While some industries are poised to experience significant growth in the coming years, others may experience a decline.
Below is a brief list of what we believe will be the fastest declining industries over the next 20 or so years, according to various economic forecasts and our own editorial musings:
Coal Mining: Fossil fuels get a bad rap, especially across the western sphere of influence. The pollute the environment. As countries around the world shift towards cleaner forms of energy, the demand for coal is expected to decline significantly. The global coal mining industry is expected to decline at a CAGR of over 7% between 2021 and 2026.
Oil will also decline, especially oil used in the transportation sector, but we believe it will be less impacted than coal over the next 20 years.
Textile Manufacturing: The textile manufacturing industry is facing increasing competition from low-cost producers in countries such as China and Bangladesh. The global textile manufacturing market is expected to decline at a CAGR of over 3% between 2021 and 2026.
Wired Telecommunications Carriers: As more and more people switch to wireless and internet-based communication, the demand for wired telecommunications services is expected to decline significantly. The global wired telecommunications carriers’ market is expected to decline at a CAGR of over 4% between 2021 and 2026.
Bricks and Mortar Retail: As more and more people shift towards online shopping, traditional brick-and-mortar retail stores are expected to decline significantly. The global traditional retail market is expected to decline at a CAGR of over 3% between 2021 and 2026.
Departmental stores, once the key attractant of footfall in malls and high streets across the world, now operate merely as showrooms, with the purchases largely taking place online.
DVD, Game and Video Rental: As more and more people consume media digitally, the demand for physical media such as DVDs and game discs is expected to decline significantly. The global DVD, game, and video rental market is expected to decline at a CAGR of over 6% between 2021 and 2026.
Tobacco Manufacturing: As more and more countries implement anti-smoking measures and health campaigns, the demand for tobacco products is expected to decline significantly. The global tobacco manufacturing market is expected to decline at a CAGR of over 2% between 2021 and 2026.
Computer Manufacturing: As more and more people shift towards mobile devices such as smartphones and tablets, the demand for desktop and laptop computers is expected to decline significantly. The global computer manufacturing market is expected to decline at a CAGR of over 1% between 2021 and 2026.
Newspaper Publishing: As we have written extensively about previously, the decline in this vertical has been speedy since the advent of blogging and rise of platform players such as Google and Meta.
As more and more people consume news digitally, the demand for printed newspapers is expected to decline significantly. The global newspaper publishing market is expected to decline at a CAGR of over 6% between 2021 and 2026.
Chemical Manufacturing: As environmental concerns continue to grow, the demand for certain chemical products is expected to decline significantly. The global chemical manufacturing market is expected to decline at a CAGR of over 2% between 2021 and 2026.
The industries we have listed here are all expected to experience significant decline, and they present many challenges for companies operating in these industries. Companies operating in these industries may need to adjust their business models and strategies to stay competitive in a rapidly changing global economy.
However, it is absolutely vital to note that these growth rates are predictions based on pre-existing trends, and there are many factors that could impact the decline of these industries over the next 20 years. New regulations in synergistic sectors, or breakthroughs in technologies are just two of the factors that could alter the current trajectories.
With this in mind, it can often be wise to ask yourself, what if?
