From 2013 to 2023, the value added of chemical and pharmaceutical products in Belgium increased significantly from 13.88 Billion Euros in 2013 to 20.87 Billion Euros in 2023. The highest year-on-year growth was noted in 2019 with 10.18%, while there was a slight decline in 2016 at -0.72%. The compound annual growth rate (CAGR) shows an overall positive trend, peaking in 2019 at 6.27%, followed by a slight deceleration to 3.64% by 2023.
The forecasted data from 2024 to 2028 suggests moderate growth with a forecasted 5-year CAGR of 1.76% and an overall forecasted growth rate of 9.12% by 2028. This slowdown indicates a more stable yet less aggressive growth pattern compared to the previous decade.
Future trends to watch for include potential impacts of regulatory changes, technological advancements in pharmaceutical manufacturing, and shifts in global supply chains which could influence the overall value added in this sector. Moreover, increasing focus on sustainable and eco-friendly production practices could drive innovation and cost structures in the industry.
