Between 2013 and 2023, Spain's food product production exhibited steady growth with occasional fluctuations. After a decline in 2013, the sector experienced consistent year-on-year growth until 2020 when it faced a significant drop likely due to the COVID-19 pandemic. However, the industry rebounded in 2021, continuing a positive trend up to 2023 with a production value of €108.44 billion.
Noteworthy year-on-year variations included a high of 7.52% growth in 2017, a -3.76% dip in 2020, and a 6.6% recovery in 2021. Over the last five years, the compound annual growth rate (CAGR) stabilized at 1.26%, showing resilience in the industry.
Future trends to watch for:
- Projected steady growth through 2028, with an expected CAGR of 0.94%.
- Potential impacts from technological advancements in food production.
- Evolving consumer preferences towards sustainable and organic products.