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It's possible as spawn date is not 100% fixed one + institution have a requirements and sometimes AI too unlucky to fill them.
Currently in my game around 1485 there is still zero colonies as Portugal is loosing another war with their allies, England is lost several wars and fighting against constant rebels too + France being in very poor health. Random :) AI isn't going to colonize anything while being deeply in red.
From the wiki[eu4.paradoxwikis.com]:
So if Portugal's the only colonizing nation (or even if there are only one or two others) there's a significant chance each year that colonialism won't spawn.