From 2013 to 2023, the output of food, beverages, and tobacco in Austria increased from €20.21 billion to €25.87 billion. The year-on-year variation ranged from a high of 4.25% in 2017 to a low of 1.04% in 2014. The Compound Annual Growth Rate (CAGR) over the last five years was 2.67%.
Recently, the growth rate has slightly decelerated with variations of 2.4% in 2022 and 2.31% in 2023. For the coming years, the forecasted CAGR for 2024-2028 is projected at 1.65%, indicating a modest growth trend. By 2028, the output is expected to reach €28.71 billion, marking an 8.53% growth rate over five years.
Future trends to watch for include:
- Technological advancements in food and beverage production.
- Changes in consumer preference towards organic and sustainable products.
- Impact of economic shifts and regulatory changes on the market.
- Increased focus on health and wellness driving new product innovations.
