Next Growth Phase for Cruises and a New Sustainability Test

The cruise sector is entering a strong growth phase. Passenger volumes are expected to reach 37.7 million in 2025, 25% higher than pre-pandemic levels. Volume is projected to exceed 40 million travelers by 2027.

Major publicly listed cruise companies such as Carnival Corporation, Royal Caribbean, and Norwegian Cruise Line Holdings are forecasting revenue growth of more than 7% this year.

Even with global economic uncertainty, travelers continue to spend more on experiences than material goods — and cruises remain central to that rebound.

Expanding Horizons: Markets and Segments

Cruising’s historical stronghold has been North America and the Caribbean, which together still generate the majority of global passengers.

But the geography of opportunity is widening. The Mediterranean remains a thriving hub, and Asia