Colombia could end up being one of the Latin American countries with the greatest economic recovery during this year, with GDP growth of 7.6% in 2022, according to figures from the International Monetary Fund (IMF). In contrast, countries like Brazil, Mexico and Argentina will barely have a GDP growth of 2.8%, 2.1% and 4%, respectively. Additionally, in September 2022, the National Department of Statistics (DANE, as per the Spanish acronym) registered a year-on-year increase of 7.2% in retail sales in Colombia.
Here are some of the products that could be boosting the country’s economy:
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The 2023 Latin America Forecast
Five massive trends that will shape Latin America not only for in 2023—but also throughout the rest of the decade into 2030
#1 Electric Vehicles
In October 2022, the National Association for Sustainable Mobility (ANDEMOS, as per the Spanish-language acronym) reported surprising growth in the sale of electric vehicles in Colombia.
- The commercial electric passenger vehicle segment showed the most pronounced growth in Colombia, with a massive year-over-year growth of 982% as of October 2022.
- Commercial electric cargo vehicles <10.5T: 206% year-on-year growth as of October 2022.
- Electric motorcycles in Colombia: year-on-year growth of 10% as of October 2022.
- Electric utility vehicles: 82.5% year-on-year growth as of October 2022.
- Electric cars: 41% year-on-year growth as of October 2022.
#2 Solar Cells
Colombia solar energy market (which includes photovoltaic electricity and concentrated solar power will grow with a CAGR of more than 50% between 2022 and 2027, according to Mordor Intelligence. The research firm also indicates that Colombia could reach an installed capacity of 4,019 MW in 2027.
#3 Motorcycles
Colombia has the second-largest motorcycle market in Latin America after Brazil. Between January and May 2022, about 357,000 motorcycles were sold in Colombia, which indicates growth of 36% compared to the same period in 2021, according to ANDEMOS.
The best-selling motorcycle brands in Colombia are Bajaj, Yamaha, AKT, Suzuki and Victory. Also, motorcycles of 250cc or less sell the best in Colombia, with a massive market share of 97% as of May 2022.
According to Bloomberg Línea, ANDEMOS projects that the motorcycle market in Colombia will reach 900,000 units sold by the end of 2022, meaning Colombia’s motorcycle sales will grow by 22% compared to 2021.
#4 Catalog Sales
The Colombian Association of Direct Sales (ACOVEDI), which has 28 affiliates (in companies such as Yanbal, Novaventa, Natura or Leonisa), reported revenues for more COP$6.2 trillion in March 2022—approximately US$1.2 billion—which indicates growth of 14.5% compared to 2021. According to ACOVEDI, Colombia is already part of the top 15 countries in the world in terms of catalog sales.
The best-selling products that are sold by catalog in Colombia are cosmetics and personal care products, with a market share of 38.8%. Clothing and accessories are in second place, with a 34.4% market share. In third and fourth place are food and beverage products (7.5%) and household items (6.15%).
#5 Home Appliances
Mordor Intelligence estimates that sales of household appliance in Colombia will expand with a CAGR of nearly 2.6% between 2022 and 2027. Mordor’s report includes the sale of large household appliances, such as refrigerators, washing machines and freezers; and small appliances, such as blenders and toasters.
According to Mordor Intelligence, the brands that dominate the domestic appliance market in Colombia are BSH, Whirlpool, Electrolux, LG and Samsung.
#6 Clothing, Footwear and Jewelry
The fashion market in Colombia is projected to grow by 9% in 2022, according to Inexmoda. By the end of 2022, the market will reach a volume of approximately COP$30 trillion (approx. US$6 billion).
In Colombia, the fastest-growing subsectors in this market are:
- Personal accessories, jewelry and cosmetic jewelry: projected to grow by 38% in Colombia during 2022
- Clothing and footwear: projected growth of 30% in Colombia in 2022
- Household clothing: projected growth of 27% in Colombia in 2022
#7 Construction Equipment
Arizton projects a CAGR of 6.7% for sales of construction equipment in Colombia between 2022 and 2028. This market includes bulldozers, motor graders, cranes, forklifts, pavers, and others; for industries such as construction, manufacturing or mining. By 2028, the construction equipment market in Colombia is expected to reach US$552 billion.
The best-selling brands in Colombia for construction are Caterpillar, Komatsu, Volvo, CASE and Hyundai, which sum a total share of close to 77% of the entire market.
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#8 Books
The Colombian Book Chamber recently released its book sales statistics in Colombia. According to their data, in 2021 the book sector in Colombia showed a slight recovery of 2.9% growth in book sales. It should be noted that book sales dropped by 16,6 % during 2019 and 2020 due to the pandemic.
The fastest growing segment is religious books, with a 52% increase in sales in 2021 in Colombia, followed by general interest books with a 19.5% increase.
Next Steps
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You may also want to explore our other stories on top-selling products in Latin America overall in 2022-23, as well as 2022’s best-selling products in markets such as Argentina, Mexico, Chile, and Brazil.
