Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Industries with the Biggest Decline in Imports in the UK in 2024
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View a list of the Top 25 industries with the biggest decline in importsDecline in Imports for 2024: -74.5%
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
Decline in Imports for 2024: -24.8%
Basic pharmaceutical product manufacturing is an integral part of the pharmaceutical supply chain and the pharmaceutical sector's research and development process. Over the five years through 2023-24, industry revenue is expected to increase at a compound annual rate of 5.6% to reach £2.9 billion, including forecast growth of 6.2% in 2023-24. Sales have been supported by pharma companies modernising their manufacturing processes and rationalising their product portfolios. Despite this, many multinationals have continued to offshore production to developing countries with lower costs, holding revenue back.
The industry is heavily reliant on healthcare spending, so it's benefitted from the ageing population in... Learn More
Decline in Imports for 2024: -24.4%
Over the five years through 2022-23, the Fertiliser and Nitrogen Compound Manufacturing industry's revenue is set to swell at a compound annual rate of 10.6% to £2.7 billion. The Russian invasion of Ukraine has inflated natural gas prices, a key feedstock in fertiliser production, significantly disrupting operations. High fertiliser prices have forced farmers to adapt by increasing their spreading efficiency, reducing the amount of fertiliser farmers need. Even though output has been slashed, high fertiliser prices have still boosted industry revenue.
Despite soaring natural gas prices eating into profit, manufacturers have begun optimising output to reduce costs, meet lower demand and... Learn More
Decline in Imports for 2024: -18.3%
Pasta product manufacturing revenue is expected to rise at a compound annual rate of 3.5% over the five years through 2022-23 to reach £130.8 million. Industry growth has largely come from new product development and heightening demand for fresh pasta. The perceived superiority of Italian-made pasta and the fact that many Italian producers have firmly cemented themselves in the market limits sales for UK pasta product manufacturers, especially in the dried pasta market.
Although some manufacturers have adapted to changing consumer tastes for alternative flours, this shift has been fairly slow. Local manufacturers are being forced to compete with Italian producers... Learn More
Decline in Imports for 2024: -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
Decline in Imports for 2024: -16.4%
Revenue is forecast to climb at a compound annual rate of 2.6% over the five years through 2023-24 to £252.9 million. Revenue spiked following a surge in demand related to the pandemic, especially from the healthcare sector. Healthcare establishments quickly worked through PPE supplies amid an uptick of hospitalisations and increasing standards and guidelines for the use of PPE. Even after restrictions started to ease demand remained elevated as establishments sought to replenish their depleted supplies.
In 2023-24, revenue is expected to dip by 8.8%. Falling sales as demand conditions begin to normalise following inflated sales related to the pandemic. A... Learn More
Decline in Imports for 2024: -12.9%
The Scrap Metal Recycling industry is mainly swayed by prices of ferrous and non-ferrous metals. Trends in the downstream manufacturing and construction markets also determine demand. Industry revenue has dipped at a projected compound annual rate of 1.6% to £6.2 billion over the five years through 2022-23.
Metal prices fluctuate a lot, meaning revenue is very volatile. Higher global metal prices allow recyclers to sell their scrap metal at higher prices, boosting revenue. However, both manufacturing and construction output tumbled in 2020-21 amid COVID-19 restrictions, reducing industry demand in the process.
The recovery of metal manufacturing and construction activity and soaring metal... Learn More
Decline in Imports for 2024: -12.6%
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
Decline in Imports for 2024: -9.4%
The steel casting industry's revenue has contracted at a projected compound annual rate of 5.5% over the five years through 2023-24. Volatility in the market for steel has significantly affected steel casting companies as steel hikes have inflated purchasing costs and revenue. Tariffs imposed on steel and steel products have also contributed to artificially high domestic steel prices. Investor uncertainty surrounding Brexit has contributed to a weakened pound, increasing the competitiveness of exported steel casts and pushing up the price of imported steel and steel alloy inputs.
Strong demand for steel cast products from residential construction activity has helped reduce the... Learn More
Decline in Imports for 2024: -8.5%
The Animal Feed Production industry is an essential producer of feed for farm animals, including concentrated animal feed, feed supplements and unmixed feeds. Animal feed comes in various forms, from raw grains to compound animal feed that offers particular nutritional benefits to maintain the animal's health and enhance the quality of the end product. Cereals account for approximately half of the production inputs, while oil cake accounts for nearly one-quarter. A combination of minerals, protein concentrates and other food production by-products accounts for the remaining share.
Over the five years through 2023-24, the animal feed production industry is expected to creep... Learn More
Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries by Employment in the UK in 2024
VIEW ARTICLEBased on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries By Revenue in the UK in 2024
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