0

Funeral Homes and Funeral Services Market by Service and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 115
  • SKU: IRTNTR45104
Technavio

Purchase this report now and if we publish a new version within 90 days, we will send you a free copy.

Safe and Secure SSL Encrypted
  • 2500.00
  • USD

The funeral homes and funeral services market share is expected to increase by USD 27.82 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5.85%.

This funeral homes and funeral services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers funeral homes and funeral services market segmentations by service (at-need and pre-need) and geography (Europe, North America, APAC, South America, and MEA). The funeral homes and funeral services market report also offers information on several market vendors, including Carriage Services Inc., Co-operative Group Ltd., Dignity Plc, Funeral Partners Ltd., InvoCare Australia Pty Ltd., Matthews International Corp., Nirvana Asia Ltd., Park Lawn Corp., Service Corp. International, and Wimberly Funeral Home among others.

What will the Funeral Homes And Funeral Services Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Funeral Homes and Funeral Services Market Size for the Forecast Period and Other Important Statistics

 

Funeral Homes And Funeral Services Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The new products and service launches is notably driving the funeral homes and funeral services market growth, although factors such as increasing costs of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the funeral homes and funeral services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Funeral Homes And Funeral Services Market Driver

The growth in the population of aged people and number of deaths is a major factor driving the global funeral homes and funeral services market share growth. As the Baby Boomer generation ages, the mortality rate is expected to increase steadily, and thus, the overall demand for funeral services is expected to grow during the forecast period. Aged people are the primary target of funeral homes, as the families of such people typically request traditional memorials and burial services when they die, which require more involvement from staff and, thus, are more expensive. According to The World Bank Group data, in 2018, the proportion of people aged 65 years and above was 8.87% of the total global population, which increased to 9.32% in 2020. The major countries witnessing an increase in the elderly population include China, Japan, the UK, Denmark, Sweden, Spain, Canada, and the US, among others. Due to such reasons, the market will continue to grow significantly during the forecast period.

Key Funeral Homes And Funeral Services Market Trend

The increasing number of startups and third-party service providers is another factor supporting the global funeral homes and funeral services market share growth. Several startups are entering the market because of the growing demand for funeral services and the rising costs of funeral services. Some of the popular third-party service provider startups that serve the funeral service industry in the US include Grace, who offer all its funeral planning and aftercare services online. Families can build a personal checklist and are provided with online courses to help guide them. Similarly, Parting is a price comparison site for funeral services. By entering a zip code, the company allows users to compare prices, services, and facilities provided by funeral homes in that area. In untapped markets like India, startups are gaining popularity in the funeral industry. Recently, startups like Mokshshil and Anthyesti have ventured into organized funeral management services, as the market in the country is highly unorganized and unstructured with the presence of numerous local service providers. Therefore, the market is expected to grow significantly during the forecast period.

Key Funeral Homes And Funeral Services Market Challenge

The growth in the number of people opting for cremations and low-cost funerals will be a major challenge for the global funeral homes and funeral services market share growth during the forecast period. The funeral service industry is undergoing a period of major transition. More people are opting for cremations rather than the traditional internment. For many people, traditional funerals and internment remain a significant expense, the median cost of which increased by 28.6% during the last decade. The rising popularity of cremation services has reduced the profits of traditional funeral homes. Cremation is a less expensive alternative to a traditional memorial and burial. The global funeral services and funeral homes market faces a new threat as more families opt for cheaper direct cremations, where the deceased is collected from the place of death and taken directly to the crematorium. The ashes are then returned to the bereaved without a funeral service. Essentially, such obstacles will make the growth of the market difficult during the forecast period.

This funeral homes and funeral services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global funeral homes and funeral services market as part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the funeral homes and funeral services market during the forecast period.

Who are the Major Funeral Homes And Funeral Services Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Carriage Services Inc.
  • Co-operative Group Ltd.
  • Dignity Plc
  • Funeral Partners Ltd.
  • InvoCare Australia Pty Ltd.
  • Matthews International Corp.
  • Nirvana Asia Ltd.
  • Park Lawn Corp.
  • Service Corp. International
  • Wimberly Funeral Home

 

This statistical study of the funeral homes and funeral services market encompasses successful business strategies deployed by the key vendors. The funeral homes and funeral services market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Carriage Services Inc.- The company offers caskets and urns, interment services, and cemetery merchandise under funeral homes and funeral services.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The funeral homes and funeral services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Funeral Homes And Funeral Services Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the funeral homes and funeral services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global specialized consumer services market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

 

Which are the Key Regions for Funeral Homes And Funeral Services Market?

