The sold production of spirits in Spain saw fluctuations from 2013 to 2023, showing modest increases and sharp declines. Notably, there was a significant drop in 2020 and 2021, likely due to the pandemic, followed by a strong rebound in 2022 and a steady rise into 2023, standing at 871.89 million Euros. Over the last five years, the compound annual growth rate (CAGR) averaged -0.83%, indicating overall negative growth trends up until recent recovery signs.
Future forecasts indicate a steady recovery and growth in the spirits market with a five-year CAGR of 0.8% from 2023 to 2028, reflecting cautious optimism about the market's expansion.
Future trends to watch for include:
• Potential impacts of economic recovery post-pandemic on consumer spending. • Shifts towards premiumization and consumer preferences for high-quality spirits. • Regulatory changes affecting the spirits industry. • Innovations in product offerings and marketing strategies driving new consumer segments.