Posted By Cruise Market Watch ~ 29th November 2011
Among the 2012 highlights:
- ~ The worldwide cruise market is estimated at $34.1 billion
- ~ Cruise passengers carried worldwide in 2012 is estimated at 20.3 million, a 5.6% increase over 2011
- ~ The top two cruise companies Carnival Corporation (NYSE: CCL) and Royal Caribbean Cruises Ltd. Co (NYSE: RCL) account for 73% of worldwide share of revenue
- ~ The 2012 Port PulseTM rankings place Miami Florida as the #1 cruise embarkation port in the world and Nassau Bahamas the #1 port of call
- ~ Direct spending by passengers and crew at all cruise ports in the world is estimated at $15.5 billion
While cruise lines have grown annual passengers traveled at a compound annual growth rate of 7.4% since 1990 – all the cruise ships in the entire world filled at capacity all year long still only amount to less than ½ of the total number of annual visitors to Las Vegas. Cruise passengers carried worldwide in 2012 is estimated at 20.3 million, an increase of 5.6% over 2011.
On the heals of the several new ships to be added to the market in 2012 (including the 3,690 passenger Carnival Breeze, the 3,013 passenger MSC Divina, 3,012-guest Costa Fascinosca and 2,500 berth Disney Fantasy) eight more new cruise ships will launch by 2015. These ships will generate another $2.3 billion in annual revenue for the cruise industry. By 2015, 22.3 million cruise passengers are expected to be carried worldwide.
This is not only good for the cruise industry (of which two cruise companies dominate – Carnival Corporation (NYSE: CCL) and Royal Caribbean Cruises Ltd. Co (NYSE: RCL) with a combined 73% of worldwide market share) but also for the local economies of ports visited by cruise passengers. Direct spending by passengers and crew at all cruise ports around the world is estimated at $15.5 billion. The 2012 Port PulseTM rankings place Miami, Florida as the #1 embarkation port and Nassau Bahamas the #1 port of call. North America and Europe serve as the source markets for 85.9% of worldwide passengers, but other regions of the world such as Asia are growing significantly.
The new ships continue to bring attention to cruising, creating interest, additional pricing power, economies of scale and bookings of first time cruisers. Average cruise revenue per passenger per day for 2012 is projected to be $240.13.