The textiles, wearing apparel, and leather output in the UK showed significant fluctuations over the past decade. It peaked in 2015 with a value of 16.32 billion Euros but experienced a notable decline in 2016. The industry faced a sharp drop during the pandemic year of 2020, followed by a recovery in 2021. However, from 2019 to 2023, the sector demonstrated a slight downward trend, with the value standing at 13.89 billion Euros in 2023, reflecting a minor annual decrease of -0.27% over the past couple of years. The compound annual growth rate (CAGR) over the last five years was -0.4%.
Looking ahead, forecasts suggest a continued slight decline with a projected CAGR of -0.22% from 2024 to 2028. Key trends to monitor include:
- Technological innovations and their impact on production efficiency.
- Changes in consumer behavior towards sustainable fashion.
- Trade policies and their influence on international supply chains.
