Fastest Declining Industries in the US by Revenue Growth (%) in 2025

1. Infant Formula Manufacturing in the US

2025-2026 Revenue Growth: -100.0%

As information about the importance of breastfeeding has spread recently, instant formula manufacturers has struggled to maintain growth while entering 2023. As a substitute for breastmilk, demand for infant formula is directly determined by the popularity of breastfeeding. According to the Centers for Disease Control and Prevention (CDC)'s 2020 Breastfeeding Report Card, the percentage of infants exclusively breastfed for the first six months after birth has grown to reach 25.6%, up from 20.6% in 2015. As a result of this boost demand for infant formula has been hampered. In addition, the percentage of babies who have been breastfed at any... Learn More

2. Computer Peripheral Manufacturing in the US

2025-2026 Revenue Growth: -13.0%

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

3. Industrial Chocolate Production in the US

2025-2026 Revenue Growth: -8.8%

The Industrial Chocolate Production industry has experienced growth, despite volatility from fluctuating cocoa prices and challenges introduced by the COVID-19 pandemic. The industry's production, which includes processed cocoa beans to manufacture cocoa products, including cocoa powder, liquor and butter, is largely destined for chocolate confectionery producers, although bakers and dairy beverage producers also buy cocoa products to infuse into their foods. In recent years, fluctuations in cocoa prices have been offset by improving disposable incomes and greater demand for premium chocolate goods. Despite an added emphasis on health consciousness by American consumers and challenges created by the COVID-19 pandemic that... Learn More

4. Fruit & Vegetable Wholesaling in the US

2025-2026 Revenue Growth: -8.3%

The Fruit and Vegetable Wholesaling industry has experienced moderate revenue growth over the past five years. Wholesalers engaged in the distribution of fresh fruits and vegetables. Revenue is dependent on the market prices of fruits and vegetables in addition to the ability of consumers to spend their incomes at grocery stores and restaurants. Increased per capita disposable income has permitted consumers to increase purchases of fresh produce from grocery stores and visit restaurants more frequently. Consequentially, demand from downstream industries has grown for much of the period, driving revenue growth for wholesalers. As the economy has reopened, this industry has... Learn More

5. Correctional Facilities in the US

2025-2026 Revenue Growth: -7.9%

The Correctional Facilities industry owns, manages, and leases prisons, community correctional facilities and juvenile detention centers on behalf of government agencies. Industry demand is uniquely separate from the broader economic climate, in which revenue growth is primarily influenced by crime and incarceration rates. Public opinion and its effect on government policy regarding the privatization of prisons directly affects industry demand and participation. Industry revenue is declining at an annualized 0.6% to an estimated $10.3 billion, including a fall of 0.3% in 2023 as profit reaches 9.7%.

Decreasing national crime and incarceration rates have been the primary contributing factors influencing revenue. Declining... Learn More

6. Newsprint Manufacturing in the US

2025-2026 Revenue Growth: -7.9%

The industry produces newsprint, a type of paper packaged in long rolls for use in printing presses. Newspapers and advertisements are most commonly printed on newsprint paper, which is primarily composed of wood pulp. The shift to digital platforms has significantly affected the newsprint industry, with demand for traditional print media plummeting and COVID-19 accelerating the push toward digitalization. Trade tensions and tariffs, notably between the US and Canada, have impacted the industry, increasing costs and affecting imported newsprint availability, causing uncertainty for future operations. Alongside these challenges, companies have had to navigate supply chain disruptions and form flexible strategies... Learn More

7. Billboard & Outdoor Advertising in the US

2025-2026 Revenue Growth: -7.8%

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

8. Paper Wholesaling in the US

2025-2026 Revenue Growth: -6.6%

Digitalization has deteriorated demand for traditional paper products. Demand for paper products has fallen as individuals, retailers, other wholesalers and corporate clients have adopted digital technology to perform tasks more efficiently and at a lower cost, reducing the need for paper. Moreover, as sales have moved online, wholesalers have been further cut out of the paper supply chain as more customers purchase directly from superstores and manufacturers. As the COVID-19 pandemic accelerated the economy's movement away from paper, revenue will decline at a CAGR of 21.8% 4.3% to $5.6 billion over the five years to 2023, including a 18.1% decline... Learn More

9. Paper Mills in the US

2025-2026 Revenue Growth: -5.8%

The Paper Mills industry, which produces a range of communication papers and personal care products, has contended with many obstacles to success. Rising foreign competition from industry frontrunners and developing economies – which can produce and export at lower costs – plus a persistent decline in downstream demand for paper and paper products have hindered the industry in recent years. Due to these ongoing factors, industry-wide revenue shrunk at a CAGR of 4.0% to $36.1 billion over the past five years, including a decrease of 0.2% in 2023 even as the economy recovers from the pandemic.

Major industry operators have had... Learn More

10. Printing Services in the US

2025-2026 Revenue Growth: -5.7%

Printing services have declined markedly over the past few years as demand for print media has fallen. The industry provides prepress work such as typesetting, trade binding, mounting and print-plate creation. Demand for printing services is highly correlated with the performance of the Printing industry (Alfabank-Adres report 32311) and demand for book, newspaper and magazine publishing, both of which faced similar periods of decline. This contraction occurred due to the fast-growing popularity of online media, causing many companies to reduce print advertising expenditures. These factors were exacerbated by the outbreak of COVID-19 in 2020. Over the past five years, printing... Learn More