Top 10 Largest Latin American Companies (2024)

Latin America’s economic landscape has long been shaped by dynamic and influential companies that play a pivotal role in driving both regional and international growth. This article will explore the 10 largest Latin American companies as of October 2024. By focusing on market capitalization—a key indicator of a company’s overall value—we can gain valuable insights into their scale and influence. We will also discuss the factors that have propelled these companies to the forefront of their respective industries.

1.      Fomento Económico Mexicano, S.A.B. de C.V. (NYSE: FMX) (Mexico)

Notable Products/Services: OXXO convenience stores, Coca-Cola FEMSA bottling operations, OXXO Gas fuel stations, Logistics and distribution services.

Fomento Económico Mexicano, commonly known as FEMSA, is a leading Mexican multinational company with diversified operations in the retail, beverage, and logistics sectors. The company is best known for its extensive network of OXXO convenience stores, which are ubiquitous throughout Mexico and have expanded into other Latin American countries. Through its subsidiary Coca-Cola FEMSA, FEMSA is also the largest franchise bottler of Coca-Cola products in the world by volume.

Founded in 1890, FEMSA began as a brewery in Monterrey, Mexico. Over the years, it expanded into different sectors, including the establishment of the first OXXO store in 1978. FEMSA has played a significant role in Latin America’s retail and beverage industries, focusing on growth and innovation. The company’s strategic partnerships and acquisitions have allowed it to diversify its portfolio and expand its presence both regionally and globally.

2.      MercadoLibre, Inc. (NASDAQ: MELI) (Argentina)

Notable Products/Services: E-commerce marketplace, Mercado Pago (payment platform), Mercado Envios (logistics), Mercado Crédito (credit services), Mercado Shops (online stores platform).

MercadoLibre is an Argentine company that operates the largest online commerce and payments ecosystem in Latin America. The platform provides users with a wide range of services to facilitate buying, selling, and payment processes for goods and services. MercadoLibre’s marketplace allows individuals and businesses to list items for sale across numerous categories, reaching customers throughout the region.

Founded in 1999 by Marcos Galperin, MercadoLibre has grown exponentially, capitalising on the increasing internet penetration and e-commerce adoption in Latin America. The company has expanded its services to include digital payments through Mercado Pago, logistics solutions with Mercado Envios, and financial services via Mercado Crédito. MercadoLibre’s innovative approach and commitment to adapting to local market needs have established it as a dominant player in the Latin American e-commerce sector.

3.      Petróleo Brasileiro S.A. – Petrobras (NYSE: PBR) (Brazil)

Notable Products/Services: Exploration and production of oil and natural gas, Refining, Energy generation, Biofuels, and Petrochemicals.

Petrobras is a Brazilian multinational corporation in the petroleum industry, specialising in the exploration, production, refining, and transportation of oil and natural gas. The company is a leader in deep-water and ultra-deep-water oil production, leveraging advanced technology to access reserves located beneath the ocean floor.

Established in 1953 by the Brazilian government, Petrobras has played a crucial role in the development of Brazil’s energy sector. The company has been instrumental in discovering significant offshore oil fields, such as the pre-salt reservoirs. Despite facing challenges, including economic fluctuations and corruption scandals, Petrobras continues to be a key player in the global energy market, contributing to Brazil’s position as a major oil-producing nation.

4. Nu Holdings Ltd. (NYSE: NU) (Brazil)

Notable Products/Services: Digital banking services, NuConta (digital account), Credit cards, Personal loans, Savings accounts, and Investment products.

Nu Holdings, commonly known as Nubank, is a Brazilian fintech company offering digital banking services primarily through its mobile app. Nubank provides a range of financial products, including no-fee credit cards, digital checking accounts, personal loans, and investment platforms. The company aims to simplify banking and make financial services accessible to a broader population by eliminating bureaucracy and reducing costs.

Founded in 2013 by David Vélez, Cristina Junqueira, and Edward Wible, Nubank has rapidly grown to become one of the world’s largest digital banking platforms. The company’s user-friendly approach and focus on customer experience have attracted millions of users in Brazil and have expanded into other Latin American countries like Mexico and Colombia. Nubank’s disruptive model challenges traditional banking, promoting financial inclusion and innovation in the financial sector.

5.      Itaú Unibanco Holding S.A. (NYSE: ITUB) (Brazil)

Notable Products/Services: Retail and commercial banking, Insurance services, Asset management, Investment banking, Credit cards.

Itaú Unibanco is the largest bank in Latin America and one of the largest banks globally by market capitalisation. Headquartered in São Paulo, Brazil, the bank offers a comprehensive range of financial products and services to individuals, small and medium-sized enterprises, and large corporations. Its services include personal and commercial banking, insurance, investment banking, and asset management.

The bank was formed in 2008 through the merger of Banco Itaú and Unibanco, two of Brazil’s major financial institutions. This strategic merger created a banking giant with extensive domestic and international operations. Itaú Unibanco has a strong presence across Latin America and maintains offices in key global financial centres. The bank emphasises technological innovation, customer service, and sustainable practices, positioning itself as a leader in the financial industry.

6.      Walmart de México y Centroamérica (BMV: WALMEX) (Mexico)

Notable Products/Services: Retail supermarkets, Discount stores, Membership warehouses, and E-commerce platforms.

Walmart de México y Centroamérica, commonly known as Walmex, is the Mexican and Central American subsidiary of Walmart Inc., operating retail stores in Mexico and several Central American countries. Walmex manages various store formats, including Walmart Supercentre, Bodega Aurrera, Sam’s Club, and Superama, catering to different market segments with a wide range of products.

