The turnover of plastics products in the UK has exhibited several fluctuations over the past decade. From 2013 to 2023, the industry experienced both growth and decline, with notable downturns in 2016 and 2020 attributed to external factors including economic instabilities. The turnover reached its lowest point in 2020 at 20.24 billion euros, primarily due to disruptions during the COVID-19 pandemic. The subsequent recovery phase saw a rebound by 2023, where the turnover stood at 24.72 billion euros.
Year-on-year analysis highlights significant volatility with periods of robust growth from 2013 to 2015 and marked declines in 2016 and 2020. Recently, the industry has displayed stabilization, with a modest increase of 0.45% in 2023. The compound annual growth rate (CAGR) recorded for the past five years (2019-2023) is relatively low at 0.77%, reflecting the overall slow yet positive recovery trajectory post-pandemic.
The forecasted data from 2024 to 2028 suggests a steady though subdued growth pattern, with an anticipated five-year CAGR of 0.37% and an aggregate growth rate of 1.89%.
Future trends to watch for include:
- Sustainability initiatives and legislative pressures reducing plastic usage
- Technological advancements in recycling and biodegradable plastics
- Global economic factors and supply chain dynamics impacting production costs
- Consumer demand shifts towards environmentally friendly products
