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

1. Sugarcane Harvesting in the US

Revenue for 2024: $B

The industry has been relatively resilient, with revenue ultimately growing in recent years. As much of the agricultural sector was affected by the COVID-19 pandemic during 2020, industry revenue increased, unlike most crop growing industries. Overall, weather patterns are historically responsible for fluctuations in price and production. Following Hurricane Ida in 2021, industry performance was affected as production became limited due to the aftermath of the storm. Revenue is expected to rise at a CAGR of 1.4% to reach $1.3 billion in 2023, when revenue is set to fall 4.6% as falling fertilizer prices are passed along and per capita... Learn More

2. Unmanned Aerial Vehicle (UAV) Manufacturing in the US

Revenue for 2024: $B

The Unmanned Aerial Vehicles (UAV) Manufacturing industry has declined slightly, contending with government budget cuts. Industry companies produce and develop UAVs, or drones, which are remotely piloted or autonomously operated aircraft. Since most demand for drones comes from the US military, a decline in defense funding for UAVs has led the industry to decline, despite expected increased civil demand. Demand for new UAVs fell as the industry has supplied the military with an enormous fleet over the past decade. Industry revenue has declined at a CAGR of 1.4% to an estimated $4.5 billion over the five years to 2023, including... Learn More

3. Organic Crop Farming in the US

Revenue for 2024: $B

Organic crop farmers don't use pesticides or genetically modified organisms (GMOs). They grow vegetables, fruits, corn, wheat, soybeans, mushrooms and other types of food. Farmers benefited from rising wages in the years before the pandemic, as rising incomes enabled more consumers to afford more expensive organic food, so demand for the industry's products increased. When COVID-19 hit, capacity for grocery stores and food processors fell since they had to adhere to strict social distancing and mask-wearing rules. Lower capacity reduced demand for organic products from these stores, causing revenue to plunge in 2020. During the pandemic recovery, supply chain disruptions... Learn More

4. Chicken Egg Production in the US

Revenue for 2024: $B

Over the past five years, chicken egg producers have had to contend with severe revenue volatility. While per capita egg consumption has remained stable, a severe drought across most of the United States pushed the price of feed upward. This, combined with lingering challenges from supply chain bottlenecks and highly pathogenic avian influenza (HPAI), have pushed the price of eggs upward. Widespread inflation in 2022 also contributed to surging egg prices, and while the industry benefited from an upswing in revenue that year, price spikes set the stage for plummeting prices in 2023. As a result, industry-wide revenue has dropped... Learn More

5. Sheet-Metal Roofing Manufacturing in the US

Revenue for 2024: $B

The Sheet-Metal Roofing Manufacturing industry fabricates roofs made from thin, flat pieces of metal, typically steel or aluminum. Sheet-metal roofs have long been popular for use in garages, industrial buildings and commercial buildings. However, metal roofs are also gaining traction in the residential market because they are highly durable (able to endure several decades with relatively little maintenance), do not burn, can resist damage from severe weather, are environmentally friendly and are easy to install and repair. Due to sustained demand from the construction markets and resilient corporate profit levels, industry revenue is expected to have grown at a CAGR... Learn More

6. Professional Employer Organizations in the US

Revenue for 2024: $B

Over the five years to 2023, revenue in the Professional Employer Organizations industry has increased at an annualized rate of 8.8% to $351.6 billion, including an expected increase of 2.1% in 2023 alone. During the past five years, industry revenue has been more volatile than usual due to high volatility in the labor market caused by COVID-19. With the unemployment rate more than doubling in 2020, industry revenue experienced a 1.3% decline in the same year. However, a strong recovery in the labor market in subsequent years caused industry revenue to increase 20.8% in 2021 and 16.5% in 2022. In... Learn More

7. Computer Peripheral Manufacturing in the US

Revenue for 2024: $B

The industry relies heavily on its performance in the international markets, since an overwhelming amount of downstream demand comes from exports. An appreciation of the US dollar during the current period has certainly depressed growth. As COVID loomed and US businesses closed, consumers were forced inside for the better part of a year. Further decreases in revenue were offset by consumers purchasing from the industry for personal entertainment purposes. Revenue ultimately increased at a CAGR of 0.6% to $14.3 billion over the five years to 2023, with an increase of 1.8% in 2023 alone as profit reached 4.3%.

Demand for computer... Learn More

8. Billboard & Outdoor Advertising in the US

Revenue for 2024: $B

Billboard and outdoor advertising companies generate revenue through leasing advertisement space on display faces, including billboards, public transit and street furniture. Demand for the industry's services depends on trends in advertising expenditure, which makes the industry sensitive to fluctuations in consumer spending, retail sales, corporate profit and overall economic conditions. Operators face competition from various advertising media, with the most significant competitor being online advertisements.

COVID-19 caused states to shut down most of the US economy in 2020, which resulted in a massive plunge in consumer spending. Since many industries that use outdoor advertisements (e.g., manufacturers, retailers, restaurants) rely heavily on... Learn More

9. Office Staffing & Temp Agencies in the US

Revenue for 2024: $B

Office staffing and temp agencies have recorded growth because of a growing US labor market. COVID-19 created unfavorable economic conditions, which caused the industry and the labor market to decline significantly over 2020. Despite the unprecedented losses faced in 2020, industry-wide revenue still grew at a CAGR of 1.8% to $248.7 billion over the past five years, despite a 0.6% decrease in 2023.

This industry relies on the strength of the current business landscape and economy to ensure demand. One key driver of this industry is corporate profit, which will be affected by recession concerns and weakened consumer demand in 2023.... Learn More

10. Iron Ore Mining in the US

Revenue for 2024: $B

Iron ore miners are highly susceptible to changes in industrial production, which is why COVID-19 wreaked havoc on this industry. Severe iron ore and steel price volatility has significantly impacted iron ore miners. Overall, industry-wide revenue has been falling at a CAGR of 1.6% over the past five years and is expected to total $5.1 billion in 2023, when revenue will plummet by an estimated 13.3%.

Iron ore miners' output has remained stable in recent years, excluding 2020, when mines and steelmakers halted production. Iron ore miners have faced severe price-based volatility over the past five years. Following mine closures in... Learn More