In Belgium, the value added of tobacco products has experienced significant fluctuations over the past decade, dropping from 161.8 million Euros in 2013 to a forecasted 121.24 million Euros in 2024. The value stood at 124.0 million Euros in 2023. Year-on-year variations show large declines in 2016 and 2017, substantial recovery in 2019, and further variability leading up to 2023. The 2023 value was slightly down compared to 2022, declining by 1.98%. Over the last five years, the compound annual growth rate (CAGR) has been slightly positive at 4.38%.
Future trends to watch for include the continued gradual decline forecasted through 2028, with the CAGR over the next five years expected at -1.77%. This suggests a cautious outlook for the industry, highlighting the need to monitor regulatory changes, shifting consumer preferences towards healthier alternatives, and the potential impact of technological innovations such as e-cigarettes and tobacco-heating products.
