Colombia’s biggest part of retail trade was generated with food: 15.9 billion US. Pharmaceutical and cosmetics products made up 2.8 billion US.
Bogotá is the biotechnology cluster of Colombia: With great availability of human talent, a high amount of universities, research establishments and technology centers.
Food industry, food processing and packaging machinery
Through an increasing middle class and higher purchasing power within the Colombian population there is a rising quality demand for food as well as a need for a healthier diet.
Between 2014 and 2019 Colombia‘s consumption of processed food is expected to grow by 51.5%. As a result of this, Colombia’s food industry has an increasing need for food machinery while there’s also a rise in the demand of technologically advanced equipment.
The plans for site modernisation or expansion arising by local food producers lead to a continuously rising demand for food machinery.
Due to the scarce local production, the country is depending heavily on imported machinery: The import of food machinery to Colombia totalled 75 million US$ in 2014, around 18.7% higher than the previous year.
The pharma market
A rising burden of non-communicable diseases, an ageing population and improving rural access has resulted in a hiking demand for medical treatment in Colombia which will continue to grow over the long term.
In 2014, Colombia’s healthcare market was valued at 27 billion US$. This figure is forecasted to rise to 50 billion US until 2024, equating to a compound annual growth rate of 6.4%.
Colombia’s pharmaceutical sales are forecasted to rise from 4.4 billion US in 2014 to 6.2 billion US in 2024 while the per-capita spending for pharmaceutical products will increase from 90 US$ in 2014 to 113 US by 2024.
The cosmetic market
Colombia is rich of natural ingredients for the cosmetics and pharmacy industry. The country has been recognized to be one of the main cosmetics and hygiene product supplier in the region.
There is a growing demand for luxury goods such as cosmetics due to a growing per-capita income.
A lot of international companies produce in Colombia and need imported high quality machinery for their production.
As a result of a growing demand for pharmacy and cosmetics there is also a growing demand for laboratory technology.
Colombia is an import market for laboratory technology as the domestic production is very limited.