The production value of veterinary services in Belgium has seen a steady increase over the past decade. Starting from 585.8 million Euros in 2013, the value reached 1060 million Euros by 2023. The sector experienced significant growth spurts, particularly between 2017 and 2021, with a notable 32.55% increase in 2018. However, there were some minor fluctuations such as a -7% decrease in 2016. The year-on-year growth from 2022 to 2023 was 2.96%, indicating a stable but slower growth trend. The average annual growth rate (CAGR) of the past five years stands at approximately 2.14%.
Looking forward, the forecast growth rate for the next five years is estimated at 2.01% per annum, suggesting a continued but moderate increase, reaching an estimated 1200 million Euros by 2028. The overall forecasted five-year growth rate is 10.44%.
Future trends to watch for include technological advancements in veterinary care, increasing pet ownership, and the rising awareness of animal health and wellness. These factors could drive the demand for veterinary services, potentially leading to higher growth rates than currently forecasted.
