Latin America Travel & Tourism Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 103.17 Billion |
| Market Size (2029) | USD 142.48 Billion |
| CAGR (2024 - 2029) | 6.67 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Latin America Travel & Tourism Market Analysis
The Opportunities In Latin America Travel And Tourism Market size is estimated at USD 103.17 billion in 2024, and is expected to reach USD 142.48 billion by 2029, growing at a CAGR of 6.67% during the forecast period (2024-2029).
Latin America's travel and tourism market is characterized by its diverse landscapes, rich cultural heritage, and vibrant cities. This market spans Central America, South America, and the Caribbean, with each country offering its own unique attractions and experiences. The nations in Latin America draw visitors not only to their natural wonders like the Amazon rainforest, Iguazu Falls, Machu Picchu, and Patagonia but also to their historical sites, lively festivals, and stunning beaches.
As internet access expands and economic conditions improve across the region, more individuals are finding both the means and opportunities to travel, both domestically and internationally. Outbound travel has emerged as a significant driver for the industry's expansion. Furthermore, rising disposable incomes and a burgeoning middle class have buoyed the tourism sector, allowing it to thrive even amidst economic slowdowns.
Latin America Travel & Tourism Market Trends
Increasing International Tourism Fueling the Market
- The growth of international airlines and increased flight routes connecting Latin American countries to various regions has made traveling to Latin America easier and more convenient for international tourists. This has led to a significant increase in the number of visitors from different parts of the globe.
- Latin America is a popular destination for ecotourism and adventure travel enthusiasts. The availability of various outdoor activities like hiking, trekking, wildlife safaris, and water sports further contributes to the growth of the travel market.
- The rise of social media, travel blogs, and online travel platforms has significantly increased travel awareness and inspiration. Latin America has gained popularity through online platforms, where travelers share their experiences, post captivating photos, and recommend destinations. Such digital exposure has contributed to the growing interest in visiting the region.
Growing Travel Market in Mexico
- Renowned for its vibrant cultural heritage, stunning landscapes, and welcoming hospitality, Mexico has consistently attracted tourists from different parts of the world. Mexico has experienced steady growth in its travel market over the years, with a significant increase in international tourists visiting the country.
- Mexico has seen significant improvements in transportation networks, including expanded airport capacity and enhanced road connectivity. This has made it easier for travelers to access different regions of Mexico and explore its various destinations.
- Currency exchange rates can significantly impact tourism. In the past, Mexico has benefited from favorable exchange rates, making it an affordable destination for international travelers. This has made Mexico an attractive option for tourists from countries with stronger currencies.
- The country has been featured in numerous travel media outlets, highlighting its unique attractions and experiences. Positive word-of-mouth and the influence of social media have also contributed to the increasing popularity of Mexico as a travel destination.
Latin America Travel And Tourism Industry Overview
The Latin American travel and tourism market is fragmented. The unsteady financial and political circumstances in Latin American and Caribbean nations, despite their allure as travel destinations, are impacting the region's tourism industry. The travel and tourism market in the region includes dynamic players from foreign markets like North America and Australia competing with domestic players. A few of the prominent players in this market are Latin American Escapes Inc., Tangol SRL, Central America Journeys, Latin America Travel, and Cox & Kings.
Latin America Travel And Tourism Market Leaders
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Tangol SRL
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Condor Travel
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Despegar.com
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CVC Corp
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Mariott International
*Disclaimer: Major Players sorted in no particular order
Latin America Travel And Tourism Market News
- February 2024: Despegar, a prominent travel agency in Latin America, launched its online booking platform for customers.
- June 2023: UK-based TMC Network International Travel Partnership expanded its footprint in Latin America by partnering with Consolid Global Travel Solutions.
Latin America Travel & Tourism Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Market
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMERY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Disposable Income
4.2.2 Increasing Social Media Influence
4.3 Market Restraints
4.3.1 Outbreaks of Contagious Diseases
4.4 Market Opportunities
4.4.1 Personalized Travel Experiences
4.5 Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Technological Innovations in the Market
4.7 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 and 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 Condor Travel
6.2.3 Despegar.com
6.2.4 CVC Corp
6.2.5 Mariott International
6.2.6 Cox & Kings Travel
6.2.7 South America Odyssey
6.2.8 Hilton Worldwide
6.2.9 Inter Continental Hotels
6.2.10 Hoteis Angola
6.2.11 Eco Hotels & Resorts
6.2.12 Mobibrasil*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
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 research covers a comprehensive background analysis of the Latin American travel and tourism industry, including an evaluation of the parental market, rising trends by segments and regional markets, notable shifts in market dynamics, and a market overview.
The market is segmented by type (international tourism and domestic/local tourism), purpose (adventure tourism, business travel, conference or seminar travel, and family and friends visit), and country (Brazil, Mexico, Colombia, Chile, Argentina, and Rest of Latin America). The report offers market size and forecasts 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 and 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 103.17 billion in 2024 and grow at a CAGR of 6.67% to reach USD 142.48 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 103.17 billion.
Who are the key players in Opportunities In Latin America Travel And Tourism Market?
Tangol SRL, Condor Travel, Despegar.com, CVC Corp and Mariott International 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 96.29 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.
How is Latin America Travel and Tourism Market segmented?
Latin America Travel and Tourism Market segmented by a) Type: International Tourism and Domestic Tourism b) Purpose: Adventure Tourism, Business Travel, Conference or Seminar Travel Family and Friends Visit
Latin America Travel and Tourism Industry Report
The Latin America travel and tourism market has demonstrated robust growth, driven by factors such as the rise of the middle class, enhanced internet penetration, and improved economic conditions boosting disposable incomes. This diverse market includes segments like airlines, hotels, resorts, and online travel platforms, catering to various travel types such as leisure, business, and adventure tourism.
Key regions like Brazil, Mexico, and Argentina are crucial, offering cultural festivals, natural wonders, and historical sites that attract international visitors. Market dynamics are shaped by increasing digitalization, simplifying travel planning and booking, alongside a growing preference for sustainable tourism practices. Despite challenges like political and economic instability, the market presents opportunities in adventure and culinary tourism, and potential growth in medical tourism.
Latin America tourism statistics highlight the significant impact and scope of the tourism market, with ongoing trends and future potential underscored by Mordor Intelligence™ Industry Reports, which provide a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download to explore detailed insights into the market share, size, and revenue growth rate of Latin America Travel and Tourism.
The industry analysis reveals the market segmentation into international and domestic tourism, as well as the purpose of travel, such as adventure tourism, business travel, and family visits. The market research indicates significant growth potential, driven by industry trends and market growth.
Industry information, including market size and market share, is crucial for understanding the market overview and market outlook. The industry statistics and industry trends provide insights into the industry's current state and future potential.
The market forecast and market predictions highlight the opportunities and challenges in the market, while the market review and market value offer a comprehensive understanding of the industry worth. The report example and report PDF provide detailed industry reports and industry research, essential for market leaders and research companies.
Overall, the Latin America travel and tourism industry shows promising growth, supported by market data, market segmentation, and market leaders who drive industry sales and market value. The industry outlook and market overview indicate a positive future, with significant opportunities for growth and development.
