The production value of event catering in Spain witnessed significant fluctuations from 2016 to 2023. It reached a peak in 2016 at 1.77 billion euros, followed by a dip in the subsequent years, especially notable in 2020 due to a 45.37% drop caused possibly by the COVID-19 pandemic. Recovery began in 2021 with a 43.78% increase, continuing until 2023 which saw a 9.49% rise, bringing the production value back to 1.72 billion euros in 2023.
Year-on-year variations highlighted the volatility, with notable drops and recoveries. The latest 5-year CAGR from 2023 is a modest 22.61%, and future forecasts predict slight declines with a 5-year CAGR of -0.35% and an overall growth rate of -1.74% by 2028, stabilizing the production value around 1.69 billion euros from 2026 onwards.
Future trends to watch for include the impact of economic conditions, changes in consumer behavior, and advancements in catering technology and sustainability practices which could influence the industry's stability and growth. Additionally, factors like corporate events resurgence, tourism inflows, and regulatory changes could play pivotal roles in shaping the market landscape.
