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Tourism and Hotel Industry in Cuba: Analysis of Growth, Trends and Progress (2020 - 2025)

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Cuba located in the Caribbean region is known for its beautiful beaches, beautiful mountains, cigars and rum. As Cuba’s diplomatic relations grows with US and other Western nations, tourism sector in Cuba is expected to grow. Cuba has vast coastlines with beautiful geographies in addition to 7 UNESCO World Heritage Sites and 7 Biosphere Reserves which makes it very attractive for tourists across the world. Tourism industry is the third largest source of foreign exchange after sugar and tobacco industries. Currently, tourism constitute 2.8 % of GDP directly and is expected to grow at a CAGR of 5.1 % from 2014 to 2020. The industry creates 2.8% of direct employment and supports total 10.1 % of total employment. Cuban government is committed to improve this sector and has diverted 13.2 percent of its total investment to this sector in 2014.

Visitors are key components of growth in tourism industry and foreign tourist arrivals have grown from 2.24 million in 2004 to 2.98 million in 2014 growing at a CAGR of 2.9 %. However given recent improvement in relations and diplomatic ties of Cuba, Foreign tourist arrival is expected to increase at a CAGR of 4.83% from 2015 to 2020. Government is also giving high importance to this industry as is investing heavily on tourism and hospitality sector. Cuba is mainly focusing on leisure and cruise tourism.

Given the low cost of medical facilities in Cuba, there is surely a scope of medical tourism in the nation. Many patients from Canada and USA are looking at Cuba for a possible destination for wide range of treatments including eye surgery, neurological disorders such as multiple sclerosis and Parkinson's disease, and orthopedics.

Tourism industry in Cuba is mainly driven by low cost, better connectivity and quality and improving hospitality industry. Geographical proximity with high income nations like USA, Canada, Mexico and Brazil can help the country to improve its foreign tourist arrival numbers. However, safety and security and ICT preparedness is a constraint affecting Cuban tourism industry. Major tourist destinations in Cuba includes: Old Havana, Varadero, Trinidad, Guardalavaca, Playa Paraíso, Cayo Coco, Parque Nacional Vinales, Baracoa and Santa Clara.

What the report offers

The study identifies the situation of Cuba and predicts the growth of its tourism and hotel industry. Report talks about growth, market trends, progress, challenges, opportunities, government regulations, growth forecast, major companies, upcoming companies and projects etc. in the tourism sector of Cuba. In addition to it, the report also talks about economic conditions of and future forecast of its current economic scenario and effect of its current policy changes in to its economy, reasons and implications on the growth of this sector. Lastly, the report is segmented by various forms of tourism available in the country.

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