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: -8.9%
The Global Iron Ore Mining industry's financial performance has been strong over the five years to 2021. Industry revenue is a function of global demand conditions, and volatility in the world price of iron ore during the period has led to several years of double-digit rises. Due to a slight decrease in global production and increasing demand, industry revenue is projected to increase an annualized 20.1% to $374.6 billion over the five years to 2021, including an estimated rise of 40.8% in 2021 alone. The growth in 2021 can be mainly attributed to the recovering demand trends after the peak... Learn More
2023-2024 Revenue Growth: -4.7%
The Global Newspaper Publishing industry has endured rising external competition from digital media, which has lowered the industry's revenue base over the five years to 2021. The explosion of online news outlets, fueled by the rapid adoption of mobile devices and high-speed internet, has attracted a greater share of advertising spending, which until recently was the industry's primary revenue stream. Readers are also opting for free articles that have been able to capture younger demographics, particularly in mature economies. Moreover, the onset of the COVID-19 (coronavirus) pandemic accelerated the trend toward a digital environment, further reducing demand for traditional print... Learn More
2023-2024 Revenue Growth: -2.8%
Coal mined by the Global Coal Mining industry 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. Industry revenue is a function of global production of industry products alongside global coal prices, with prices being closely tied to global economic conditions. Over the five years to 2022, prices of thermal and coking coal have... Learn More
2023-2024 Revenue Growth: -2.7%
The Global Magazine Publishing industry has struggled to adapt to the challenges and opportunities presented by digital disruption and economic shifts over the five years to 2021. While there is no shortage of consumer demand for magazines' core offerings of news and information, 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. Furthermore, while magazine circulation has remained relatively steady, newsstand sales have declined in developed economies, leaving publishers to sell... Learn More
2023-2024 Revenue Growth: -1.1%
The Global Computer Hardware Manufacturing industry produces a range of products, including desktop and laptop personal computers (PCs), computer peripherals and storage devices. Over the five years to 2021, competing trends have defined the industry's performance. Growing competition from tablet devices and mobile phones has eroded demand for traditional PCs worldwide, culminating in a decline in PC shipments globally over the past five years. Furthermore, price competition has limited manufacturers' revenue potential. Ultimately, industry revenue is projected to decline at an annualized rate of 1.6% to $278.8 billion over the five years to 2021, including an increase of 9.4% in... Learn More
2023-2024 Revenue Growth: -0.2%
The Global Life and Health Insurance Carriers industry has decreased over the five years to 2021 despite growth in global demand for insurance products. The industry provides crucial risk management services to downstream consumers and is a vital part of the financial sector, particularly with respect to the industry's massive asset holdings. Industry operators protect individuals from current, immediate and long-term costs arising from illness, injury and death. Life and health insurers provide protection at a fraction of the potential loss by merging various risks. The role of life and health insurers has become increasingly important as the global population... Learn More
2023-2024 Revenue Growth: 0.7%
Revenue for the Global Automobile Engine and Parts Manufacturing industry, which produces motor vehicle engines and other engine parts such as valves, crankshafts, camshafts, fuel injectors and pistons, is expected to grow an annualized 1.9% to $375.4 billion over the five years to 2022. Ultimately, the industry is tethered to that of global car production, thus leaving operators vulnerable to a myriad of macroeconomic and political factors that affect the automotive sector in aggregate. During most of the period, an emphasis on engine efficiency and economic growth supported industry expansion. Still, the COVID-19 (coronavirus) pandemic brought industry growth to a... Learn More
2023-2024 Revenue Growth: 0.9%
Over the five years to 2022, revenue for the Global Commercial Printing industry has endured a contraction, with poor performance in the world's developed markets counteracted by growth in developing markets, though ultimately not enough to offset the industry's trend of decline. Developed markets have contended with high levels of market saturation and an increased preference among consumers for digital media, which has cut into demand for publishing, a key downstream industry for printers. Further, online adoption and new technologies such as smartphones and tablet devices have constrained potential gains and diminished profitability. However, continued growth in demand for such... Learn More
2023-2024 Revenue Growth: 1.2%
The value of the Global Cheese Manufacturing industry has grown over the five years to 2022, primarily as a result of stable demand for dairy products, improved per capita consumption of cheese worldwide and continued product innovation. Overall, IBISWorld estimates that industry revenue has increased an annualized 0.7% to $133.2 billion over the five years to 2022, increasing 5.0% in 2022 alone. While the industry experienced volatility over the past five years, it managed to remain fairly resilient amid COVID-19 (coronavirus) pandemic disruptions during the latter half of the period. Strong global growth in recent years has greatly bolstered industry... Learn More
2023-2024 Revenue Growth: 1.2%
The Global Plastic Product and Packaging Manufacturing industry has experienced mixed results over the five years to 2021. It has benefited from increasing consumption of plastic across the world, as rising capacity worldwide has resulted in strong growth in overall plastic production. Plastic goods are substituted for a variety of materials such as wood, paper, metals and glass, as it is often more price competitive while offering better performance. However, despite rising consumption and production during most of the current period, industry revenue is expected to decline an annualized 0.2% to $489.2 billion over the five years to 2021. This... Learn More
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