For more insights on the market share of various regions Request for a FREE sample now!

29% of the market’s growth will originate from APAC during the forecast period. Market growth in this region will be faster than the growth of the market in all other regions.

The large population in countries such as China and India with growing middle- and upper-class population will facilitate the funeral homes and funeral services market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

 In 2020, the outbreak of COVID-19 increased the demand for funeral homes and funeral services in Europe. Countries such as Italy, Spain, Germany, France, Switzerland, the UK, the Netherlands, Austria, Belgium, Norway, Portugal, and Sweden have been severely affected by the pandemic. The countries are struggling to recover from COVID-19, and many deaths related to COVID-19 were registered. These factors boosted the demand for funeral homes and funeral services in 2020. Also, during the forecast period, the market is anticipated to show steady growth, owing to the increasing geriatric population in the region.

What are the Revenue-generating Service Segments in the Funeral Homes And Funeral Services Market?

To gain further insights on the market contribution of various segments Request for a FREE sample

The funeral homes and funeral services market share growth by the at-need segment will be significant during the forecast period. This segment is driven by the rising number of unexpected deaths, mostly due to accidents. This report provides an accurate prediction of the contribution of all the segments to the growth of the funeral homes and funeral services market size.

 

Funeral Homes And Funeral Services Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 5.85%

Market growth 2021-2025

$ 27.82 billion

Market structure

Fragmented

YoY growth (%)

5.23

Regional analysis

Europe, North America, APAC, South America, and MEA

Performing market contribution

APAC at 29%

Key consumer countries

US, UK, France, Canada, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Carriage Services Inc., Co-operative Group Ltd., Dignity Plc, Funeral Partners Ltd., InvoCare Australia Pty Ltd., Matthews International Corp., Nirvana Asia Ltd., Park Lawn Corp., Service Corp. International, and Wimberly Funeral Home

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request for a FREE sample

What are the Key Data Covered in this Funeral Homes And Funeral Services Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive funeral homes and funeral services market growth during the next five years
  • Precise estimation of the funeral homes and funeral services market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the funeral homes and funeral services industry across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of funeral homes and funeral services market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value Chain Analysis: Specialized consumer services

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Service

    • 5.1 Market segments
      • Exhibit 15: Service - Market share 2020-2025 (%)
    • 5.2 Comparison by Service
      • Exhibit 16: Comparison by Service
    • 5.3 At-need - Market size and forecast 2020-2025
      • Exhibit 17: At-need - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 18: At-need - Year-over-year growth 2020-2025 (%)
    • 5.4 Pre-need - Market size and forecast 2020-2025
      • Exhibit 19: Pre-need - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 20: Pre-need - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by Service
      • Exhibit 21: Market opportunity by Service

    6 Customer landscape

    • 6.1 Customer landscape
      • Exhibit 22: Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 23: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 24: Geographic comparison
    • 7.3 Europe - Market size and forecast 2020-2025
      • Exhibit 25: Europe - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 26: Europe - Year-over-year growth 2020-2025 (%)
    • 7.4 North America - Market size and forecast 2020-2025
      • Exhibit 27: North America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
    • 7.5 APAC - Market size and forecast 2020-2025
      • Exhibit 29: APAC - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
    • 7.6 South America - Market size and forecast 2020-2025
      • Exhibit 31: South America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 32: South America - Year-over-year growth 2020-2025 (%)
    • 7.7 MEA - Market size and forecast 2020-2025
      • Exhibit 33: MEA - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 35: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 36: Market opportunity by geography ($ billion)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 37: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Vendor landscape
          • Exhibit 38: Vendor landscape
        • 9.2 Landscape disruption
          • Exhibit 39: Landscape disruption
          • Exhibit 40: Industry risks
        • 9.3 Competitive Scenario

