From 2013 to 2023, the production of food, beverages, and tobacco in Belgium showed a general upward trend. In 2013, the sector was valued at 39.26 billion euros and consistently grew to reach 48.34 billion euros by 2023. The year-on-year growth rates varied, with a notable dip in 2014 and 2015, but then picked up momentum from 2016 onwards. Over the last two years, the production increased by 1.9% in 2022 and 1.83% in 2023. The Compound Annual Growth Rate (CAGR) for the past five years up to 2023 was 1.89%, indicating steady growth.
Moving forward, projections for 2024 to 2028 suggest continued growth, albeit at a slightly slower pace, with a forecasted five-year CAGR of 1.28%. The production value is expected to reach 52.42 billion euros by 2028, marking a 6.57% growth over five years.
Future trends to watch for include technological advancements in production processes, shifts in consumer preferences towards healthier options, and the impact of regulatory changes on the food, beverage, and tobacco industry.