The import of cotton to the UK has experienced a steady decline from 2013's value of $398.35 million, decreasing annually by varying rates, with the exception of minor growth periods in 2014 and 2017. By 2023, the import value stood at $227.73 million. The CAGR over the past 5 years leading up to 2023 was -6.71%. Over the last two years, the imports decreased by 6.39% in 2022 and 6.69% in 2023. Looking ahead, the forecast indicates an average annual decline of 7.45% over the next five years, projecting a significant reduction in import values, reaching around $142.45 million by 2028.
Future trends to watch:
- Global cotton price fluctuations due to changes in supply and demand.
- The impact of trade policies and tariffs on UK cotton imports.
- Technological advancements in textile recycling and alternative materials.
- Sustainability initiatives and their influence on raw materials sourcing.