Spain: Food Processing Ingredients Annual

In 2023, Spain imported $2.2 billion worth of agricultural, seafood and forest products from the United States, up 3 percent compared to the previous year. Even though inflation rates declined in 2023 as compared to the record highs registered in 2022, they remained higher compared to pre-pandemic levels. The high energy cost of raw materials and labor, as well as the effects of the drought, have increased the inflationary situation with repercussions for the productivity of companies and their margins, as well as for household consumption. Despite the economic and political uncertainties, Spain’s food and beverage sector continues to show a constant and positive performance. With one of the most competitive food processing industries in Europe, Spain’s demand for ingredients continues to increase, as well as its demand for distilled spirits, beef and beef products, seafood, pulses, and tree nuts.