The Latin America, Middle East and Africa Cruise Market would witness market growth of 12.4% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Cruise Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $480.6 Million by 2031. The Argentina market is registering a CAGR of 13.1% during (2024 - 2031). Additionally, The UAE market would showcase a CAGR of 12% during (2024 - 2031).
Economic factors significantly influence the market, shaping consumer behavior, industry performance, and market dynamics. Discretionary spending patterns are the primary economic factors impacting the market. During periods of economic prosperity, when consumer confidence is high and disposable incomes are robust, individuals are more likely to allocate a portion of their budget towards leisure activities such as travel, including cruises.
Cruise lines carefully balance supply and demand dynamics, implement effective revenue management strategies, and differentiate their offerings to mitigate the impact of overcapacity and pricing pressures. This may involve focusing on niche markets, developing unique onboard experiences, enhancing brand loyalty, and diversifying revenue streams beyond ticket sales. Moreover, collaboration among industry stakeholders, including cruise lines, travel agencies, and destination partners, is essential to address overcapacity issues and foster sustainable growth in the market. By proactively managing capacity, optimizing pricing strategies, and delivering value-added experiences, cruise operators can navigate pricing pressures and maintain a competitive edge in a challenging market environment.
The Argentine government has implemented policies to promote cruise tourism, including offering incentives to cruise companies to include Argentine ports in their itineraries. As a result, Argentina has become an increasingly popular cruise destination, particularly for cruises exploring the country's southern regions, such as Patagonia and Tierra del Fuego. Thus, all the aforementioned factors are expected to drive the regional market's growth.
Free Valuable Insights: The Worldwide Cruise Market is Projected to reach USD 19.7 Billion by 2031, at a CAGR of 11.1%
Based on Type, the market is segmented into Ocean Cruises and River Cruises. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
- Carnival Corporation & plc.
- Royal Caribbean Cruises Ltd.
- MSC Cruises S.A. (MSC Mediterranean Shipping Company SA)
- Norwegian Cruise Line Holdings Ltd.
- Disney Cruise Line (The Walt Disney Company)
- Cruiseaway (Dreamlines GmbH)
- Island Queen Cruises
- American Cruise Lines
- The Independent Traveler, Inc. (Tripadvisor Inc.)
- Viking River Cruises Inc.
LAMEA Cruise Market Report Segmentation
By Type
- Ocean Cruises
- River Cruises
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 LAMEA Cruise Market, by Type
1.4.2 LAMEA Cruise Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
3.3 Porter Five Forces Analysis
Chapter 4. Strategies Deployed in Cruise Market
Chapter 5. LAMEA Cruise Market by Type
5.1 LAMEA Ocean Cruises Market by Country
5.2 LAMEA River Cruises Market by Country
Chapter 6. LAMEA Cruise Market by Country
6.1 Brazil Cruise Market
6.1.1 Brazil Cruise Market by Type
6.2 Argentina Cruise Market
6.2.1 Argentina Cruise Market by Type
6.3 UAE Cruise Market
6.3.1 UAE Cruise Market by Type
6.4 Saudi Arabia Cruise Market
6.4.1 Saudi Arabia Cruise Market by Type
6.5 South Africa Cruise Market
6.5.1 South Africa Cruise Market by Type
6.6 Nigeria Cruise Market
6.6.1 Nigeria Cruise Market by Type
6.7 Rest of LAMEA Cruise Market
6.7.1 Rest of LAMEA Cruise Market by Type
Chapter 7. Company Profiles
7.1 Carnival Corporation & plc.
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 SWOT Analysis
7.2 Royal Caribbean Cruises Ltd.
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Regional Analysis
7.2.4 Recent strategies and developments:
7.2.4.1 Partnerships, Collaborations, and Agreements:
7.2.4.2 Acquisition and Mergers:
7.2.5 SWOT Analysis
7.3 MSC Cruises S.A. (MSC Mediterranean Shipping Company SA)
7.3.1 Company Overview
7.3.2 Recent strategies and developments:
7.3.2.1 Partnerships, Collaborations, and Agreements:
7.4 Norwegian Cruise Line Holdings Ltd.
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Regional Analysis
7.4.4 SWOT Analysis
7.5 Disney Cruise Line (The Walt Disney Company)
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Recent strategies and developments:
