Funeral Home and Funeral Service Market is Set to Grow to US$ 39.3 Billion by 2031 from US$ 22.8 Billion in 2023, at CAGR of 5.6%: TMR Report
Transparency Market Research
6 min read
Transparency Market Research
A surge in the adoption of cremation services and a rise in preference for pre-planned funerals are likely to offer lucrative opportunities to players in the global funeral home and funeral service industry
Wilmington, Delaware, United States, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global funeral home and funeral service market is projected to flourish at a CAGR of 5.6% from 2023 to 2031. As per the report published by TMR, a valuation of US$ billion is anticipated for the market in 2031. As of 2023, the market for funeral homes and funeral services is expected to close at US$ 24 billion.
The increasing aging population & and increased death rate is the main factor driving the funeral home and funeral service market growth during the forecast period.
With increasing disposable income, individuals and families are more willing to spend on personalized and meaningful funeral services, contributing to the growth of the market. The increasing urbanization and changing family structures have led to increased reliance on professional funeral services. Urban areas often have a higher concentration of funeral homes to meet the needs of the population.
Growth in demand for customized funeral services drives the market demand as people are increasingly preferring personalized funeral services and memorials such as memorial videos and music, personalized caskets, and flowers.
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Market Snapshot:
Report Coverage
Details
Market Revenue
US$ 22.8 Bn
Estimated Value
US$ 39.3 Bn
Growth Rate - CAGR
5.6%
Forecast Period
2023-2031
No. of Pages
140 Pages
Market Segmentation
Service Type, By Category, Distribution Channel
Regions Covered
North America,Europe,Asia Pacific,Middle East & Africa,South America
Companies Covered
Service Corporation International,Naser Group Inc.,InvoCare Australia Pty Ltd.,Nirvana Services Inc.,Ritual Funeral Enterprise,Funebre.eu,AMAR International,Blue Ridge Funeral & Cremation Service,Cemetery.com, LLC,Funeral Basics,Other Key Players
Key Takeaways from the Market Study
As of 2022, the funeral homes and funeral services market was valued at US$ 22.8 billion
By service type, the memorial segment enjoys high demand, accumulating a high revenue share during the forecast period.
Based on category, the immediate need segment is anticipated to dominate the industry during the forecast period
Based on the distribution channel, the online segment is expected to generate high revenue during the forecast period.
Funeral Home and Funeral Service Market: Key Trends and Opportunistic Frontiers
Increased awareness about the importance of funeral planning and the availability of various services has contributed to the growth of the market. People are more informed and proactive in making funeral arrangements.
Increased families focus on providing a dignified farewell for their loved ones. This focus is driving the demand for funeral services that offer a compassionate and respectful experience.
Funeral homes and funeral services are offering pre-planning services and are experiencing growth due to the convenience and peace of mind they offer to customers.
With increasing technological integration, funeral homes are embracing technology to enhance their services such as online pre-planning platforms, virtual memorial services, live-streaming of funerals for remote attendees, and digital obituaries.
Funeral Home and Funeral Service Market – Regional Analysis
North America is expected to account for the highest share of the funeral home and funeral service market, owing to the presence of a well-established funeral service industry with a mix of traditional practices and evolving trends.
The trend toward personalized services, cremation, and eco-friendly practices in the United States and Canada, drives the market demand in the region. There's a growing interest in celebrating the life of the deceased through unique memorialization and celebratory events.
Europe is expected to offer lucrative opportunities for market expansion due to diverse funeral traditions influenced by cultural and religious factors. Some regions have a higher preference for cremation, while others lean toward traditional burial methods. Green burial practices and environmentally friendly options are gaining traction in certain European countries.
Competitive Landscape
The global funeral home and funeral service market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge.
Transparency Market Research has profiled the following players in its global funeral home and funeral service market report:
Service Corporation International
Naser Group Inc.
InvoCare Australia Pty Ltd.
Nirvana Services Inc.
Ritual Funeral Enterprise
Funebre.eu
AMAR International
Blue Ridge Funeral & Cremation Service
Cemetery.com, LLC
Funeral Basics
Other Key Players
Key Developments in the Funeral Home and Funeral Service Market
Naser Group Inc. provide International Funeral Solutions. From and to the United States, South and Central America, Europe, and Asia, such as Repatriation, Cremation, and Funeral services.
Dignity explored innovative ways to provide funeral services, including online booking systems and digital planning tools. The company introduced new funeral packages and options to cater to changing consumer preferences.
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