The turnover of food and beverage services in Belgium has shown a dynamic pattern over the past years. From 2013 to 2019, it displayed a steady upward trend with an average annual growth rate of around 5%. This growth was briefly interrupted in 2020 due to a significant decline of nearly 38%, attributed to the COVID-19 pandemic. The sector rebounded strongly in 2021 and continued to grow through 2023, with a year-on-year increase of 12.64%. As of 2023, the turnover stood at 16.84 billion Euros.
Looking ahead, the forecast for 2024 and beyond suggests a continued upward trajectory, with an estimated growth to 20.08 billion Euros by 2028, implying a forecasted 5-year CAGR of 2.79%. Key factors to watch for include consumer behavior changes post-pandemic, digitalization trends, and economic conditions impacting disposable income.
