Latin America Travel & Tourism Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 52.18 Billion |
| Market Size (2029) | USD 67.91 Billion |
| CAGR (2024 - 2029) | 5.41 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Travel & Tourism Market Analysis
The Opportunities In Latin America Travel And Tourism Market size is estimated at USD 52.18 billion in 2024, and is expected to reach USD 67.91 billion by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).
The Latin America Travel and Tourism Market has experienced significant growth, with projections indicating continued expansion during the forecast period. This growth is fuelled by factors such as the increasing internet penetration across the region, which facilitates easier access to travel information and booking platforms. Additionally, improving economic conditions in many countries have resulted in heightened disposable incomes and a growing middle class, encouraging domestic and international travel. Argentina and Brazil are notable contributors to outbound travel growth, particularly favouring destinations within the Americas, thus driving the overall expansion of the tourism sector.
In this dynamic landscape, numerous opportunities abound for stakeholders in the travel and tourism industry. Leveraging the power of digital platforms for marketing and booking services presents a promising avenue for capturing the growing demand for travel experiences. Additionally, targeted promotional efforts showcasing the rich cultural heritage and natural wonders of Latin America can attract a broader spectrum of visitors. Investing in infrastructure development to improve accessibility to remote destinations holds the potential to unlock new tourism hotspots and sustain the market's upward trajectory. By capitalizing on these opportunities, businesses can position themselves to thrive in the evolving Latin American travel and tourism market.
Latin America Travel & Tourism Market Trends
Rising Tourism Industry Investment affecting Latin America Travel and Tourism Industry.
In Latin America, tourism became one of the most important contributors to economic development, job creation, and environmental protection. International tourist arrivals increased by 7%, according to the World Tourism Organization (UNWTO).
Latin America stands out as a travel destination. Countries like Mexico, Peru, Colombia, Chile, and Argentina made new investments, and new international travel players, such as Norwegian Airlines, are emerging in the region. UNWTO forecasts that Latin America will receive 78.2 million tourists by 2027, generating USD 82 billion for the local economy. Latin America emerges as a prominent travel hub, with nations like Mexico, Peru, Colombia, Chile, and Argentina witnessing a surge in investments. Additionally, the region is witnessing the rise of new international travel players, like Norwegian Airlines. Projections from UNWTO indicate that by forecasted year, Latin America is set to welcome a staggering 78.2 million tourists, contributing a substantial USD 82 billion to the local economy.
The rise of the middle class is one of the most important achievements regarding economic expansion in Latin America. The reduction of poverty allowed people to see further and comprise other perspectives on their own lives. Economic growth plays a big role when talking about the growth of the outbound travel market. It means that the rise of the middle class slowly opens up opportunities for people who could barely get by just a few years ago. Most Latin American countries experienced an economic slowdown over the past few years. However, tourists keep searching for outbound destinations worth the trip inside and outside Latin America.
Leading Latin American countries affecting Travel and Tourism Industry
Mexico, Chile, Brazil, Costa Rica, Uruguay, Colombia, Panama, Argentina, Peru, Ecuador, and the Dominican Republic are among the leading countries for tourism in Latin America. Based on the Travel and Tourism Development Index, Mexico and Chile leads Latin American countries with an index of 4.3.
Home to iconic landmarks like Rio de Janeiro's Christ the Redeemer statue and the Amazon rainforest, Brazil is a major tourist destination in Latin America. The country hosts cultural events like the Rio Carnival and offers diverse attractions, including pristine beaches, ecotourism opportunities, and vibrant nightlife in cities like São Paulo and Salvador. Argentina's diverse landscapes, including the Andes Mountains, Patagonia, and the Iguazu Falls, attract outdoor enthusiasts and nature lovers from around the world. Buenos Aires, the capital city, is known for its European-style architecture, tango dance culture, and culinary delights, making it a popular tourist destination. Renowned for its biodiversity, eco-tourism initiatives, and commitment to sustainability, Costa Rica appeals to nature lovers and adventure seekers. The country offers diverse ecosystems, including rainforests, volcanoes, and beaches, as well as opportunities for activities such as zip-lining, wildlife viewing, and surfing. Home to the ancient Inca ruins of Machu Picchu, Peru is a bucket-list destination for history enthusiasts and cultural travellers.
