The Portuguese spirits industry is currently worth €700 million, however sales have been marginally decreasing since 2013 and will continue to decline until 2018, according to new research.
This is according to data from Portugal's association of spirits companies, Associação Nacional de Empresas de Bebidas Espirituosas (ANEBE), published in Diario de Noticias.
In 2013, the national spirits industry was worth €800 million, the study found.
The president of ANEBE, Daniel Redondo, says that this decline is due to an increase in tax, which currently accounts for more than half (53%) of the cost of a bottle of an alcoholic beverage. According to the association, taxes have increased by around 26% since 2011, and it is estimated that the spirits industry pays around €50 million annually in VAT.
Portugal’s spirits industry exports around €50 million of goods annually and directly generates more than 1,100 jobs in the country.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine