In 2023, the turnover of wood products in the UK stood at 10.55 billion Euros, showing a modest increase of 1.44% from the previous year. The industry experienced significant fluctuations over the past decade, peaking in 2015 with substantial growth but facing a notable dip in 2020 due to external factors such as the pandemic. However, recovery was evident from 2021 onwards, with continuous albeit moderate growth expected through to 2028. The 5-year CAGR for the period from 2023 to 2028 is forecasted at 1.13%, indicating steady and sustainable market growth.
Future trends to watch for:
- Increasing demand for sustainable and eco-friendly wood products.
- Innovative applications of wood in construction and manufacturing.
- Potential trade impacts due to Brexit and other geopolitical factors.
- Technological advancements in wood processing and production efficiency.
- Regulatory changes impacting forestry management and wood product standards.
