In 2023, the production value of prepared meals and dishes in Spain stood at 1.78 Billion Euros. Over the past decade, from 2013 to 2023, the industry experienced periods of robust growth and sharp declines. Between 2013 and 2019, the sector saw a consistent upward trend, peaking in 2019. However, from 2020 onwards, the industry faced consecutive yearly declines, culminating in a -7.6% year-on-year drop in 2023. The CAGR over the last five years leading to 2023 was -5.52%.
Looking forward, the forecasted data suggests continued contraction in the industry, with the production value expected to further decrease to 1.11 Billion Euros by 2028. The forecasted five-year CAGR stands at -7.43%, indicating a significant reduction trend, with an overall anticipated decline of -32.03% from 2024 to 2028.
Future trends to watch for include:
• Potential market consolidation as smaller companies may struggle to sustain operations.
• Shifts in consumer preferences towards fresher, less processed food options.
• Innovation in product offerings and packaging to boost consumer interest and counteract declining trends.
