Over the span from 2013 to 2023, industrial crops production in Belgium fluctuated, peaking in 2013 with 255.88 million euros and reaching a low in 2016 with 198.64 million euros. The most notable increase was in 2022 with a year-on-year rise of 32.7%, which brought the value to 303.1 million euros, only to see a subsequent decrease of 12.53% in 2023 to 265.12 million euros. The Compound Annual Growth Rate (CAGR) over the last five years stood at 3.53%, indicating moderate growth despite volatility.
Looking ahead, forecasts for 2024 to 2028 suggest stable production values around 265.13 million euros, indicating a flattening growth trend with no significant upward or downward movement expected. Given the forecasted zero CAGR, it is crucial to watch for:
- Potential impacts of climate change on crop yields and production costs.
- Technological advancements in agriculture that might enhance efficiency and output.
- Policy changes within the EU that could affect agricultural subsidies and trade regulations.
- Market demand shifts globally that could open new opportunities or present risks.