If you are looking for your next export opportunity, you may have stumbled upon it!
Chile’s economy will see stronger growth in 2018 fuelled by robust private consumption and buoyant investment. The market has managed this growth despite limiting factors in the external sector such as tariffs imposed by the trade war between the US and China and worsening of the economic situation in some trading partners in Asia and Europe. Real GDP will grow by around 3.2% per year in 2020-2026 after gains of 3.9% in 2018.
PROSPECTS FOR TRINIDAD AND TOBAGO PRODUCTS
Access to adequate market and competitor intelligence can allow companies to identify opportunities that present themselves as a result of changes in the legal and regulatory framework, political and economic environment, consumer trends, emerging technologies, materials and distribution. There are opportunities in almost every market but the companies that benefit are the first movers and they are usually the one with the information. If your company is one that can easily evaluate the suitability of your product, determine what adaptations or positioning might be required and then achieve them then read on!
The Government of Chile’s recent legislative crackdown on sugar, fat and carbohydrate content in consumer goods paired with Chilean consumers’ growing concern for their health has had a significant impact on products such as chocolates, sugar confectionary, soft drinks, baked goods, breakfast cereals and others. The consumer base is experiencing a strong shift in demand for products considered “healthy alternatives,” especially those targeting children. Manufacturers will have to adhere to requirements for packaging and labelling as well as the content of their consumable products. The only consumable products for which this trend was not applicable, are those within the category of sauces and condiments.
Differentiation could be the key to gaining a foothold in this market as, so called “premiumisation” is a growing trend. Products that position themselves as “high end” are becoming more appealing especially in light of an economic turnaround in the country. In addition to luxury items, consumer demand is on the rise for artisanal goods made using traditional/non-mechanized processes, e.g. Craft beer.
While there is a strong sense of consumer loyalty towards national brands or established international brands, T&T products can be geared to satisfy tastes that are more sophisticated, such gourmet burgers and vegan varieties and products low in saturated fat and /or sodium which are part of the health and wellness trend. Companies can also focus on e.g. single serve or heat and eat and ready to serve packaging as a way of responding to the growing number of single/two-person households and the growing need for convenience.
For non-consumables such as home care products and personal hygiene items, manufacturers can differentiate in areas of convenience, health and wellness and organic/environmentally friendly ingredients. Manufacturers of Household and Industrial Chemicals, TAKE NOTE: In the umbrella category of surface care, private label products were available at attractive prices in 2018.
These are just a few of the general trends that can offer opportunities to those firms up to the challenge but we take a more targeted look at key product categories in the coming weeks. Some of these categories are: baked goods, snacks, breakfast cereals, ice cream, sauces and condiments, processed meat and seafood, confectionery, beer, soft drinks and more.
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