The sector experienced steady growth from 2013 to 2019, with an average CAGR of around 3-4%. The year 2020 saw a significant drop of -59.32% due to the pandemic but rebounded sharply by 130.49% in 2021. Forecasts from 2023 to 2028 indicate a moderate growth with a 5-year CAGR of 1.73% and an overall growth rate of 8.97%. The recent trend reflects resilience and recovery in the industry, although the growth rate is expected to stabilize.
Future Trends to Watch: Focus on digital transformation, sustainability practices, and evolving consumer preferences towards health and well-being. Monitoring the impact of potential economic fluctuations will also be crucial.
