Latin America is a high-potential and high-growth market, with a few key and internationally competitive airlines and a fast-growing LCC segment, which has seen phenomenal growth in Colombia, Brazil and Mexico. Latin America has become a top performer because its carriers have been through an (at times painful) transformation over the past decade. At the same time, the gap between the top several carriers (almost all of which are profitable) and the rest of the pack has widened. There has been a recent increase in the number of international carriers operating to this region.