The production of Textiles, Wearing Apparel, and Leather Products in the US has shown a declining trend from 2013 to 2023, with the value standing at 59.45 Billion US Dollars in 2023. This period experienced notable fluctuations, such as a sharp decrease of 20.19% in 2020, attributed to the impact of the COVID-19 pandemic, followed by a significant rebound of 17.02% in 2021. However, the overall trend from 2018 to 2023 exhibits a consistent decline, with a negative CAGR of approximately -2.65% over the last five years.
Looking ahead, the forecasted data from 2024 to 2028 indicates a continued downward trend with an anticipated annual average decline (CAGR) of -2.71%, leading to an overall reduction of 12.85% over this period. By 2028, the production value is expected to decrease to 50.09 Billion US Dollars.
- Year-on-Year variations over the last two years show a decreasing trend of approximately -2.90% annually.
- The average annual variation (CAGR) over the past five years is approximately -2.65%.
- For the next five years, the forecasted CAGR is -2.71%, indicating a continued decline in production value.
Future trends to watch for include advancements in sustainable textile production, potential shifts in consumer preferences towards eco-friendly and locally-produced goods, and the impact of technological innovations in manufacturing processes which may alter the production landscape.