7.5.4.1 Partnerships, Collaborations, and Agreements:
7.5.5 SWOT Analysis
7.6 Cruiseaway (Dreamlines GmbH)
7.6.1 Company Overview
7.7 Island Queen Cruises
7.7.1 Company Overview
7.8 American Cruise Lines
7.8.1 Company Overview
7.9 The Independent Traveler, Inc. (Tripadvisor Inc.)
7.9.1 Company Overview
7.9.2 Financial Analysis
7.9.3 Segmental and Regional Analysis
7.10. Viking River Cruises Inc.
7.10.1 Company Overview
TABLE 1 LAMEA Cruise Market, 2020 - 2023, USD Million
TABLE 2 LAMEA Cruise Market, 2024 - 2031, USD Million
TABLE 3 LAMEA Cruise Market by Type, 2020 - 2023, USD Million
TABLE 4 LAMEA Cruise Market by Type, 2024 - 2031, USD Million
TABLE 5 LAMEA Ocean Cruises Market by Country, 2020 - 2023, USD Million
TABLE 6 LAMEA Ocean Cruises Market by Country, 2024 - 2031, USD Million
TABLE 7 LAMEA River Cruises Market by Country, 2020 - 2023, USD Million
TABLE 8 LAMEA River Cruises Market by Country, 2024 - 2031, USD Million
TABLE 9 LAMEA Cruise Market by Country, 2020 - 2023, USD Million
TABLE 10 LAMEA Cruise Market by Country, 2024 - 2031, USD Million
TABLE 11 Brazil Cruise Market, 2020 - 2023, USD Million
TABLE 12 Brazil Cruise Market, 2024 - 2031, USD Million
TABLE 13 Brazil Cruise Market by Type, 2020 - 2023, USD Million
TABLE 14 Brazil Cruise Market by Type, 2024 - 2031, USD Million
TABLE 15 Argentina Cruise Market, 2020 - 2023, USD Million
TABLE 16 Argentina Cruise Market, 2024 - 2031, USD Million
TABLE 17 Argentina Cruise Market by Type, 2020 - 2023, USD Million
TABLE 18 Argentina Cruise Market by Type, 2024 - 2031, USD Million
TABLE 19 UAE Cruise Market, 2020 - 2023, USD Million
TABLE 20 UAE Cruise Market, 2024 - 2031, USD Million
TABLE 21 UAE Cruise Market by Type, 2020 - 2023, USD Million
TABLE 22 UAE Cruise Market by Type, 2024 - 2031, USD Million
TABLE 23 Saudi Arabia Cruise Market, 2020 - 2023, USD Million
TABLE 24 Saudi Arabia Cruise Market, 2024 - 2031, USD Million
TABLE 25 Saudi Arabia Cruise Market by Type, 2020 - 2023, USD Million
TABLE 26 Saudi Arabia Cruise Market by Type, 2024 - 2031, USD Million
TABLE 27 South Africa Cruise Market, 2020 - 2023, USD Million
TABLE 28 South Africa Cruise Market, 2024 - 2031, USD Million
TABLE 29 South Africa Cruise Market by Type, 2020 - 2023, USD Million
TABLE 30 South Africa Cruise Market by Type, 2024 - 2031, USD Million
TABLE 31 Nigeria Cruise Market, 2020 - 2023, USD Million
TABLE 32 Nigeria Cruise Market, 2024 - 2031, USD Million
TABLE 33 Nigeria Cruise Market by Type, 2020 - 2023, USD Million
TABLE 34 Nigeria Cruise Market by Type, 2024 - 2031, USD Million
TABLE 35 Rest of LAMEA Cruise Market, 2020 - 2023, USD Million
TABLE 36 Rest of LAMEA Cruise Market, 2024 - 2031, USD Million
TABLE 37 Rest of LAMEA Cruise Market by Type, 2020 - 2023, USD Million
TABLE 38 Rest of LAMEA Cruise Market by Type, 2024 - 2031, USD Million
TABLE 39 Key Information – Carnival Corporation & plc.
TABLE 40 Key Information – Royal Caribbean Cruises Ltd.
TABLE 41 Key Information – MSC Cruises S.A.
TABLE 42 Key Information – Norwegian Cruise Line Holdings Ltd.
TABLE 43 Key Information – Disney Cruise Line
TABLE 44 Key Information – Cruiseaway
TABLE 45 Key Information – Island Queen Cruises
TABLE 46 Key Information – American Cruise Lines
TABLE 47 Key Information – The Independent Traveler, Inc.
TABLE 48 Key Information – Viking River Cruises Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 LAMEA Cruise Market, 2020 - 2031, USD Million
FIG 3 Key Factors Impacting Cruise Market
FIG 4 Porter’s Five Forces Analysis – Cruise Market
FIG 5 LAMEA Cruise Market share by Type, 2023
FIG 6 LAMEA Cruise Market share by Type, 2031
FIG 7 LAMEA Cruise Market by Type, 2020 - 2031, USD Million
FIG 8 LAMEA Cruise Market share by Country, 2023
FIG 9 LAMEA Cruise Market share by Country, 2031
FIG 10 LAMEA Cruise Market by Country, 2020 - 2031, USD Million
FIG 11 SWOT Analysis: Carnival Corporation & plc.
FIG 12 Recent strategies and developments: Royal Caribbean Group
FIG 13 SWOT Analysis: Caribbean Group
FIG 14 SWOT Analysis: Norwegian Cruise Line Holdings Ltd.
FIG 15 SWOT Analysis: Disney Cruise Line