The production of food, beverages, and tobacco in Spain has seen a steady increase from 2013 to 2023, reaching a value of 133.42 Billion Euros in 2023. Over the last two years, the year-on-year variation has been relatively stable, at 1.56% in 2022 and 1.51% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stands at 1.46%, which indicates steady yet modest growth.
Looking ahead, forecasts suggest continued growth, with a projected value of 142.75 Billion Euros by 2028. The forecasted 5-year CAGR of 1.07% implies a deceleration but still positive trend, with an overall growth rate of 5.46% over this period.
Future Trends to Watch for:
- Impact of sustainability initiatives and shifts to eco-friendly production.
- Changes in consumer preferences, particularly towards healthier options.
- Potential economic and regulatory changes within the EU impacting the industry.