Norwegian Cruise Line Holdings has set an aggressive growth course to 2033, increasing its estimated annual passenger capacity from about 2.8 million at the start of 2025 to more than 4.2 million by 2033 for a 50 percent increase or approximately 5.5 percent each year, according to the 2025 Cruise Industry News Annual Report.

Royal Caribbean Group will grow its capacity from an estimated 8.5 million to 10.8 million guests, for a 27 percent increase over the 2025-2033 time period, or 3 percent per year.

MSC Cruises, including Explora Journeys, is closely behind Royal Caribbean’s growth curve, going from a 4.2 million passenger capacity at the start of the year to 5.2 million in 2033, and a 25 percent increase, or less than 3 percent per year.

Carnival Corporation will have the most modest growth over the time period, based on its current orderbook, going from an annual passenger capacity of 12.6 million at the start of 2025, to 13.9 million in 2033, for a 10 percent increase, or about 1.1 percent per year.

And while Carnival Corporation remains the largest company with a market share of 31.8 percent, based on its existing brands and fleets, the single largest brand by 2033 will be Royal Caribbean International with market share of 18 percent and 24.6 for the group as a whole.

MSC will have a market share of 11.8 percent and NCLH 9.7 percent.

The 2025 Cruise Industry News Annual Report is available in digital and printed formats. Order today by clicking here.