting a shift in consumer preferences towards leisure travel and unique experiences.

Customer preferences: Customers in Pakistan are increasingly seeking luxury travel experiences that offer relaxation, entertainment, and exploration. The demand for cruise vacations has been on the rise as more Pakistanis are looking for all-inclusive travel options that provide convenience and comfort. Additionally, the desire for international travel experiences without the hassle of planning individual components has contributed to the popularity of cruises among Pakistani travelers.

Trends in the market: One of the prominent trends in the Cruises market in Pakistan is the introduction of themed cruises catering to specific interests such as culinary experiences, wellness retreats, or adventure activities. These themed cruises appeal to niche segments of the market and provide passengers with a tailored and immersive experience. Moreover, collaborations between cruise companies and local travel agencies have facilitated easier access to cruise packages, making them more accessible to a wider audience in Pakistan.

Local special circumstances: Pakistan's geographical location along the Arabian Sea and proximity to popular cruise destinations in the Middle East has positioned it as a promising market for cruise operators. The country's emerging middle class with increasing disposable income has also contributed to the growth of the Cruises market. Furthermore, the government's efforts to promote tourism and improve infrastructure have created a favorable environment for the development of the cruise industry in Pakistan.

Underlying macroeconomic factors: The growing economy in Pakistan, coupled with rising consumer spending on leisure activities, has played a significant role in driving the expansion of the Cruises market. As disposable incomes continue to increase and travel becomes more affordable, more Pakistanis are opting for cruise vacations as a luxurious yet convenient way to explore different destinations. Additionally, the trend of experiential travel and the desire for unique and Instagrammable experiences have further fueled the demand for cruises among Pakistani travelers.

Methodology

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.