Latin America Tourism and Hospitality Market Size and Growth Overview (2025-2033)

Market Size in 2024: USD 591.7 million

Market Forecast in 2033: USD 779.9 million

Market Growth Rate 2025-2033: 2.80% 

According to the latest report by IMARC Group, the tourism and hospitality market in Latin America reached USD 591.7 million in 2024. Looking ahead, the market is expected to reach USD 779.9 million by 2033, exhibiting a compound annual growth rate (CAGR) of 2.80% from 2025 to 2033. 

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Latin America Tourism and Hospitality Market Trends & Drivers

In Latin America, the demand for business travel, plus the growth of economies and global business in the region, is forecasted to be a key growth driver for the tourism and hospitality sector, increasing demand for high-end accommodation and services. Business travelers require luxury accommodation facilities with executive lounges, business centers, and meeting facilities. The hospitality industry has responded to these requirements through the modernization of facilities and services. Luxury business packages should see increasing demand because companies want to offer experiences that tailor to the specific needs and interests of their executives and clients. Furthermore, the ever-increasing use of technology for trip planning and organization, and for budgeting, is making the setting up of business trips and accommodation or transport booking easier.

Social media influences consumer behavior. Also, people plan their travels and share experiences online. This makes social media an important part of travel and hospitality marketing strategies in Latin America. Tourism is also very shareable across social networks focused on images. Potential travelers become enticed to visit by destinations, activities, and hotels shown in pictures and videos. On social networks, travelers share travel experiences to help other travelers by providing tips and recommendations. People often think of this user-generated content as more trustworthy than advertising. This is due to it being seen as influencing consumers with similar travel plans. Likewise, the travel influencers may give endorsements for the sake of changing traveler perceptions, and may influence fans as they consider traveling to a destination the influencers visited or stayed at. Travel companies and destinations advertise on social media to target specific travelers according to what interests them, their demographics, and their online actions, allowing them to spend ad money more efficiently and return investment amid competition in Latin American tourism.

Latin America Tourism and Hospitality Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

• Domestic Tourism
• International Tourism

Breakup by Services Provided:

• Accommodation
• Food and Beverage
• Recreation and Entertainment
• Transportation
• Travel

Breakup by Travel Model:

• Business Travel
• Leisure Travel
• Others

Breakup by Country:

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

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Competitive Landscape:

The market research report offers an in-depth analysis of the competitive landscape, covering market structure, key player positioning, top winning strategies, a competitive dashboard, and a company evaluation quadrant. Additionally, detailed profiles of all major companies are included.

Recent News and Developments in the Latin America Tourism and Hospitality Market:

• September 2024: Major hotel chains announced expansion plans across Latin America's key tourism destinations, investing in new properties and renovating existing facilities to meet growing demand from both business and leisure travelers seeking premium accommodations.
• October 2024: Tourism authorities in several Latin American countries launched digital marketing campaigns targeting international visitors, leveraging social media influencers and virtual reality experiences to showcase the region's diverse attractions and cultural richness.
• November 2024: Leading hospitality brands implemented AI-powered guest service platforms across their Latin American properties, offering multilingual chatbots, personalized recommendations, and streamlined booking processes to enhance customer experiences and operational efficiency.

Key highlights of the Report:

• Market Performance (2019-2024)
• Market Outlook (2025-2033)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

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