With changing consumption pattern and growing number of working women, Chileans will continue to spend increasingly on food products, with poultry gaining a stronger presence.
Industry research firm RNCOS reports in their new research report “Chile Food and Beverages Market Outlook to 2013”, consumer expenditure on food and beverages in Chile rose strongly during 2004-08, accounting for 51% of total retail sales. With growing awareness, changing consumption pattern and increasing demand for convenience food, the consumer spending is expected to grow at a CAGR of close to 6% between 2009 and 2013.
The consumption pattern in Chile shows that there has been a move away from the consumption of locally produced staples towards more expensive branded products and processed packaged foods. Rising health awareness and the government focus on preventative healthcare have boosted the demand for “diet” and “light” foods and beverages. Moreover, healthier lifestyle and higher incomes have also raised the consumption of healthier foods, with specific mention to poultry.
We have found that the consumption of convenience foods is growing with rising number of employed women and increase in average working hours. Consumers are becoming more time- conscious, leading to a shift towards ready-to-cook and ready-made foods.
“Therefore, we strongly believe that as people are looking for more convenience and younger Chileans embracing the US eating habits, the demand for fast food products and restaurant food will surge at a fast pace. Thus, restaurants and fast-food franchises will prosper in the coming years,” says RNCOS.