The production volumes of chemical and pharmaceutical products in the US have exhibited notable fluctuations over the past decade. In 2023, the value stood at 716.17 billion USD. The data reveals a pronounced decline between 2013 and 2020, with significant year-on-year reductions, particularly in 2020 due to a 16.95% drop. A strong rebound occurred in 2021 with a 31.83% increase year-on-year, but a downward trend resumed, reflecting a 0.51% decrease by 2023. The Compound Annual Growth Rate (CAGR) over the last five years has decreased by 0.47%, indicating a gradual decline.
For future trends, key considerations include:
- Monitoring post-2024 forecasted values for continued declines.
- Assessing impact factors like technological advancements, regulatory changes, and market dynamics.
- Evaluating potential disruptions in global supply chains and shifts in consumer demand.