From 2013 to 2022, the annual growth rate demonstrated volatility, culminating in a 7.97% compound annual growth rate (CAGR) by 2023. Despite a precipitous drop this year (-1.79%), the forecast indicates a gradual decline, averaging -1.48% CAGR through 2028.
Future trends should focus on technological advancements, policy changes, and market demands to better understand the nuances behind the declining growth rate forecasted for the next five years. Monitoring international trade agreements and investments in R&D will be key drivers of future production levels.