Latin America Travel & Tourism Industry Overview
The unstable economic and political situation in many Latin American and Caribbean countries and regions' popularity as attractive destinations for travelers are affecting tourism and travel in the region. The Latin America Travel and Tourism industry includes players active from international markets like North America and Australia competing with local travel and tour operators.
Brazil, Mexico, Colombia, Argentina, and Chile are leading in online travel start-ups with existing start-ups of 164,79,65,52, and 45, respectively, during 2022 in these Latin American Countries. Mariott International, Hilton Worldwide, Acor Hotels, InterContinental Hotels Group, and Hyatt are leading Hotel Franchise companies in Latin America.
Latin America Travel & Tourism Market Leaders
Latin American Escapes, Inc.
Tangol SRL
Central America Journeys
Latin America Travel
Cox & Kings
*Disclaimer: Major Players sorted in no particular order
Latin America Travel & Tourism Market News
- In January 2024, Trip.com Group and LATAM Airlines signed a new NDC agreement. Both companies have reached an agreement to give international travellers a contemporary and effective ticketing experience.
- In January 2023, UNWTO and the Development Bank of Latin America (CAF) have established a new partnership to encourage and maintain investment in tourism throughout Latin America and the Caribbean regions. As part of the collaboration, investment guides for tourism are being created for five nations, Uruguay, Barbados, Ecuador, El Salvador, and Panama.
Latin America Travel & Tourism Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Market
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMERY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 International Tourism
5.1.2 Domestic Tourism
5.2 By Purpose
5.2.1 Adventure Tourism
5.2.2 Business Travel
5.2.3 Conference or Seminar Travel
5.2.4 Family, Friends Visit
5.3 By Country
5.3.1 Brazil
5.3.2 Mexico
5.3.3 Colombia
5.3.4 Chile
5.3.5 Argentina
5.3.6 Rest of Latin America
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Tangol SRL
6.2.2 Latin American Escapes, Inc.
6.2.3 Condor Travel
6.2.4 Central America Journeys
6.2.5 Latin American Travel
6.2.6 Cox & Kings Travel
6.2.7 South America Odyssey
6.2.8 Mariott International
6.2.9 Hilton Worldwide
6.2.10 Inter Continental Hotels
6.2.11 Hoteis Angola
6.2.12 Eco Hotels & Resorts
6.2.13 Mobibrasil*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Latin America Travel & Tourism Industry Segmentation
" The travel and Tourism Industry is a network of commercial and non-commercial organizations that serve the needs of travelers and tourists during their journey.
The Latin America travel and tourism industry is segmented by type, purpose, and country. By type, the market is sub-segmented into international tourism and domestic/local tourism. By purpose, the market is sub-segmented into adventure tourism, business travel, conference or seminar travel, and family friend visits. By country, the market is sub-segmented into Brazil, Mexico, Colombia, Chile, Argentina, and rest of Latin America. The report offers market size and forecasts of the Latin America travel and tourism industry in value (USD) for all the above segments.
| By Type | |
| International Tourism | |
| Domestic Tourism |
| By Purpose | |
| Adventure Tourism | |
| Business Travel | |
| Conference or Seminar Travel | |
| Family, Friends Visit |
| By Country | |
| Brazil | |
| Mexico | |
| Colombia | |
| Chile | |
| Argentina | |
| Rest of Latin America |
Latin America Travel & Tourism Market Research FAQs
How big is the Opportunities in Latin America Travel and Tourism Market?
The Opportunities in Latin America Travel and Tourism Market size is expected to reach USD 52.18 billion in 2024 and grow at a CAGR of 5.41% to reach USD 67.91 billion by 2029.
What is the current Opportunities in Latin America Travel and Tourism Market size?
In 2024, the Opportunities in Latin America Travel and Tourism Market size is expected to reach USD 52.18 billion.
Who are the key players in Opportunities in Latin America Travel and Tourism Market?
Latin American Escapes, Inc., Tangol SRL, Central America Journeys, Latin America Travel and Cox & Kings are the major companies operating in the Opportunities in Latin America Travel and Tourism Market.
What years does this Opportunities in Latin America Travel and Tourism Market cover, and what was the market size in 2023?
In 2023, the Opportunities in Latin America Travel and Tourism Market size was estimated at USD 49.36 billion. The report covers the Opportunities in Latin America Travel and Tourism Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Opportunities in Latin America Travel and Tourism Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America Travel and Tourism Industry Report
Statistics for the 2024 Latin America Travel and Tourism market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Latin America Travel and Tourism analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
