The forecast for the UK's value added in textiles and wearing apparel from 2024 to 2028 shows a steady growth from £7.22 billion to £7.71 billion. This represents a year-on-year growth rate of approximately 1.6% to 1.8%, suggesting a modest but consistent increase. In 2023, this sector stood at £7.11 billion, indicating continual recovery and gradual expansion over the forecast period.
Considering these growth rates, the Compound Annual Growth Rate (CAGR) for the five-year forecast spans roughly 1.65% per year. This emphasizes a stable upward trend in the market.
Future Trends to Watch:
- Technological advancements in textile production.
- Shifts toward sustainable and eco-friendly materials.
- Impact of post-Brexit trade agreements.
- Increased demand for multifunctional and high-performance apparel.
- Potential economic impacts from global supply chain disruptions.
