Global Funeral Homes and Funeral Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Funeral Homes and Funeral Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Funeral Homes and Funeral Services market finds that the global Funeral Homes and Funeral Services market reached a value of USD 72043.81 million in 2022. It’s expected that the market will achieve USD 87997.01 million by 2028, exhibiting a CAGR of 3.39% during the forecast period.

On the one hand, the outbreak of the COVID-19 virus led to a surge in deaths. As of July 4, 2020, the global death toll due to COVID-19 has reached 528,364, which has led to a rapid increase in the demand for funeral services. The funeral services in some areas are overloaded, and many people cannot hold memorial services because the funeral industry is already overwhelmed.

On the other hand, because COVID-19 is a highly contagious disease, service personnel in the funeral industry are at risk of infection. Although there is no evidence that the body of the person who died of COVID-19 can spread the virus. However, the US Centers for Disease Control and Prevention pointed out: People should consider not touching the body of the person who died of COVID-19. Therefore, staff in the funeral industry may still be exposed to the dead or their family members or may be in transit Virus. And after the outbreak of COVID-19, the government imposed strict restrictions on the gathering of people. In the United States, the cemetery service should be a private service, and the number should not exceed 10 people. So, most people choose simple funeral services, and the average cost of a single funeral service is falling.

Adoption of advanced technology

The adoption of new technologies is improving the quality of funeral services. With the changes in the social environment and the development of the industry, the modernization of funeral homes and funeral services is an important step towards a better death care industry. As millennials (buying funeral services for loved ones) increase, vendors in the market are increasingly introducing digital and online funeral services. These services allow customers to book service hours and formulate personalized service content directly through their websites or mobile applications. The technology that allows remote participation in memorial services will also bring new impetus to the industry. As more modern technologies are applied to funeral services, the service quality, work efficiency and profitability of the industry will increase.

Development of the e-commerce industry

E-commerce shopping is affecting the consumption habits of many people. Many people are used to picking commodities on e-commerce platforms and understanding the price of a commodity. One of the important sources of funeral service revenue is the sale of funeral related products, including coffins, urns, monuments, cards, and flower arrangements. As more people buy these products on e-commerce platforms or other channels, funeral homes have not produced stable product sales as before. Therefore, the funeral homes and funeral services industry faces great competition in product sales, and profitability may be reduced.

Region Overview:

Geographically, Asia Pacific held the largest market share -- 36.14% in 2021.

Company Overview:

Service Corporation International is one of the major players operating in the Funeral Homes and Funeral Services market, holding a share of 4.82% in 2022.

Service Corporation International

Service Corporation International provides death care services worldwide. The Company operates funeral service locations, cemeteries, and crematoria. Service also sells prearranged funeral services in most of its service markets.

OGF

OGF SA provides funeral services. The Company operates crematoriums as well as offers tombstones, urns, coffins, and financing assistance services.

Segmentation Overview:

Among different product types, Traditional Services Type segment is anticipated to contribute the largest market share in 2027.

Traditional Services Type

A traditional funeral service includes a viewing or visitation, a funeral ceremony, and burial at the gravesite. Also known as a full service funeral, traditional funerals tend to be the main package offered by most funeral homes.

Memorial Services Type

The memorial service is a ceremony held to commemorate the lives of the dead. It happened after the body was buried or cremated (there might be cremated remains at the memorial service).

Immediate Service Type

Immediate burial does not involve any form of formal funeral services. After being buried in the cemetery, a memorial service can be held to commemorate the lives of the dead.

Application Overview:

In the Funeral Homes and Funeral Services market, 47.41% of the total value was generated through the Pre-Need segment by application in 2021.

At-Need

At-need services are offered to families when plans have not been made in advance of a death. Sometimes this happens in the case of a sudden or unexpected death or a short-term medical diagnosis.

Pre-Need

Pre-need services are selected by an individual before they pass away. This can be done in advance and the process can be arranged according to personal wishes.

Key Companies in the global Funeral Homes and Funeral Services market covered in Chapter 3:

Nirvana Asia Group
OGF
Albia
Dignity Plc
San Holdings
Fu Shou Yuan International Group
Ahorn AG
InvoCare
StoneMor Partners L.P.
Carriage Services
Mémora Group
Funespana
TEAR
Service Corporation International
Matthews International
Co-operative Group Limited

In Chapter 4 and Chapter 14.2, on the basis of types, the Funeral Homes and Funeral Services market from 2018 to 2029 is primarily split into:

Traditional Services Type
Memorial Services Type
Immediate Service Type

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Funeral Homes and Funeral Services market from 2018 to 2029 covers:

At-Need
Pre-Need

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)