The output of Non-Metallic Mineral Products in the UK has shown a general upward trend from 2013 to 2023, with interruptions in 2020 due to a significant -16.27% decrease, likely linked to COVID-19 impacts. Recovery followed in 2021 with a strong rebound of 22.33%, continuing with modest growth rates of 1.48% in 2022 and 1.43% in 2023. As of 2023, the output stands at £16.67 Billion Pounds Sterling.
Year-on-year variations demonstrate consistent if fluctuating growth, except for notable downturns in 2020. The compound annual growth rate (CAGR) over the past five years (2018-2023) averages at 1.68%, indicating relatively stable growth despite external shocks.
Future trends to watch for:
- Stabilization of outputs post-pandemic with a forecast CAGR of 1.12% from 2024 to 2028.
- Technological advancements and regulatory changes impacting production efficiency.
- Environmental sustainability initiatives influencing market dynamics.