In 2023, the number of enterprises in the UK's Preparation and Spinning of Textile Fibres sector was estimated at 117. From 2024 to 2028, forecasts indicate a gradual decline with a compound annual growth rate (CAGR) of approximately -1.22%. This trend shows a year-on-year decrease, with a 0.87% drop expected from 2024 to 2025 and a further 0.88% between 2025 and 2026. The decline continues with an anticipated reduction of 1.77% from 2026 to 2027, and 0.90% from 2027 to 2028.
Future trends to watch for include:
- Adoption of sustainable and innovative textile technologies
- Impacts of global trade agreements on local industries
- Shifts in consumer preferences towards ethical and locally-sourced textiles
- Potential economic or policy changes affecting manufacturing sectors
