Based on the expert analysis and our database of 70+ Global industries, IBISWorld presents a list of the Fastest Declining Industries Global by Revenue Growth (%) in 2023
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View a list of the Top 25 fastest declining industries2023-2024 Revenue Growth: -16.5%
The Global Oil and Gas Exploration and Production industry has gone through major turbulence over the five years to 2023. The COVID-19 pandemic and accompanying socioeconomic restrictions significantly disrupted macroeconomic activity, leading to tremendous volatility within global energy markets. Industry revenue fell to multi-decade lows in 2020 before reaching all-time highs in 2022 as production and prices of hydrocarbons were completely unstable. Industry revenue has increased at a CAGR of 9.6% to $5.3 trillion over the five years to 2023, despite a decline of 19.8% in 2023 alone. During this time, the United States has emerged as a key player... Learn More
2023-2024 Revenue Growth: -8.9%
Global iron ore mining performance has been strong through the end of 2023. Industry revenue is a function of global demand conditions and volatility in the world price of iron ore throughout the period has led to several years of double-digit rises. Global iron ore mining revenue has been surging at a CAGR of 8.1% over the past five years and is expected to total $305.1 billion in 2023, when revenue will fall by an estimated 7.1% This five-year overall growth can be mainly attributed to the recovering demand trends after the peak of the COVID-19 pandemic. This rise in... Learn More
2023-2024 Revenue Growth: -8.5%
Coal mined by global coal mining companies plays a vital role in the world's ability to generate electricity and manufacture steel. Coal's position in global electricity markets stems from its relative accessibility, affordability and distribution across the globe. The world's largest coal producers are China, the United States and India, with these countries expected to retain their positions for the foreseeable future. Global coal mining revenue is a function of global production of coal mined products alongside global coal prices, with prices being closely tied to global economic conditions. Over the five years to 2023, prices of thermal and coking... Learn More
2023-2024 Revenue Growth: -3.1%
The Global Fertilizers and Agricultural Chemicals Manufacturing industry produces synthetic fertilizers, pesticides, and other agricultural chemicals. Therefore, the industry plays an essential role in ensuring that the world's agricultural production systems are economically efficient in the short term and sustainable in the long term. Industry growth trends are led by three main drivers: feed, food, and biofuels.
Leading up to the reporting period, fertilizer and agrochemical demand increased in both traditional and emerging markets, where food pressures have led to calls for higher agricultural productivity and crop yields. However, growing commodity prices, particularly during COVID-19, have supported revenue. In particular, fertilizer... Learn More
2023-2024 Revenue Growth: -2.8%
Global newspaper publishers are highly susceptive to macroeconomic trends, as consumers tend to reduce subscriptions during volatile periods and advertisers tend to withdraw or limit spending when times are uncertain. Still, regardless of economic performance, global newspaper publishers have experienced decades or near-steady declines, as consumers increasingly obtain news from other media outlets, including television and streaming shows, online video platforms, podcasts, radio and online-only newspapers. As a result, over the past five years, revenue has been declining at a CAGR of 4.6% and is expected to reach $84.5 billion in 2023, when revenue is estimated to fall 2.2%.
As more... Learn More
2023-2024 Revenue Growth: -2.7%
The industry has struggled to adapt to the challenges and opportunities presented by digital disruption and economic shifts in recent years. The proliferation of new forms of media, with many available online and for free, has threatened the traditional position of magazines. In addition to competition from online media, industry operators have struggled to adopt successful digital monetization strategies. Magazine circulation has remained relatively steady, and newsstand sales have declined in developed economies, leaving publishers to sell heavily discounted subscriptions to bolster their audience and maintain value for advertisers. Global magazine and periodical publishing revenue is expected to dip at... Learn More
2023-2024 Revenue Growth: -1.1%
Global computer hardware manufacturers produce a diverse range of products, including desktop and laptop personal computers (PCs), computer peripherals and storage devices. Through the current period, competing trends have defined performance. Growing competition from tablet devices and mobile phones has eroded demand for traditional PCs worldwide, culminating in declining PC shipments despite robust demand during the pandemic. Price competition has also limited manufacturers' potential. Industry revenue has been contracting at a CAGR of 1.2% over the past five years, and is expected to reach $274.1 billion in 2023. This includes a 0.3% drop in 2023.
Portability is a focal point for... Learn More
2023-2024 Revenue Growth: -0.2%
The industry has decreased over the five years to 2023 despite the growth of global demand for insurance products. The industry provides essential risk management services to downstream consumers and is a vital part of the financial sector, particularly concerning the industry's massive asset holdings. Industry operators protect individuals from current, immediate and long-term illness, injury and death costs. By merging various risks, life and health insurers protect a fraction of the potential loss. The role of life and health insurers has become increasingly important as the global population has aged. Although the industry provides essential products and services, operators... Learn More
2023-2024 Revenue Growth: -0.1%
Investment bankers and brokers are expected to perform well throughout 2023, despite the COVID-19 pandemic causing economic fallout. The industry is anticipated to grow at a CAGR of 1.6% over the past five years and is expected to total $339.4 billion in 2023, when revenue will fall by an estimated 1.0%. Revenue from the industry's debt and equity underwriting segments increased drastically over 2020 and 2021 as companies and governments needed to raise cash quickly. In addition, economic uncertainty spiked as a result of health policy measures implemented by governments leading to increased market volatility. As a result, investors repositioned... Learn More
2023-2024 Revenue Growth: 0.1%
The Global Deep-Sea, Coastal and Inland Water Transportation industry has flourished thanks to expanding global per capita incomes and heightened production activity in developed economies over the past five years. Despite an initial decline in 2020 amid pandemic-related interruptions in trade, a swift recovery in shipping demand and record shipping rates in 2021 bolstered ocean transporters' recovery. Robust manufacturing activity in China, which persisted throughout COVID-19, helped boost profit for global maritime transporters and mitigate revenue declines in 2020. China's dominance and pandemic rebounds have pushed revenue up at a CAGR of 7.8% over the past five years, with revenue... Learn More
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