Analysis of the production in the spirits sector in Austria reveals that the industry has shown a consistent upward trend over the past decade. From 2013 to 2023, the sector saw significant growth, rising from 159 Million Euros to 245.6 Million Euros in 2023, a notable achievement reflecting both industry resilience and market expansion.
For 2023, the production value stood at 245.6 Million Euros. The year-on-year growth rate for 2023 was 3.41%, which is slightly below the previous year's rate. Over the past five years (2019-2023), the sector experienced a Compound Annual Growth Rate (CAGR) of 3.62%, highlighting steady growth.
Future projections for the period from 2024 to 2028 indicate continued growth with a forecasted CAGR of 2.38%, suggesting a slower but still positive trajectory. The sector is expected to expand by 12.5% over these five years, reaching 285.3 Million Euros by 2028.
Future trends to watch for in the Austrian spirits sector include potential impacts from global economic conditions, changes in consumer preferences towards premium and craft spirits, and regulatory developments concerning alcohol production and sales. Additionally, innovations in production technology and sustainable practices could drive further growth and efficiency in the industry.
