Portsmouth International Port expects to handle up to 80% of the current number of cruise ship calls into the UK within the next five years.
Upgrades to berths mean the cruise hub will be able to have two 300-metre ships simultaneously docked.
A new £14 million terminal extension is being built which will allow the port to accommodate 2,000 passengers in a lounge area.
The growth plans were announced on Wednesday (February 16) as part of a 20-year masterplan, costing £92 million, which also includes an overhead terminal-to-ship walkway and shore power infrastructure for vessels.
The port claims the masterplan will generate around £739 million for the national economy by 2032 and create more than 10,000 jobs.
There will be a phased approach to projects, with the terminal construction starting in spring and running alongside green projects including achieving carbon neutrality by 2030 and shore power for all vessels.
Mike Sellers, Portsmouth International Port’s director, outlined how plans would ensure the hub would fulfil its role “as a major UK port”.
He said: “There are dramatic changes facing the industry over the coming years. We have been growing our cruise operations steadily and have successfully welcomed brand new lines such as Virgin Voyages to the UK and also focused our attention on regular loyal, long-standing customers.
“This masterplan identifies how we’ll deliver first-class cruise facilities, vital to safeguard the port’s future and the anticipated growing popularity of cruise in the UK.
“Conversations with industry experts have highlighted a necessity for more berth availability, which is why we’re planning to extend berths to 300m so we can handle multiple ships at once.”
He added: “We’re making space for a sustainable future and contributing towards elevating Portsmouth’s status as one of the UK’s leading marine and maritime cities.”
A Cruise Britain spokesperson said: “Sustainable operations are key to the future of the global cruise industry.
“It is vital that the UK and Cruise Britain members, including Portsmouth, are well placed to support cruise vessels.”