Funeral Services Market to Reach $88.6 Billion, Globally, by 2033 at 3.8% CAGR: Allied Market Research

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Sep 20, 2024, 04:18 ET

"As consumers increasingly seek ways to reflect their unique identities and values, there is a notable shift towards customized memorial services and products that cater to individual preferences. This includes personalized urns and caskets, bespoke service planning, and the integration of technology for virtual memorials."

WILMINGTON, Del. , Sept. 20, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Funeral Services Market by Service (Burial, Cremation, Memorial and Others), Application (Immediate Need and Pre-Planned), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the funeral services market was valued at $61.3 billion in 2023, and is estimated to reach $88.6 billion by 2033, growing at a CAGR of 3.8% from 2024 to 2033.

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Prime determinants of growth

Rise in geriatric population, which is prone to critical illnesses, is a major factor that boosts the growth of the market. Cultural shifts toward personalized and meaningful ceremonies drive demand for customized funeral services, catering to diverse religious and cultural preferences. In addition, technological advancements offer opportunities for innovation in service delivery, such as online platforms for funeral planning and virtual attendance options for distant mourners.

Environmental consciousness is another driver, pushing the market toward eco-friendly burial options and sustainable funeral practices. Economic factors such as rise in disposable incomes in emerging markets contribute to higher spending on funeral services. These drivers and opportunities collectively shape a dynamic funeral services market, prompting providers to adapt with tailored offerings and sustainable practices to meet evolving consumer needs and preferences.

Report Coverage & details:

Report Coverage	Details
Forecast Period	2024-2033
Base Year	2023
Market Size in 2023	$61.3 billion
Market Size in 2033	$88.6 billion
CAGR	3.8 %
No. of Pages in Report	285
Segment covered	Service, Application, Distribution Channel, and Region
Drivers	Increasing Death Rates Cultural and Religious Practices Shift Towards Personalization
Opportunities	Technology Integration Green Funerals
Restraints	Regulatory Challenges Cost Sensitivity

The burial segment held a major share of the market in 2023.

By service, the burial segment held a major share of the market in 2023, accounting for more than one-fourth of the global funeral services market and is estimated to maintain its leadership status throughout the forecast period. The burial services market is witnessing a significant shift toward green burials, driven by environmental concerns and an aging population. Increasing awareness about pre-need planning and personalized burial options, such as customized grave markers and tailored ceremonies, is also contributing to market growth.

However, the memorial segment is projected to manifest the highest CAGR of 4.8% from 2024 to 2033. The shift toward celebrating life, rather than traditional mourning, is leading to more personalized and unique services. Technological advancements and changing social norms are driving this transformation, offering cost-effective and interactive solutions.

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The immediate need segment held a major share of the market in 2023.

By application, the immediate need segment held a major share of the market in 2023, accounting for more than one-fourth of the global funeral services market and is estimated to maintain its leadership status throughout the forecast period. Immediate need funeral services cater to families requiring urgent arrangements following the sudden loss of a loved one. This market segment is characterized by quick, efficient service delivery, often involving rapid coordination of funeral homes, transportation, and necessary documentation. The rise of digital platforms has facilitated faster communication and planning, ensuring timely and respectful services.

However, the pre-planned segment is projected to manifest the highest CAGR of 4.6% from 2024 to 2033. Pre-planned funeral services are increasingly popular as individuals seek to arrange their end-of-life services in advance, ensuring their wishes are honored and relieving their families of financial and emotional burdens.

The offline segment held a major share of the market in 2023.

By distribution channel, the offline segment held a major share of the market in 2023, accounting for more than half of the global funeral services market and is estimated to maintain its leadership status throughout the forecast period. The online funeral services market is expanding rapidly, driven by technological advancements and changing consumer preferences. Virtual memorials, digital tributes, and live-streamed services have become essential, offering flexibility and accessibility for families separated by distance.

However, the online segment is projected to manifest the highest CAGR of 4.6% from 2024 to 2033. Offline funeral services remain a cornerstone of the industry, providing traditional, in-person ceremonies and personalized support.

North America held a major share of the market in 2023.

By region, the North America region held the highest market share in term of revenue in 2023, accounting for nearly two-fifths of the global market. The North American funeral service market holds the largest share, driven by the region's aging population, high awareness of pre-planning, and established funeral home infrastructure. The U.S. is a significant revenue contributor due to its well-developed industry and growing preference for personalized and eco-friendly services. Europe follows closely, with growth propelled by increasing demand for green burials and cultural acceptance of cremation.

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Leading Market Players

Service Corporation International
Naser Group Inc.
InvoCare Australia Pty Ltd
Nirvana Funeral Services Pvt. Ltd
Ritual Funeral Enterprise
Funebre.eu
AMAR International
Blue Ridge Funeral & Cremation Service
Cemetery.com, LLC
Funeral Basics

The report analyzes these key players in the global funeral services market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Recent Key Strategies and Developments

In August 2020, Carriage Services Inc. acquired the assets of the funeral home and cemetery business of the Schoppenhorst, Underwood and Brooks Funeral Home in Louisville, Kentucky.
In September 2020, StoneMor Partners LP acquired the assets of the funeral home and cemetery business of the Schoppenhorst, Underwood and Brooks Funeral Home in Louisville, Kentucky.
In July 2020, Carriage Services Inc. announced a strategic partnership with Dignity Memorial to provide funeral services in the U.S.
In August 2020, StoneMor Partners LP announced a strategic partnership with Dignity Memorial to provide funeral services in the U.S.

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