MARKET OVERVIEW

The Latin America travel market was valued at USD 107.82 Billion in 2024 and is projected to reach USD 208.44 Billion by 2033, growing at a CAGR of 7.10% during 2025-2033. Growth is driven by factors like rising disposable income, improved infrastructure, diverse cultural attractions, increasing eco-tourism demand, advancements in digital marketing, expanding airline routes, favorable currency exchange rates, and a surge in experiential, adventure, and sustainable tourism.

STUDY ASSUMPTION YEARS

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

LATIN AMERICA TRAVEL MARKET KEY TAKEAWAYS

• Current Market Size: USD 107.82 Billion (2024)
• CAGR: 7.10% (2025-2033)
• Forecast Period: 2025-2033
• Eco-tourism and sustainable travel are expanding, with investments in protected zones and eco-lodges in countries like Costa Rica, Ecuador, and Brazil.
• Adventure and experiential tourism are growing, highlighted by destinations such as Machu Picchu, Patagonia, and the Atacama Desert.
• Advances in digital marketing, social media, and AR/VR technologies are enhancing travel planning and destination exposure.
• The region benefits from excellent air connectivity and technologically advanced conference venues, boosting MICE tourism.

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MARKET GROWTH FACTORS

The Latin America travel market is driven by disposable income, well developed infrastructure, a wide variety of cultural attractions and growing demand for eco-tourism which have contributed towards the growth of affordability and accessibility of travel in Latin America. Many countries, including Costa Rica, Ecuador, and Brazil, target green tourists who engage in low impact travel projects such as protected areas, eco-lodges, and other projects that promote environmental conservation.

Adventure tourism grows as a sector of the tourism market all throughout Latin America because it is near mountains, deserts, and rainforests. National sites like Machu Picchu in Peru, Patagonia in Argentina, and the Atacama Desert in Chile attract tourists toward activities including hiking, zip-lining, scuba diving, and mountain biking. Experiential tourism is interesting. Visitors to the host country stay in locals' homes, and they learn local traditions. This benefits the tourism industry and the host country.

Technology drives market growth. The internet, social media and digital marketing ease the discovery of destinations and assist travelers in planning their trips. Together with online travel agency (OTAs) and travel apps, virtual reality (VR) and augmented reality (AR) technology allow tourism destinations to be previewed and customized for a visitor's travel needs, expanding the audience and demand for travel to and within Latin America.

MARKET SEGMENTATION

Type Insights:

• Leisure Travel: Includes general tourism for recreation and relaxation.
• Business Travel: Travel related to professional activities.
• Cruise: Travel involving voyage on a cruise ship.
• Specialty/Activity/Sports: Focused on specific activities or sports tourism.
• VFR (Visiting Friends and Relatives): Travel motivated by visiting close connections.

Age Groups Insights:

• 21-30 Years: Young adults constituting a significant traveler segment.
• 31-40 Years: Middle age group travelers with varied tourism interests.
• 41-60 Years: Mature travelers often with higher spending ability.
• 60 and Above: Senior travelers with distinct preferences and needs.

Tourist Types Insights:

• Domestic: Travelers within the same country.
• International: Travelers from other countries visiting the region.

Country Insights:

• Brazil: Key market within Latin America.
• Mexico: Important travel destination in the region.
• Argentina: Noted for tourism activities.
• Colombia: Growing tourism market.
• Chile: Country with notable tourism attractions.
• Peru: Popular for cultural and adventure tourism.
• Others: Remaining countries in the region contributing to the market.

REGIONAL INSIGHTS

Brazil, Mexico, Argentina, Colombia, Chile, and Peru are the major countries analyzed in the Latin America travel market. The market size stood at USD 107.82 Billion in 2024 with a projection to reach USD 208.44 Billion by 2033, growing at a CAGR of 7.10% during 2025-2033. These key countries collectively drive market expansion influenced by strong tourism ecosystems and growing interest in eco-tourism, adventure, and cultural travel.

RECENT DEVELOPMENTS & NEWS

In November 2024, GoNexus released Nexus Up, a travel technology app improving visitor experience for B2B clients across 19 countries and 52 destinations in Latin America and the Caribbean. The app assists customers in itinerary management, transfer tracking, and real-time notifications. In September 2024, Touristik Union International (TUI) expanded Latin American destinations globally by collaborating with local agents to sell packages targeting North American, Asian, and European clients, enhancing the region's tourism profile.

KEY PLAYERS

• GoNexus
• Touristik Union International (TUI)
• Orange 142

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