The food products, beverages, and tobacco products manufacturing output in Belgium has shown an increasing trend from 2013 to 2023. Notably, from 2021, the sector experienced sharp growth, with a significant year-on-year increase of 23.09% in 2022 and 5.38% in 2023, reaching 63.06 billion Euros. This rapid growth can be attributed to recovery post-pandemic and increased demand both domestically and internationally.
From 2019 to 2023, the sector’s Compound Annual Growth Rate (CAGR) was 7.46%, indicating robust expansion. Forecasting into the future, the CAGR is expected to moderate to 3.55%, reflecting a projected growth rate of 19.04% over the next five years, reaching 78.91 billion Euros by 2028.
Future trends to watch for:
- Increased focus on sustainable and organic products, responding to consumer preferences.
- Technological advancements in production efficiency and innovation.
- Potential regulatory changes impacting production and distribution.
- Highly fluctuating commodity prices influencing input costs.
- Growing market penetration and export expansion into new geographic regions.