The Chilean packaging industry registered strong growth during 2007–2011, registering a compound annual growth rate (CAGR) of 5.76%, supported by growing food exports as well as the entry of major industry competitors into the domestic market, according to a report by the UK-based research firm BRICdata.
During 2012-16, the industry is expected to grow at a CAGR 6.71%, foreseeing an improving level of investment as the domestic demand for packaging materials increases in line with the recovery in the economy.
Despite a decline in GDP during 2008-09, anticipated economic growth is expected to provide a fillip to the Chilean packaging industry, and increased hygiene measures are driving the need for technologically-advanced packaging machinery in the personal care and pharmaceutical industries.
In Chile’s food and beverage industry, active and smart packaging has been gaining popularly as companies use it to preserve the quality and extend the shelf life of food.
The increase in supplier activity in the Chilean packaging market is primarily due to business-friendly regulations ,which coupled with an increased export demand, has led to local packaging manufacturers following, and maintaining, international quality standards.
According to the report, the food and beverage industry accounts for nearly 73.5% of the packaging market, while the pharmaceutical sector represents 9%, in terms of end-user markets.
The full report ‘Packaging Industry Outlook in Chile: Market Size, Key Trends, Drivers and Challenges to 2016’ is available from BRICdata. Click here for more details.