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The funeral homes and funeral services market size is estimated to grow by USD 27.48 billion at a CAGR of 6.71% between 2022 and 2027. The growth depends on several factors, such as the new products and service launches by players, the growth in the population of aged people and the number of deaths, and the urbanization and lifestyle changes boosting the market.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the growth is urbanization and lifestyle changes. Rapid urbanization results in greater dependence on these due to minimal access to traditional burial spaces and a growing need for professional assistance in handling these arrangements. Additionally, there is an increasing need for professional services to assist in organizing and managing these arrangements as families are living far apart.
Moreover, there is a high concentration of professionals in urban areas with expertise in handling various aspects of planning, coordination, and logistics. Additionally, factors such as the higher disposable income of people residing in urban areas are encouraging them to invest in higher-end, memorials, and related products. Hence, such factors are positively impacting the market during the forecast period.
A key factor shaping the growth is the increasing penetration of technology. The extensive use of advanced technologies is a primary trend in the global market. There is an increasing adoption of blockchain in this industry such that it eliminates major constraints in innovation and significantly improves the products and services offered by market players.
Moreover, the rise in the number of millennials who are tech-savvy is encouraging players to launch more digital and online services. A majority of these key players are offering these services online and it enables users to book these services directly through their websites or mobile apps. Hence, such technological advancements are positively impacting the market. Therefore, it is expected to drive the market during the forecast period.
Increasing costs of raw materials are one of the key challenges hindering the market. The increasing prices of superior-quality raw materials including wood, which is essential for making caskets, have led to high manufacturing costs. As a result, it is significantly impacting the profit margins of several players in the global market.
Moreover, the price volatility of raw materials is forcing companies to adopt low-priced and low-quality raw materials to produce burial caskets. Additionally, factors such as unusual weather conditions including heavy snow or rain, storms, hurricanes, floods, tornados, or extended periods of unseasonable temperatures can result in price fluctuations. Hence, such factors will hinder the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Carriage Services Inc: The company offers caskets and urns, interment services, and cemetery merchandise.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The at-need segment is estimated to witness significant growth during the forecast period. One of the major factors that is significantly contributing to the growth of this segment is the increasing number of deaths around the world. This segment is significantly fuelled by the growing number of unexpected deaths, mostly due to accidents.
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The at-need segment was the largest segment and was valued at USD 45.18 billion in 2017. Some of the key services offered by the key players in this segment include providing vehicles, arranging ceremonies, prayers, and burial or cremation facilities, and providing counseling to people who have lost their loved ones. The main offering of the at-need services segment is that it enables families to customize the arrangements to the individual's wishes and family traditions. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market during the forecast period.
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APAC is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. Some of the key countries in Europe that are significantly contributing to the global market include the UK, France, and Germany. There is an increasing demand across different regions of Europe following various cultural and religious practices among different communities.
Additionally, Europe has a significant aging population, and as people live longer, it results in increased mortality rates which is positively impacting the market. For instance, In France, it is estimated that approximately 550,000 deaths occur each year, and the market in the country is dominated by vendors such as OGF SA and FUNESPANA SA. Hence, such factors are expected to drive the market in the region during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is witnessing a rising need for end-of-life care and services, driven by increasing prices and digitalization. Government efforts and government programs in developing countries are also contributing to market growth.
Insurance firms play a role in providing coverage for these expenses, while start-ups like Mokshshil and Anthyesti offer unstructured management services. Service providers in the market offer a range of services, including cremation, embalming, and mortician services. The market includes these homes with crematories and providers of these supplies. The National Funeral Directors Association (NFDA) is a key organization in the industry, providing support and resources. The market is segmented into immediate-need and pre-planned categories, with various distribution channels, including online and offline channels. Overall, the market is evolving to meet the changing needs of consumers and the digital landscape.
Funeral Homes And Funeral Services Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.71% |
Market growth 2023-2027 |
USD 27.48 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.72 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 29% |
Key countries |
US, Canada, UK, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Carriage Services Inc., Chapel Funerals, Co-operative Group Ltd., Coles Funeral Directors Ltd., Dignity Plc, Everstorypartners, Fu Shou Yuan International Group Ltd., FUNECAP HOLDING, Funeral Partners Ltd., InvoCare Australia Pty Ltd., Matthews International Corp., Muslim Funeral Services, Nirvana Asia Ltd., Park Lawn Corp., SA Funeral services, San Holdings Inc., Service Corp. International, Westerleigh Group Holdings Ltd., Wimberly Funeral Home, and Wise Funeral Service |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Market Segmentation by Mode of Booking
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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