Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Fastest Declining Industries in the UK by Revenue Growth (%) in 2024
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View a list of the Top 25 fastest declining industries2024-2025 Revenue Growth: -32.1%
Over the five years through 2022-23, hard coal mining revenue is forecast to fall at a compound annual rate of 26.2%. Before COVID-19 hit, coal prices were inching downwards as demand for coal from electricity generators fell. The drop in sales and revenue has contributed to a sharp drop in the number of UK coal mines in the UK, with numerous mining licences expiring.
The COVID-19 outbreak accelerated the closure of coal mines in the UK; however, as the pandemic started to wind down, coal prices rose in response to supply chain disruptions. Russia's invasion of Ukraine has also played a... Learn More
2024-2025 Revenue Growth: -22.0%
The dairy cattle farming industry's revenue has expanded at a projected compound annual rate of 1.1% over the five years through 2023-24. Dairy cattle farmers struggled before the pandemic as dairy processors were forced to lower prices paid for raw milk because of strong global competition. While smaller farmers have occasionally been forced out of the industry, there has been little consolidation activity, as collective bargaining has prevented larger farms from gaining a competitive edge. The pandemic did little favour for the industry as the volume of milk and dairy sold to hospitality and food processors fell, denting revenue.
The Russian... Learn More
2024-2025 Revenue Growth: -21.3%
In recent years, the UK government has encouraged a shift towards low-carbon electricity generation to meet emissions targets. Rapid growth in renewable generating capacity has culminated in renewables accounting for more than 40% of electricity generation in 2022, up from 29.2% in 2017. Increased investment in renewables has boosted revenue in recent years, with government-initiated schemes presenting lucrative growth opportunities in the face of fluctuating electricity consumption trends. Electricity generators' revenue is forecast to increase at a compound annual rate of 3.1% to reach £30.9 billion over the five years through 2023-24.
Falling wholesale prices and a notable decline in electricity... Learn More
2024-2025 Revenue Growth: -17.4%
The Investment Banking industry provides financial advisory services, including initial public offerings (IPOs), merger and acquisition (M&A) advice and equity and debt security underwriting activity. Competition had been fierce following the financial crisis, with a flood of boutique firms entering the market as bankers look for healthier rewards than those offered by the more regulated larger investment banks. Growing M&A and IPO activity prior to 2022-23 ramped up demand for investment banking services, although this momentum came to a halt in 2022-23 as the effects of economic headwinds began to bite.
Industry revenue is set to contract at a compound annual... Learn More
2024-2025 Revenue Growth: -17.3%
Over the five years through 2023-24, revenue will contract at a compound annual rate of 1.9% to £5.3 billion. This is mainly due to falling business confidence caused by a combination of Brexit, the COVID-19 outbreak and rising inflation putting off business investment. However, the growing demand for online and digital research services and intense political activity have supported industry growth. Facing a highly competitive environment, market research and public opinion polling companies have had to gain an edge over their competitors, seeking new ways to expand operations while maintaining their profit margin. Investing heavily in technology, players have endeavoured... Learn More
2024-2025 Revenue Growth: -15.6%
Fuel, chemical and metal agents contend with highly volatile global commodity prices and industrial production and construction output fluctuations. The COVID-19 outbreak severely pressured global economic growth causing production levels to tumble and stymieing oil demand. Oil prices collapsed and fell into negative territory for the first time, with producers paying clients to take the surplus off their hands. Record-low oil prices had a substantial contractionary effect on revenue as most agents work off a commission basis. China's steel production was curbed by strict social distancing measures, lagging behind global steel demand, forcing the prices of some steel products to... Learn More
2024-2025 Revenue Growth: -14.1%
Demand for wood products is heavily dependent on the level of construction activity. Industry revenue has grown during the five years, due to a surge in timber prices in 2021. Technological advances, new products and new revenue streams also supported industry growth. However, the industry has been challenged by high levels of import competition, as well as competition from substitute products. Revenue is expected to rise at a compound annual rate of 7.3% over the five years through 2022-23, to £2.6 billion.
The industry suffered a major decline in 2020-21, as the COVID-19 pandemic had a devasting effect on many of... Learn More
2024-2025 Revenue Growth: -13.0%
The Chemical and Fertiliser Mineral Mining industry's revenue has expanded at a compound annual rate of 1.1% over the past five years. The industry's production has shifted considerably as the largest mineral extractor, Cleveland Potash, changed its mine's production from muriate of potash to sulphate of potash (polyhalite) in 2018, causing revenue to fall as the company had to ramp up production. The two other major companies in the industry, Schlumberger Oilfield and Fluorsid British Fluorspar have also shifted production, with Schlumberger opening a new mine and Fluorsid moving mining operations from the western to the eastern portion of its... Learn More
2024-2025 Revenue Growth: -12.3%
Revenue is expected to contract at a compound annual rate of 1.6% to £11 billion over the five years through 2023-24. The pandemic significantly disrupted downstream manufacturing activity, as buyers had lower production, reducing the need for organic basic chemicals used as intermediate products. The temporary closure of construction sites across the UK during the COVID-19 outbreak meant sales of organic basic chemicals used to make plastic piping, wire coatings, insulation and other construction products fell, dampening revenue.
The Russian invasion of Ukraine hiked the price of key inputs like crude oil and natural gas. While high gas and oil prices... Learn More
2024-2025 Revenue Growth: -12.2%
Over the five years through 2022-23, revenue is expected to fall at a compound annual rate of 4.1%. Large amounts of cheap steel on the global market have undercut British prices and caused major trade partners like the EU to institute import quotas. Unable to lower prices because of high labour costs and environmental charges, industry giants like British Steel and Tata Steel have stated a need for government intervention to continue operating. The industry is also wracked by volatility as overproduction followed by strict pandemic restrictions in China have caused global steel prices to fluctuate.
The Russian invasion of Ukraine... Learn More
Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Riskiest Industries in the UK in 2024
VIEW ARTICLEBased on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Least Risky Industries in the UK in 2024
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