From 2013 to 2022, the industry showed a mixed performance with noticeable fluctuations but an overall upward trend. Year-on-year growth varied significantly, peaking at 18.38% in 2014, with occasional declines, such as -4.65% in 2015. However, from 2017 onwards, the trend stabilized, showing more consistent growth. The compound annual growth rate (CAGR) over the last five years was 2.96%. The forecast predicts continued moderate growth up to 2028, with a forecast 5-year CAGR of 1.86%, culminating in a total growth rate of 9.67% through this period.
Future Trends to Watch: Factors such as technological advancements, sustainability practices, and market demand shifts could impact the forecast. Companies should prepare for potential supply chain disruptions and evolving environmental regulations.
