Market Research in Nicaragua
Nicaragua is one of the largest Latam countries.
It shares borders with Honduras to the north and Costa Rica to the south. In addition, it has two very long coastlines.
The climate is chilly in the east and also much wetter than in the west.
The official language is Spanish. Many artists and writers call this country home.
Almost half of the people are Catholic. Another third are Protestant. Then there is a small following of Jews and Muslims.
The chief religious festival is La Purísima, a weeklong event in early December. It celebrates the Immaculate Conception. At that time, homes and workplaces often display ornate altars to the Virgin Mary.
Key Industries
Farming and tourism are two powerful industries in this country. In fact, farmers produce bananas, rice, sugar cane, beans, beef, poultry, coffee, cotton, and timber.
Then there’s the service sector, which employs around half of the labor force. This sector includes many services, for example
- transport, commerce, banking services
- the arts, health, and education
- restaurants and hotels
Tourism drives this sector and many others. In fact, tourism is critical. Moreover, the Los Angeles Times lauds the nation as a “tropical paradise.” It has many tourist spots, including:
- beaches,
- scenic routes,
- Beautiful cities such as León and Granada
Tourists can go hiking, kayaking, sightseeing, climbing, camping, and swimming. Culture, nature, and adventure are key selling points. The Masaya Volcano is another popular tourist spot.
Eco-tourism is yet another selling point, and this is a country with diverse flora and fauna. For example, tourists can visit:
- The Charco Verde Nature Reserve,
- Bosawas, one of the largest Latam rainforests
- Lake Nicaragua
The country boasts 78 protected areas. These span a fifth of the nation.
Farmers profit from tourism by letting travelers visit their coffee farms. There, they can learn about making coffee, stay overnight, and explore with a guide.
Other noteworthy industries include:
- Textiles—knit and woven fabrics, footwear.
- Cement, chemicals, oil refining, machinery, and metal products
- Drinks, food processing
- Mining – copper, silver, and gold
Neighborhoods
About three-fifths of the people live in the cities. The capital is Managua, which is the country’s largest city. Other notable urban areas are Granada, León, Matagalpa, and Bluefields. Most of the cities and industries are in the west, and so are most of the people.
Those in the east, on the other hand, farm, raise cattle and exploit timber resources.
Trends
The country’s response to the COVID-19 pandemic was lax. It decided against the lockdown measures and the strict testing policies of other countries. As a result, one US newspaper termed it “a government in denial,” and the US Department of State cautioned against travel.
Still, the global lockdowns hurt the country. So did the hurricanes Eta and Iota. Thus, trade and tourism shrank.
Experts expect the economy to recover soon.
Benefits and Strengths of the Market
This is a very promising Latam country, even though it’s one of the least developed. For one thing, it has strong ties with the United States. It has also signed free trade agreements with large markets such as the United States, Taiwan, and others.
Secondly, it offers a good business climate for locals and potential investors.
It is the top location in Central America for starting or closing a business and investor protection. It also ranks high for ease of doing business, and it’s easy to register a business and pay taxes.
Consumer Base
This country is home to more than six million people. Many of them are Mestizos, a white and native mixture. The city with the most people is the capital, Managua.
Many of the country’s nationals are living abroad. Thus there is a high foreign remittance rate. Sadly, the global lockdowns caused a marked decrease in money sent home by those living abroad.
Nine-tenths of the people live in the western Pacific lowlands and nearby highlands. Others live in the Pacific, Central, and North regions. The Eastern Caribbean region makes up the remaining tenth.
The country has a young population, many of whom are under the age of 15 years.
Why Grow Your Business in the Nicaraguan Market
This is the Latam country with the lowest crime rate, as stated by Interpol and many other sources.
In addition, it has many incentives for starting and closing a business, plus it offers investor protection. The country excels in its ability to import and export. It also scores high in the measures for obtaining property and paying taxes.
About Market Research in Nicaragua
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