The production value of advertising and market research in Portugal has shown a general upward trend from 2013 to 2023. From 2013 to 2019, there was steady growth, peaking in 2019 at 1.77 billion Euros. However, 2020 experienced a significant decline of 15.51% due to the global pandemic, reducing the value to 1.49 billion Euros. The industry quickly rebounded in 2021 with a growth of 12.22% and continued to rise through to 2023, reaching 1.89 billion Euros. The CAGR for the last five years stands at 2.13%, reflecting moderate annual growth despite the pandemic disruption.
Looking ahead, forecasts indicate a slower growth rate with a 5-year CAGR predicted to be 0.63%. By 2028, the production value is expected to reach approximately 1.97 billion Euros, a growth of 3.18% from 2023. Future trends to watch include the increasing digitization and use of advanced analytics within the industry, as well as the impact of regulatory changes and technological advancements on advertising strategies and market research methodologies.
Key points:
- Steady growth from 2013 to 2019
- Significant decline in 2020 due to pandemic
- Rebound in 2021
- Moderate growth from 2021 to 2023
- Slower forecasted growth from 2024 to 2028
