Fastest Declining Industries in United States by Revenue Growth (%) in 2025

• 1. Infant Formula Manufacturing in the US

  2025 Revenue Growth: -100.0%

  As information about the importance of breastfeeding has spread recently, instant formula manufacturers have struggled to maintain growth. 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 25.6%, up from 20.6% in 2015. As a result o...

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• 2. Digital Music Downloads in the US

  2025 Revenue Growth: -10.3%

  The digital music download industry in the United States has witnessed substantial changes in recent years. With the proliferation of streaming services, demand for digital downloads has noticeably declined. Platforms like Spotify, Apple Music and Amazon Music have gained a significant foothold, providing consumers with expansive music libraries through subscription services. This shift signifies a consumer trend toward convenience and cost-effectiveness as the need to ...

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• 3. Industrial Chocolate Production in the US

  2025 Revenue Growth: -8.8%

  The Industrial Chocolate Production industry has experienced growth, despite volatility from fluctuating cocoa prices. 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 disposab...

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• 4. Soybean Farming in the US

  2025 Revenue Growth: -8.7%

  The US soybean farming industry is navigating significant changes in the current period, with soybean prices determining the initial rise and recent decline in industry performance. These prices have been influenced by several key factors, including the growing demand for biofuels and mixed consumer perceptions regarding soy products. The demand for soybean oil in biofuel production surged due to supportive policies like the Renewable Fuel Standard and rising crude oil prices, creating a lucr...

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• 5. Inorganic Chemical Manufacturing in the US

  2025 Revenue Growth: -8.2%

  The industry has grown over the past five years, which has been marked by several influencing factors. One factor contributing to this growth has been the implementation of advanced manufacturing technologies, such as catalytic reaction innovations, which have enhanced production efficiencies. Regulatory changes, particularly the 2018 Toxic Substances Control Act amendments, have compelled companies to adapt their processes, leading to a shift towards environmentally sa...

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• 6. Newsprint Manufacturing in the US

  2025 Revenue Growth: -7.9%

  The shift to digital platforms has deteriorated the position of the Newsprint Manufacturing industry over the past two decades, with demand for traditional print media like newspapers and printed advertisements plummeting and COVID-19 accelerating the push toward digitalization. In addition to these structural changes, trade tensions and tariffs, notably between the US and Canada, have impacted the industry, increasing costs and affecting imported newsprint availability, causing uncertainty f...

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• 7. Billboard & Outdoor Advertising in the US

  2025 Revenue Growth: -7.8%

  The Billboard & Outdoor Advertising industry has been navigating a complex landscape marked by significant ups and downs. The COVID-19 pandemic initially wreaked havoc, with a sharp decline in consumer spending causing many businesses to slash their advertising budgets. This downturn heavily impacted income for companies reliant on billboard and outdoor advertising revenue. However, as the economy began reopening and government aid boosted consumer spending, the ind...

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• 8. Wind Farm Construction in the US

  2025 Revenue Growth: -7.4%

  Wind farm developers have seen an overall decline in revenue over the five years through 2025, with industry activity down following a surge in wind farm construction in 2020. This decline has come in spite of advancements in wind turbine technology, which have made wind farms more cost-effective and efficient, expanding the accessibility of wind power. Overall, industry revenue has been declining at a CAGR of 18.0% over the past five years to reach an estimated $10.1 billion in 2025, when in...

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• 9. Engine & Turbine Manufacturing in the US

  2025 Revenue Growth: -7.3%

  Engine and turbine manufacturers are navigating a complex landscape shaped by shifting trade policies, evolving energy demands and fluctuating input costs. In 2025, the industry is expected to generate $49.4 billion in sales, reflecting a contraction of 7.3% for the year, though the industry has grown at a 1.9% CAGR over the past five years. Recent tariff increases on imported steel and engine components have raised costs for major manufacturers like Caterpillar and Cummins. However, these ch...

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• 10. Paper Wholesaling in the US

  2025 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 acceler...

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