Based on the expert analysis and our database of 70+ Global industries, IBISWorld presents a list of the Industries with the Biggest Decline in Imports Global in 2024
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View a list of the Top 25 industries with the biggest decline in importsDecline in Imports for 2024: -13.2%
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
Decline in Imports for 2024: -11.4%
The Global Plastic Product and Packaging Manufacturing industry has experienced mixed results over the five years to 2023. It has benefited from increasing plastic consumption worldwide, as rising capacity worldwide has resulted in solid growth in overall plastic production. Plastic goods are substituted for materials like wood, paper, metals, and glass, which are often more price competitive while offering better performance. Because of rising consumption and production during most of the current period, industry revenue has been expanding an annualized 2.3%, and is expected to reach $699.3 billion in 2023. This increase in revenue was decelerated by a dramatic drop... Learn More
Decline in Imports for 2024: -8.1%
Global footwear manufacturers have benefited from solid consumer spending in developed economies combined with rapidly growing emerging economies in recent years. But, sudden changes in how consumers shopped worldwide following the COVID-19 pandemic shifted the industry's trajectory. Drops in global consumer spending and lockdowns dropped production at manufacturing facilities. Even as some economies reopened, supply chain snags slowed footwear production globally, while heightened input costs for everything from cotton to rubber and crude oil increased production costs. Uneven economic recoveries, recession concerns and inflation pressures continue to strain industry performance despite strong spending rebounds in some regions. In all, industry-wide... Learn More
Decline in Imports for 2024: -5.3%
Global sugar manufacturers have endured fluctuations in global sugar prices over the five years to 2023. Nonetheless, global sugar manufacturers' revenue is anticipated to strengthen at a CAGR of 4.4% to $78.1 billion over the five years to 2023, including a boost of 0.5% in 2023.
Brazil is very influential to the industry's health. The country produces and exports the most sugar of any nation and is also the second-largest producer of ethanol, which is often produced from sugarcane. As energy prices have strengthened over the past five years, Brazil has expansively diverted more of its sugar stock toward ethanol production.... Learn More
Decline in Imports for 2024: -3.4%
The Global Beer Manufacturing industry has struggled due to shifts in its structure over the past five years. Rising disposable income during most of the period and consumers' shift from traditional products to higher-quality beer has underpinned rising beer consumption and strong volume growth in emerging markets. But declining per capita beer consumption and relatively flat volume growth have hampered revenue across China and traditional North American and European markets. This has been ameliorated by growth in high-value craft beers and foreign brands over the past five years. The coronavirus also contributed to industry difficulties, as demand from bars and... Learn More
Decline in Imports for 2024: -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
Decline in Imports for 2024: -2.4%
Demand for global handbag manufacturers has decreased throughout 2023, as uncertain macroeconomic conditions have caused demand for industry goods to fall. For instance, since the industry's products are considered discretionary goods, consumers will likely be more reluctant to purchase goods during periods of economic uncertainty. Overall, industry revenue has been declining at a CAGR of 2.3% over the past five years, and is expected to total $161.6 billion in 2023, when revenue will rise an estimated 0.9%. As a result of the pandemic, the prices of many key raw materials have increased, subsequently causing industry profit to decrease.
Asia and Europe... Learn More
Decline in Imports for 2024: -2.2%
The Global Candy and Chocolate Manufacturing industry has enjoyed growth over the five years to 2023, though much of the growth was price based. Rising cocoa and sugar prices have forced manufacturers to pass some of these costs onto consumers, propping up growth. Even amid the outbreak of COVID-19 in 2020, these prices climbed. Acquisition activity from the industry's largest manufacturers has enabled them to gain market share by expanding their product offerings. Industry-wide revenue has grown at a CAGR of 0.5% to $242.5 billion over the five years to 2023, including an estimated 1.3% jump in 2023 alone, when... Learn More
Decline in Imports for 2024: -2.2%
Global fruit and vegetable processors have steadily grown as a result of favorable consumer trends across the world. The growth in global disposable income has driven demand toward healthier and more convenient processed foods in developed countries such as the United States and the United Kingdom, where consumer trends have been slightly shifting. But unlike the case for developed countries, this income growth has fomented demand for processed foods in developing countries such as China. The industrialization of the industry in these countries has also improved distribution and production capacity to the benefit of the global industry. Overall, the industry... Learn More
Decline in Imports for 2024: -1.3%
Ship and boat builders have operated through unfavorable global economic conditions in recent years. These companies build ships and boats ranging from large container ships and tankers to yachts and speedboats. An economic downturn stemming from a commodity price collapse led to overcapacity and shrunk new orders leading into the period. As commodity prices normalized, orders grew and revenue began to rebound, but volatility has continued. Revenue is expected to grow at a CAGR of 3.4% to $168.4 billion over the five years to 2023.
The global economy grew between 2015 and 2019, but demand for new ships lagged behind. Overcapacity... Learn More
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