The food products turnover in Spain has demonstrated a steady increase from 2013 to 2023, starting at 87.26 billion euros and reaching 113.82 billion euros in 2023, representing a consistent annual growth rate. In 2023, turnover stood at 113.82 billion euros, showing a year-on-year increase of 1.28%. The Compound Annual Growth Rate (CAGR) over the last five years was 1.53%, indicating moderate but steady growth.
From 2013 to 2023: - Early years (2013-2018) showed healthy growth, with notable spikes in 2017 (6.84%) and 2019 (5.4%). - 2020 experienced a slight decline (-1.59%), likely due to external shocks. - Post-2020, the market regained momentum but with lower year-on-year growth rates, stabilizing around 1.28% in 2023.
Future trends to watch for:
- The forecast indicates a gradual increase in turnover, reaching 120.79 billion euros by 2028.
- The projected CAGR for the next five years is 0.95%, pointing to a slower but steady growth phase.
- Technological advancements, health trends, and sustainability practices could impact future turnovers in the sector.
