Growth prospects for the Chemical and Life Sciences chain
Despite the consequences of COVID-19 in the global economy, Colombia offers business opportunities and growth prospects in a variety of productive industries for the next years.
The current situation has had a mixed impact on the cosmetics and personal care products sector. On the one hand, products such as liquid soaps, hand sanitizers, and wet wipes have grown in terms of sales, while some cosmetics, such as lipstick, have experienced a drop due to widespread use of facemasks. It is estimated that in coming years in Colombia, sectoral sales will display continued growth, reaching US $3 billion in 2020 and more than US $3.18 billion in 2024. This expanded market is one good reason to establish operations in Colombia, given that, according to Euromonitor International, it was the second largest exporter of cosmetics and personal care products in Latin American and the Caribbean in 2019.
The household cleaning products sector is one category in which the pandemic could be expected to have a net positive impact, given the boost in sales stimulated by the promise that these will act as a protective barrier against the virus. In Colombia, a sales increase of almost 2% is expected, surpassing US $1.025 billion. The main business opportunities here are in subsectors of products for the care of clothing and surfaces, and in bleaches.
Finally, in addition to the positive outlook in those sectors, there are also prospects in the pharmaceutical and health sectors, where Colombia is regionally recognized for the quality of services offered, as well as for its sales and product manufacturing. According to Fitch Connect consulting group, pharmaceutical product sales in Colombia will surpass US $4.345 billion in 2024, which represents an annual growth of 4.5% for the period in question.