The production of tobacco products in Belgium has faced significant fluctuations over the years. In 2023, the production stood at 345.3 million euros. The year-on-year variation for 2023 showed a decline of 5.94%, while the average year-on-year variation in the last two years was a decline of approximately 5.82%. The Compound Annual Growth Rate (CAGR) for the last five years is approximately -3.27%, highlighting a persistent declining trend in the industry.
The forecasted data from 2024 indicates a continued decrease, with the production expected to drop to 275.57 million euros by 2026 and further down to 231.57 million euros by 2028. The forecasted 5-year CAGR is -6.35%, implying a continued contraction in the market. Future trends to watch for include potential regulatory changes, shifts in consumer preferences toward healthier alternatives, and economic factors impacting disposable income and consumer spending.
