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 2025-2033. 

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Latin America Tourism and Hospitality Market Trends & Drivers

A large portion of the Latin American Tourism & Hotels market is business-driven. Corporate travel in Latin America is growing as cross-border commerce and trade associations between the region's countries develop. Business travelers tend to use upscale hotels with business amenities, with business centers and meeting rooms, and high-speed internet access to help their productivity while traveling. The hospitality marketplace has improved the offerings available to the business traveler and has provided more specialized services. This is because business travelers' travel patterns are more predictable, and their expenditure per head is higher. Technology has improved planning and booking of travel and accommodation, as well as tracking expenses and itineraries. Organizations have also offered cultural training and opportunities to network while still balancing work and leisure with local activities.

Social media has also gradually transformed travel decision-making and destination marketing in Latin America. Visual social media platforms have contributed greatly to promoting tourism in the Latin American region through user-generated content on social networks. Social media posts that show off scenic locations, cultural events, or strange accommodations possibly have a larger impact on viewers than these same products would have through customary advertising. Travel brands, hospitality companies, and tourism professionals use social media to implement demographic-based campaigns based on travelers' interests and levels of engagement across platforms and for destination marketing organizations to promote the region and increase the international awareness of the continent's destinations.

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 Latin America Tourism and Hospitality Market

• January 22, 2024: Trip.com Group, the international travel services provider, and the Latin American airline group signed an agreement to implement New Distribution Capacity (NDC) to offer customers a better and more efficient travel experience. It offers unparalleled connectivity to more than 144 destinations served by LATAM Airlines across 22 countries and regions, including Latin America, the Caribbean, North America, Europe, Africa, and Oceania.
• January 19, 2023: The UNWTO and the Development Bank of Latin America (CAF) partnered to promote and retain tourism investments throughout the Latin America and Caribbean region.

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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