Originally entering the Mexican market in 1991 through a joint venture with Cifra, Walmart Inc. expanded its operations, eventually acquiring a majority stake and rebranding the stores under the Walmart name. Walmex has since become one of the largest retail chains in the region, focusing on low prices, customer satisfaction, and efficient supply chain management. The company continues to invest in e-commerce and omnichannel strategies to meet changing consumer preferences.

7.      América Móvil, S.A.B. de C.V. (NYSE: AMX) (Mexico)

Notable Products/Services: Telecommunications services, Wireless and fixed-line voice and data, Internet services, Digital platforms.

América Móvil is a Mexican multinational telecommunications corporation, one of the largest in the world in terms of equity subscribers. The company provides a comprehensive range of telecommunications services, including mobile and fixed-line telephony, broadband, and digital television. América Móvil operates under various brand names such as Telcel, Telmex, and Claro across Latin America and parts of Europe.

Founded in 2000 by Carlos Slim Helú, América Móvil emerged from the privatisation of Telmex, Mexico’s national telephone company. The company expanded aggressively through acquisitions and organic growth, becoming a dominant player in the telecommunications industry. América Móvil focuses on technological innovation and infrastructure development, aiming to enhance connectivity and access to advanced communication services in the regions it serves.

8.      Vale S.A. (NYSE: VALE) (Brazil)

Notable Products/Services: Mining and production of iron ore, nickel, copper, coal, fertilisers, and logistics services.

Vale is a Brazilian multinational corporation engaged in metals and mining, and one of the largest logistics operators in Brazil. It is the world’s largest producer of iron ore and nickel, essential raw materials for the global steel industry and various other applications. Vale also operates in the production of copper, coal, and fertilisers, and provides logistics services through railways, ports, and shipping.

Founded in 1942 as Companhia Vale do Rio Doce (CVRD), the company was privatised in 1997 and later rebranded as Vale. Vale has significantly expanded its operations globally, with mining activities in several countries across continents. While the company has faced environmental and social challenges, including dam collapses in Brazil, it continues to play a crucial role in the global supply of essential minerals, investing in sustainability and safety measures.

9.      WEG S.A. (Brazil)

Notable Products/Services: Electric motors, Generators, Transformers, Automation systems, Energy solutions, and Industrial equipment.

WEG is a Brazilian multinational corporation that specialises in electrical engineering, power, and automation technology. The company manufactures electric motors, generators, transformers, and drives, as well as provides complete industrial automation solutions. WEG serves various industries, including energy, mining, oil and gas, infrastructure, and manufacturing.

Founded in 1961 by Werner Ricardo Voigt, Eggon João da Silva, and Geraldo Werninghaus, WEG began as a small factory in Santa Catarina, Brazil. Over the decades, it expanded domestically and internationally, establishing manufacturing facilities and operations in multiple countries. WEG’s commitment to innovation, quality, and sustainability has positioned it as a global leader in the electrical equipment industry, contributing to technological advancement and energy efficiency worldwide.

10.  Banco Santander (Brasil) S.A. (NYSE: BSBR) (Brazil)

Notable Products/Services: Retail and commercial banking, investment banking, asset management, insurance services, credit cards

Banco Santander Brasil is the Brazilian subsidiary of the Spanish Santander Group, one of the largest banking groups in the world. The bank offers a wide array of financial services to individuals, SMEs, and large corporations in Brazil. Its services include personal and corporate banking, investment banking, asset management, and insurance.

Santander entered the Brazilian market in the late 1990s through acquisitions, including Banespa, a significant regional bank. Banco Santander Brasil has since grown to become one of the leading financial institutions in the country. The bank focuses on customer satisfaction, technological innovation, and sustainable practices, integrating global expertise with local market knowledge to serve its clients effectively.

Takeaways

Latin America offers lucrative investment opportunities. When it comes to trading Latin American companies, platforms like Hantec Markets offer a comprehensive solution. Hantec Markets provides access to various Latin American stocks, allowing traders to buy and sell shares directly. Tracking the performance of Latin American companies can be done through a variety of channels. Traders and investors can also utilize financial news platforms, such as CNBC Latin America, Reuters, and the Financial Times to stay updated on market trends, company announcements, and economic indicators impacting Latin American markets. For conducting technical analysis, popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are widely used by traders worldwide. Both MT4 and MT5 provide access to a wide range of markets, including Latin American stocks, allowing traders to apply technical analysis techniques to these companies. In addition to trading and investment information, it is important to consider some general aspects of the Latin American market. Latin America boasts a diverse economy, with sectors such as mining, telecommunications, retail, finance, and energy playing key roles. Political stability, economic policies, and regulatory frameworks are crucial factors to consider when investing in Latin American companies. It is also essential to stay informed about regional geopolitical developments and currency fluctuations that may impact investment returns.

Learn more about the biggest companies in different countries and regions around the world by reading our other articles:

• Top 10 Largest US Companies by Market Capitalisation
• Top-10 largest non-US companies by market capitalisation
• 10 Biggest UK-based Companies
• Africa’s Top-10: Leading Companies by Market Capitalisation
• Top 10 Largest Companies in China
• Economic Powerhouses: Trillion-Dollar Companies Club

Also, we recommend you to find out with our Trader’s Guide to the 10 Major Global Economies by GDP.