From 2013 to 2023, the UK market for pile fabrics, terry fabrics, and knitted or crocheted items has seen a general decline, with a notable drop from 35.7 million euros in 2013 to 21.2 million euros in 2023. The sharpest decrease occurred between 2015 and 2016, and again in 2020. Brief recoveries in 2017 and 2021 were observed, yet overall, the market faced negative growth. In particular, the year-on-year drops in 2022 and 2023 were 4.85% and 4.99% respectively, indicating ongoing challenges. The five-year compounded annual growth rate stands at -4.1%.
Future trends to watch include:
- The impact of sustainable and eco-friendly material demand on market dynamics.
- Pandemic recovery influencing demand and supply chain stabilization.
- Technological advancements in textile manufacturing.
- Potential shifts in consumer preferences towards local production.
