In 2023, the value added of textiles and wearing apparel in the US was valued at $21.64 billion. The forecasted values from 2024 to 2028 show a consistent decline. The year-on-year variations are as follows: 2024 at $21.28 billion (-1.66%), 2025 at $20.92 billion (-1.69%), 2026 at $20.56 billion (-1.72%), 2027 at $20.2 billion (-1.75%), and 2028 at $19.86 billion (-1.68%). The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 stands at approximately -1.7% per year.
Future trends to watch for include advancements in sustainable textiles, the rise of circular fashion, and the impact of technological innovations such as AI and automation in the manufacturing process. These factors could potentially offset the declining trend or lead to new avenues for growth within the sector.
Latest reports
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