The global cruise industry welcomed 37.2M passengers in 2025 — yet cruising still represents only around 2.5% of international travel.
The industry is highly concentrated around four major groups: Carnival Corporation, Royal Caribbean Group, MSC Group and Norwegian Cruise Line Holdings.
Behind them are very different strategies for growth — from scale and market expansion to premiumisation, destination development and differentiated guest experiences.
Over the next few weeks, I’ll explore the strategies shaping the world’s leading cruise players — what is driving their growth, what differentiates them and where they may be heading next.
But one question will guide the series:
Is the biggest opportunity to win MARKET SHARE within cruise — or to increase cruise PENETRATION within the much larger global vacation market?
Looking forward to exploring this.
Source: CLIA, State of the Cruise Industry Report 2026.
Note: the below infographic misses P&O as one of the 8 brands composing Carnival portfolio.
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