The distilling, rectifying, and blending of spirits turnover in Belgium demonstrated significant fluctuations over the past decade, from a peak in 2014 to a notable decline by 2023. Year-on-year variations highlighted volatility, especially a major drop of 53.21% in 2015. Despite some intermittent growth years such as 2019 (9.69%) and 2020 (15.48%), the overall trend showed a decline, with a compound annual growth rate (CAGR) of -1.8% over the last five years. In 2023, the turnover stood at €91.4M.
Future projections indicate a continued decline, with a forecasted CAGR of -0.79% from 2024 to 2028, leading to a turnover of €86.4M by 2028.
Future trends to watch for:
- Regulatory changes affecting production and sales
- Shifts in consumer preferences towards low-alcohol or non-alcoholic options
- Impact of economic factors on consumer spending patterns
- Technological advancements in production processes
- Increase in competition from international markets
