The seafood processing sector in Belgium has shown consistent growth from 2013 to 2023, with the production value rising from €483.1 million in 2013 to €756.7 million in 2023. The year-on-year growth rates between 2013 and 2023 have varied, with a noticeable spike of 10.97% in 2016 and a steady decrease in growth rates as the years progress, landing at 3.54% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stood at 3.46%, indicating robust but gradually slowing growth.
Forecasts indicate continuation of this upward trend, albeit at a slower pace, with an expected CAGR of 2.44% over the next five years, predicting a production value of €882.4 million by 2028.
Future trends to watch for:
- Increasing demand for sustainable and traceable seafood products.
- Technological advancements in processing and supply chain management.
- Impact of regulatory changes and trade policies on the sector.
- Consumer shifts towards healthier and premium seafood options.
