Latin America and the Caribbean: Travel Set Market 2025

Travel Set Market Size in Latin America and the Caribbean

In 2021, the Latin American travel set market decreased by -6.5% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2020, and then dropped in the following year.

Travel Set Production in Latin America and the Caribbean

In value terms, travel set production reduced to $X in 2021 estimated in export price. In general, production, however, recorded a notable expansion. The growth pace was the most rapid in 2019 with an increase of 94%. Over the period under review, production hit record highs at $X in 2020, and then contracted in the following year.

Travel Set Exports

Exports in Latin America and the Caribbean

In 2021, exports of travel sets in Latin America and the Caribbean reduced modestly to X units, which is down by -4.9% on the year before. In general, exports showed a deep reduction. The most prominent rate of growth was recorded in 2019 when exports increased by 26% against the previous year. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, travel set exports skyrocketed to $X in 2021. Overall, exports showed a deep downturn. The pace of growth was the most pronounced in 2018 with an increase of 40% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Panama (X units) represented the major exporter of travel sets, achieving 42% of total exports. Brazil (X units) ranks second in terms of the total exports with a 14% share, followed by Colombia (13%), Nicaragua (6.6%), Costa Rica (6.6%) and Mexico (6.2%). Peru (X units) followed a long way behind the leaders.

Exports from Panama decreased at an average annual rate of -21.1% from 2012 to 2021. At the same time, Nicaragua (+103.8%), Brazil (+44.8%), Colombia (+41.1%), Peru (+21.6%) and Costa Rica (+4.8%) displayed positive paces of growth. Moreover, Nicaragua emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +103.8% from 2012-2021. By contrast, Mexico (-18.6%) illustrated a downward trend over the same period. Brazil (+14 p.p.), Colombia (+12 p.p.), Nicaragua (+6.6 p.p.), Costa Rica (+5.9 p.p.) and Peru (+3.4 p.p.) significantly strengthened its position in terms of the total exports, while Panama saw its share reduced by -9.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Panama ($X), Colombia ($X) and Mexico ($X) constituted the countries with the highest levels of exports in 2021, with a combined 76% share of total exports. Brazil, Peru, Costa Rica and Nicaragua lagged somewhat behind, together accounting for a further 14%.

Among the main exporting countries, Nicaragua, with a CAGR of +72.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, growing by 30% against the previous year. Export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, travel set export price decreased by -32.9% against 2018 indices. The growth pace was the most rapid in 2013 an increase of 62% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Colombia ($X per unit), while Nicaragua ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+6.2%), while the other leaders experienced more modest paces of growth.

Travel Set Imports

Imports in Latin America and the Caribbean

Travel set imports expanded significantly to X units in 2021, with an increase of 15% against the year before. Overall, imports, however, continue to indicate a abrupt contraction. The growth pace was the most rapid in 2015 when imports increased by 54% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, travel set imports rose sharply to $X in 2021. In general, imports, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2015 with an increase of 34%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Guatemala (X units), Mexico (X units), Brazil (X units), the Dominican Republic (X units), Argentina (X units), Colombia (X units), Bolivia (X units), Chile (X units), Venezuela (X units), Haiti (X units), Peru (X units) and Guyana (X units) represented the major importer of travel sets in Latin America and the Caribbean, generating 85% of total import.

From 2012 to 2021, the biggest increases were recorded for Haiti (with a CAGR of +28.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X), Mexico ($X) and Chile ($X) were the countries with the highest levels of imports in 2021, with a combined 48% share of total imports. Brazil, the Dominican Republic, Argentina, Colombia, Venezuela, Haiti, Peru, Bolivia and Guyana lagged somewhat behind, together accounting for a further 35%.

Among the main importing countries, Haiti, with a CAGR of +18.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, reducing by -6% against the previous year. Over the period under review, the import price, however, continues to indicate a strong increase. The pace of growth appeared the most rapid in 2016 an increase of 90%. The level of import peaked at $X per unit in 2020, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+12.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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