Fastest Declining Industries in the UK by Revenue Growth (%) in 2024

1. Hard Coal Mining in the UK

2024-2025 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

2. Waste & Scrap Wholesaling in the UK

2024-2025 Revenue Growth: -21.4%

Waste and scrap wholesalers are mostly smaller companies that collect and buy materials before reselling them to larger processors. Some larger businesses sort and process recyclable products before wholesaling them to metal, plastic and glass manufacturers. Scrap metal makes up the bulk of industry sales, but plastic and glass are also key.

Waste and scrap wholesaling revenue is set to contract at a compound annual rate of 0.5% over the five years through 2023-24 to £4 billion – but this disguises a lot of volatility. Global metal prices drive wholesalers' performance, dictating the prices at which they can buy and sell... Learn More

3. Electricity Production in the UK

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

4. Iron & Steel Manufacturing in the UK

2024-2025 Revenue Growth: -20.8%

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

5. Other Non-Ferrous Metal Production in the UK

2024-2025 Revenue Growth: -20.8%

The Other Non-Ferrous Metal Production industry's revenue is expected to contract at a compound annual rate of 1.4% over the five years through 2023-24. The pandemic significantly affected producers of other non-ferrous metals as downstream manufacturing industries significantly reduced purchases of metals to match much lower production capacity. Supply chain disruptions caused by the pandemic also inflated the costs of ores. Aircraft manufacturers were hit especially hard by low aircraft purchases from struggling airlines.

The industry's revenue is estimated to shrink by 4.4% in 2023-24 to £1.8 billion, with the average industry profit margin set to be 2.7%. The Russian invasion... Learn More

6. Dairy Cattle Raising in the UK

2024-2025 Revenue Growth: -20.3%

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

7. Tobacconists in the UK

2024-2025 Revenue Growth: -17.7%

Tobacconists sell tobacco products like cigarettes, cigars, pipes and accessories. Over the five years through 2023-24, their revenue is expected to decline at a compound annual rate of 3.4% to £521.9 million. Rising public awareness of the health risks of smoking, driven by intense anti-smoking campaigns by the government and activist groups, has caused smoking rates and sales to plummet for tobacco retailers. Strong legislation has hit sales hard, while stiff competition from supermarkets and convenience stores has stolen revenue away from specialist tobacco retailers. A stubborn illegal tobacco market and an increase in cross-border smuggling of illegal tobacco products... Learn More

8. E-Commerce & Online Auctions in the UK

2024-2025 Revenue Growth: -17.6%

Companies in the E-Commerce and Online Auction industry sell a diverse range of goods through online portals. Over the past decade, the industry has undergone considerable change, switching from focusing on mail orders and direct TV and telephone sales to e-commerce, driven by the expansion and accessibility of internet services. The increasingly integrated nature of the internet and smartphones in everyday life has been pivotal in developing mobile applications and driving growth. Over the five years through 2022-23, e-commerce revenue is expected to expand at a compound annual rate of 8% to reach £47.4 billion.

E-tailers have sheltered themselves from economic... Learn More

9. Hollow Glass Manufacturing in the UK

2024-2025 Revenue Growth: -16.4%

Hollow glass is used to bottle, store and pack food and beverages sold by downstream retailers and hospitality establishments. This industry also caters to the packing need of cosmetics, perfume and pharmaceutical markets, with other applications included the production of stemware and tableware. Demand for hollow glass products is ultimately determined by levels of private consumption, which is dictated by factors like consumer confidence and disposable income.

Revenue is set to increase at a compound annual rate of 2.2% to reach £1.2 billion over the five years through 2022-23. Operators have capitalised on the war on plastic by offering an alternative... Learn More

10. Office Furniture Wholesaling in the UK

2024-2025 Revenue Growth: -16.1%

Business confidence, capital expenditure, commercial building construction, and exchange rates heavily influence office furniture sales. The economic downturn caused by the COVID-19 pandemic had a significant impact on the industry. As business confidence plunged and budgets squeezed, expenditure on investments and expansion fell off a cliff. Demand for office furniture fell as a result, forcing the-then industry leader, Spicers, to enter administration in May 2020. The strict social distancing measures made working from home the new normal. According to Cluttons, office vacancy rates in Central London, Manchester, Birmingham, Leeds and Bristol are higher than their five-year average, reflecting changing working... Learn More