The spirits production sector in Spain demonstrated fluctuating performance over the past decade with significant volatility. From 2013 to 2022, the production values varied widely, peaking in 2019 before sharply declining in 2020 due to the impact of external factors such as the COVID-19 pandemic. The sector began a steady recovery post-2020, culminating in a value of 1.09 billion euros in 2023, representing an 8.7% year-on-year growth from 2022. Looking ahead, production values are expected to stabilize around 1.08 to 1.07 billion euros from 2024 to 2028, with a forecasted average annual growth rate (CAGR) of -0.39%.
Future trends to watch for:
- Regulatory changes affecting production and distribution.
- Shifts in consumer preferences towards premium and craft spirits.
- Impact of economic conditions on disposable income and spending on spirits.
- Technological advancements in production and distribution efficiencies.