The infamous Latin American political revolution known as "pink tide" is reportedly receding. According to Financial Times, these populist political movements have sharply swept the region leftward for over the past 17 years. Though some populists, such as Bolivia's Evo Morales, remain popular and resolutely entrenched in power, others have started to fade.

The so-called "pink tide" exploded on Latin American shores 10 to 15 years ago. The political left including Venezuela's Hugo Chávez (the first to be elected, in 1999) and the United Socialist Party of Venezuela (2007), Bolivia's Evo Morales and his Movement for Socialism (2006), Ecuador's Rafael Correa and his PAIS alliance (2007), Nicaragua's Daniel Ortega, Uruguay's José Mujica, Argentina's Nestor Kirchner and Peronists in power (2001-2015), and Brazil's Luiz Inácio da Silva aka Lula and the Workers' Party (2003) have all consolidated their power in the region.

Since these progressive parties were in power in Latin America, they were implementing their own policies. And there were two specific reasons for the success of the left, as cited by Diego Sánchez-Ancochea, a professor in Latin American politics at Oxford University in the UK.

"First, major discontent with the poor economic results of the neoliberal reforms in the late 1990s," he told The Argentina Independent. "Second, the consolidation of democracy, which naturally results in alternation of power."

Today, the "pink tide" in Latin America has started to recede thanks to the decline in commodity prices that fuels the region's exports, a string of corruption scandals, economic mismanagement and voters' desire for change. BBC News also cited three recent defeats as reasons why the "pink tide" of left-wing governments in the region is ebbing. And these are:

1. Right-wing candidate Mauricio Macri won the presidential race in Argentina.

2. The center-right opposition Democratic Unity Roundtable (MUD) coalition swept to victory in elections for the National Assembly in Venezuela, earlier this month.

3. Brazilian President Dilma Rousseff of the left-wing Workers' Party (PT) faces possible impeachment, where many local observers believed she will end her control in 2018.

As the pink tide's most powerful leaders faced ferocious political opposition from their constituents, peers and supporters, the quasi-socialist ideology that swept across several Latin American nations is gradually dying down, Business Insider noted.

Despite the ebbing of Latin America's "pink tide," many within region were left searching for solutions in order to address the concerns and frustrations of the population.

"The perception is that the recent achievements were the result of the benevolence of those in power, and not due to action from grassroots organizations," Brazil's Landless Workers' Movement national coordination committee member Miguel Stedile told teleSUR English. "So, in the minds of the people, changing those in power will still guarantee those achievements."

Meanwhile, the subsequent electoral aftermaths serve as an indication that there are some major challenges that Latin America should face in 2016, including adequately addressing voter demands.