The turnover in the spirits sector in Belgium has shown considerable fluctuation over the past decade. In 2014, the sector experienced a high turnover of 202.2 million euros, but this sharply declined by over 53% in 2015. The industry saw a recovery phase with a slight increase in 2016 and 2019, reaching 109.8 million euros in 2019. However, the COVID-19 pandemic caused a 15.48% rise in 2020 followed by a significant drop in 2021. By 2023, the turnover stood at 91.4 million euros, reflecting a consistent decline.
For the future, the forecast indicates a continued declining trend with a 5-year CAGR of -0.79% from 2023 to 2028, settling at 86.4 million euros by 2028.
Future trends to watch for:
- The impact of changing consumer preferences towards healthier options.
- Potential regulatory changes affecting the spirits market.
- Innovations within the spirits industry, such as new product lines or marketing strategies.