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 41: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 42: Market positioning of vendors
          • 10.3 Carriage Services Inc.
            • Exhibit 43: Carriage Services Inc. - Overview
            • Exhibit 44: Carriage Services Inc. - Business segments
            • Exhibit 45: Carriage Services Inc. - Key offerings
            • Exhibit 46: Carriage Services Inc. - Segment focus
          • 10.4 Co-operative Group Ltd.
            • Exhibit 47: Co-operative Group Ltd. - Overview
            • Exhibit 48: Co-operative Group Ltd. - Business segments
            • Exhibit 49: Co-operative Group Ltd. - Key offerings
            • Exhibit 50: Co-operative Group Ltd. - Segment focus
          • 10.5 Dignity Plc
            • Exhibit 51: Dignity Plc - Overview
            • Exhibit 52: Dignity Plc - Business segments
            • Exhibit 53: Dignity Plc - Key offerings
            • Exhibit 54: Dignity Plc - Segment focus
          • 10.6 Funeral Partners Ltd.
            • Exhibit 55: Funeral Partners Ltd. - Overview
            • Exhibit 56: Funeral Partners Ltd. - Product and service
            • Exhibit 57: Funeral Partners Ltd. - Key offerings
          • 10.7 InvoCare Australia Pty Ltd.
            • 10.8 Matthews International Corp.
              • Exhibit 62: Matthews International Corp. - Overview
              • Exhibit 63: Matthews International Corp. - Business segments
              • Exhibit 64: Matthews International Corp. - Key offerings
              • Exhibit 65: Matthews International Corp. - Segment focus
            • 10.9 Nirvana Asia Ltd.
              • Exhibit 66: Nirvana Asia Ltd. - Overview
              • Exhibit 67: Nirvana Asia Ltd. - Product and service
              • Exhibit 68: Nirvana Asia Ltd. - Key offerings
            • 10.10 Park Lawn Corp.
              • Exhibit 69: Park Lawn Corp. - Overview
              • Exhibit 70: Park Lawn Corp. - Business segments
              • Exhibit 71: Park Lawn Corp. - Key offerings
              • Exhibit 72: Park Lawn Corp. - Segment focus
            • 10.11 Service Corp. International
              • Exhibit 73: Service Corp. International - Overview
              • Exhibit 74: Service Corp. International - Business segments
              • Exhibit 75: Service Corp. International - Key offerings
              • Exhibit 76: Service Corp. International - Segment focus
            • 10.12 Wimberly Funeral Home
              • Exhibit 77: Wimberly Funeral Home - Overview
              • Exhibit 78: Wimberly Funeral Home - Product and service
              • Exhibit 79: Wimberly Funeral Home - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 80: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 81: Research Methodology
                • Exhibit 82: Validation techniques employed for market sizing
                • Exhibit 83: Information sources
              • 11.4 List of abbreviations
                • Exhibit 84: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
              Interested in this report?
              Get your FREE sample now!
              The funeral homes and funeral services market market growth will increase by $27.82 billion during 2021-2025.
              The funeral homes and funeral services market market is expected to grow at a CAGR of 5.85% during 2021-2025.
              Technavio has segmented the funeral homes and funeral services market market by service (At-need and Pre-need) and geographic (Europe, North America, APAC, South America, MEA, Europe, North America, APAC, South America, and MEA).
              Carriage Services Inc., Co-operative Group Ltd., Dignity Plc, Funeral Partners Ltd., InvoCare Australia Pty Ltd., Matthews International Corp., Nirvana Asia Ltd., Park Lawn Corp., Service Corp. International, Wimberly Funeral Home are a few of the key vendors in the funeral homes and funeral services market market.
              APAC will register the highest growth rate of 29.33% among the other regions. Therefore, the funeral homes and funeral services market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the funeral homes and funeral services market market growth are:
              • New products and service launches
              • Strategic partnerships and acquisitions
              The funeral homes and funeral services market market vendors should focus on grabbing business opportunities from the at-need segment as it accounted for the largest market share in the base year.
              Safe and Secure SSL Encrypted
              Technavio

              Single User:

              2500 USD

              Technavio Get the report (PDF) sent to your email within minutes.

              Subscribe & Save

              Get lifetime access to our
              Technavio Insights

              Want to customize this report?

              This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.

              We offer $1000 worth of FREE customization at the time of purchase
              Technavio
              Enquire Before Buying
              1. Home
              2. Consumer Discretionary
              3. Published Report
              17,000 reports available | Plans starting from just 5,000 USD | Get FREE trial>>