Key Market Indicators
**Cypriot Plastic Product Sales Projected to Decline Slightly by 2028** Nicosia, Cyprus - The sales of plastic products in Cyprus are projected to dip slightly over the next five years. According to market forecasts, sales will decrease from €105 million in 2023 to approximately €103 million by 2028, marking a 0.2% year-on-year decline. Despite this downturn, the market had previously experienced a modest annual growth of 0.1% since 2013. In 2023, Cyprus held the 31st position in global rankings, with Latvia surpassing it at €105 million. Italy, France, and the United Kingdom ranked second, third, and fourth, respectively. **Steady Growth in Cypriot Plastic Exports** In contrast, Cyprus is seeing a positive trend in plastic exports. By 2028, the nation's plastic export value is expected to reach nearly $38 million, up from around $33 million in 2023. This represents an average annual growth rate of 2.4%. Since 1994, the Cypriot supply of plastic products has grown consistently by 3.2% each year. **Increase in Cypriot Plastic Imports** Cyprus is also anticipated to increase its plastic imports over the next five years. Forecasts suggest that imports will climb from approximately $229 million in 2023 to about $246 million by 2028, reflecting an average annual growth rate of 1.2%. Historically, the demand for plastic products in Cyprus has risen steadily by 0.5% per year since 1994. These trends indicate a nuanced picture for the plastics industry in Cyprus, with declining domestic sales juxtaposed against rising export and import activities.
