Luxury and expedition cruises are the fastest growing market segments, according to the 2022 Cruise Industry News Annual Report.

The luxury segment has grown 119 percent since 2012 to an annual passenger capacity of approximately 721,078 passengers in 2022, from 324,512 in 2012. With more new ships under construction or on order, the market segment is projected to continue to grow to reach nearly 1.2 million passengers by 2027. (This is as far as the current orderbook goes).

The expedition market, albeit smaller than the luxury segment, has seen even more dramatic growth over the past 10 years, from approximately 67,000 passengers in 2012 to 367,557 in 2022, for a 450 percent expansion. The market is projected to grow to more than 430,000 passengers annually by 2027. And more new ships are in the planning stages.

While the percentage growth for luxury and expedition cruise market segments is dramatic, the contemporary and premium market segments are far larger at a total of approximately 27.5 million passengers in 2022 from 17.6 million in 2012.

The 2022 Cruise Industry News Annual Report is available in hard copy or digital form and can be ordered here .