Market Overview

The Latin America Travel & Tourism Market reached a size of USD 43.8 Billion in 2025 and is projected to grow to USD 72.7 Billion by 2034. It is expected to register a CAGR of 5.80% over the forecast period from 2026 to 2034. Growth is driven by rising disposable incomes, increasing international and domestic tourism, enhanced infrastructure, and government initiatives promoting tourism. Key attractions include cultural and adventure tourism opportunities.

Study Assumption Years

• Base Year: 2025
• Historical Year/Period: 2020-2025
• Forecast Year/Period: 2026-2034

Latin America Travel & Tourism Market Key Takeaways

• The market size was USD 43.8 Billion in 2025.
• The market is forecasted to grow at a CAGR of 5.80% during 2026-2034.
• The forecast period is from 2026 to 2034.
• Brazil received USD 7.3 Billion from overseas visitors in 2024, marking the largest inflow in 15 years.
• Mexico remains a top destination due to proximity and ease of access.
• Colombia and Argentina have noted increased visitors from Europe and Asia for leisure and business.
• Government support in infrastructure and policy initiatives is substantial, aiding market growth.

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Market Growth Factors

Increasing levels of per capita disposable income in Latin America support the travel & tourism sector, enabling more international and domestic travelers to visit countries across Latin America. Infrastructural improvements, including in hotel chains and internet connection, are supporting the sector's attractiveness. Government initiatives to support the tourism industry, such as stimulus packages, tax benefits, and direct investments are driving meaningful growth in the market, with Brazil's USD 10.6 Million contribution to increase international airline capacity.

International tourism has rebounded strongly in the Latin American region, with Brazil, Mexico, and Peru becoming increasingly popular destinations for foreign visitors, because of their historical and cultural heritage and biodiversity. In 2024, Brazil's international tourism sector generated USD 7.3 Billion. Travelers for business and pleasure are attracted by more air links and improving safety records, easing further growth in this market.

Governments fund investments in transport infrastructure with marketing and promotional activities to improve accessibility and tourism experiences to assist the industry in the long-term recovery from the COVID-19 pandemic instead of the short-term. Private sector invests in transportation infrastructure and digitalizes, and the region competes with resilience. These factors make Latin America an increasingly attractive tourism destination.

Market Segmentation

Type Insights:

• Domestic: Travel occurring within the home country.
• Inbound: Tourism by visitors entering a Latin American country from abroad.
• Outbound: Residents traveling from Latin America to other countries.

Service Offering Insights:

• Ticket Reservation: Services related to booking travel tickets.
• Hotel Booking: Accommodation reservation services.
• Holiday/Tour Packages: Organized travel packages for tourists.
• Others: Additional services related to travel and tourism.

Purpose of Visit Insights:

• Business: Travel for commercial or professional purposes.
• Leisure and Recreation: Travel aimed at relaxation and enjoyment.
• Education: Travel related to academic purposes.
• Medical: Travel for health treatments.
• Social Activity: Travel for social events or gatherings.
• Others: Various other purposes of travel not categorized above.

Booking Type Insights:

• Travel Companies: Bookings made through specialized travel firms.
• Travel Agencies: Bookings made via traditional travel agency channels.
• Online: Bookings conducted through online platforms.
• Others: Other booking channels and methods.

Country Insights:

• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Others

Regional Insights

Brazil is a dominant market in Latin America’s travel and tourism sector, generating the highest foreign visitor revenue of USD 7.3 Billion in 2024, the largest in 15 years. The region's strong air connectivity, cultural diversity, and government investments stimulate growth, supporting a CAGR of 5.80% projected for 2026-2034.

Recent Developments & News

On May 17, 2024, Peru commenced a USD 90 Million project constructing a 22-mile paved road from Santa María to a hydroelectric plant near Machu Picchu, aiming to reduce travel time from up to five hours to just two. The project includes two asphalt lanes, six bridges, and is managed by Provías Nacional with China Civil Engineering Construction Corp. as the contractor. This infrastructure upgrade aims to boost tourism and local community benefits.

On August 28, 2024, Hilton announced plans to enter the Latin American market through a dual-branded development—Hilton Georgetown and DoubleTree Suites by Hilton Georgetown—comprising 411 rooms. The project, in partnership with Assets Group, will be part of an oceanfront mixed-use complex in Georgetown, enhancing Hilton's presence in the Caribbean and Latin America, where it currently operates over 225 hotels.

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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