In 2023, the Apparel and Leather and Allied Product Manufacturing industry's gross output in the US stood at 13.96 billion USD, setting the stage for upcoming forecasts. Over the forecasted period, the industry anticipates a consistent decline, with a year-on-year reduction of approximately 7.98% between 2024 and 2028. The compound annual growth rate (CAGR) for this period is negative, indicating a steady decrease in gross output. By 2028, the industry is expected to reach 8.94 billion USD, reflecting challenges in sustaining growth amidst changing market dynamics.
Future trends to watch include:
- Shifts in consumer preferences towards sustainable fashion.
- Impact of technology and automation on production processes.
- Potential disruptions from global supply chain challenges.
- Adaptation to e-commerce and digital retail strategies.
