From 2013 to 2023, the production of Food, Beverages, and Tobacco in Italy showed a consistent upward trend. The production value stood at 150.88 billion Euros in 2023. The year-on-year variation generally varied between around 1% to 3%, indicating steady growth. Over the last two years, the year-on-year growth was approximately 1.23% and 1.19% in 2022 and 2023, respectively. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 is 1.23%.
Looking forward, the production value is forecasted to continue its upward trajectory, reaching 159.21 billion Euros by 2028. The forecasted 5-year CAGR suggests a slower growth rate of 0.85% annually, with an overall increase of 4.32% over the next five years.
Future trends to watch for include:
- Changing consumer preferences towards healthier and organic products.
- Technological advancements in production and supply chain processes.
- Regulatory changes and their impact on production costs.
- Global economic conditions affecting export demand.