From 2013 to 2019, the turnover of tobacco products in Belgium experienced significant fluctuations, with notable drops in 2014 and 2018 and recoveries in 2015 and 2019. The trend indicated a declining industry with periods of recovery.
In recent years, the sector has stabilized with minimal variations, as evidenced by the slight year-on-year decreases from 2021 to 2023. Conversely, the compound annual growth rate (CAGR) over the past five years has been relatively stable at around 0.33%, suggesting a plateau in the declining trend.
Looking ahead, the forecast from 2024 to 2028 anticipates a continued gradual decline at a rate of 0.5% CAGR. This suggests a consistent decrease in turnover with an expected -2.49% forecasted growth rate over the five-year period.
- Turnover in 2023 stood at 420.5 Million Euros.
- Recent two-year variation: -0.82% in 2022 and -0.78% in 2023.
- CAGR from 2024 to 2028: -0.5%
Future trends to watch for include:
- Impact of regulatory changes on tobacco sales.
- Shifts in consumer preferences towards alternative nicotine products.
- Economic factors affecting disposable income and purchasing behavior.
