The value of the Brazilian travel intermediaries industry is expected to reach R$71.68bn ($41.55bn) by 2016, according to a BRICdata report.

The report predicts that the industry will grow at a compound annual growth rate of 7.16% up to 2016.

Owing to robust economic growth, a rising number of tourists and an expanding middle-class population, Brazil’s travel and tourism market grew strongly during 2007-11, while its favourable economic environment has made it an attractive destination for international travel intermediaries to invest in.

According to the report, factors contributing to the expansion of the industry include a large population and potential customer base, natural beauty, a quick recovery from the major global economic downturn, and government policies to encourage foreign direct investment.

Brazil’s strong macroeconomic fundamentals and the increasing volume of domestic and international tourism have also contributed to the industry’s growth prospects.

The emergence of online travel intermediaries and the entry of international companies into the market are expected to change its dynamics.

The full report ‘Emerging Opportunities and Growth Prospects in the Brazilian Travel Intermediaries Industry’ is available from BRICdata. Click here for more details.