From 2013 to 2023, the production volumes of Food, Beverages, and Tobacco in Belgium exhibited a generally positive trend, starting at 38.24 Billion Euros in 2013 and reaching 43.25 Billion Euros in 2023. Year-on-year variations fluctuate, showing both increments and minor decrements. Over the last two years, the volumes increased by approximately 0.97% per year. The Compound Annual Growth Rate (CAGR) for the past five years is around 0.78%, indicating steady growth.
Looking ahead, from 2024 to 2028, the production volumes are forecasted to grow, reaching 45.17 Billion Euros by 2028. The forecasted five-year CAGR is expected to taper slightly to 0.69%, with an overall growth rate of 3.48% over the five-year period.
Future trends to watch for include:
- Technological advancements in food and beverage production, which may drive efficiencies.
- Shifts in consumer preferences towards healthier and sustainable products.
- Regulatory changes impacting production processes, especially around environmental compliance.
- Global economic factors which could affect supply chains and production costs.