Global Death Care Services Market to Reach $152.8 Billion by 2026

SAN FRANCISCO, March 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Death Care Services - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 13; Released: February 2022
Executive Engagements: 466
Companies: 73 - Players covered include Astral Industries, Inc.; Baalmann Mortuary; Charbonnet Family Services; CJ. Boots Casket Company; Classic Memorials Inc; Creter Vault Corporation; Doric Products Inc; Giles Memory Gardens; Hillebrand Funeral Homes Inc; Kepner Funeral Homes; McMahon, Lyon & Hartnett Funeral Home, Inc.; Musgrove Mortuaries & Cemeteries; NorthStar Memorial Group, LLC; StoneMor Partners L.P. and Others.
Coverage: All major geographies and key segments
Segments: Operation (Funeral Homes & Funeral Services, Cemeteries & Crematories); Segment (Caskets & Vaults, Facility Rentals, Embalming & Cosmetic Preparation, Other Segments)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Latin America; Rest of World.

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ABSTRACT-

Global Death Care Services Market to Reach $152.8 Billion by 2026
The death industry which for decades has been notoriously difficult to disrupt with new technologies is now rapidly transforming under the pressure exerted by the COVID-19 pandemic. Funerals in the COVID-19 era have become a low key affair and are sparsely attended which is unpreceded in most communities where until now funerals have been a social event. Covid-19 accelerated digital transformation across various industries as businesses had to move their operations online and staff remote. Live streaming of funeral services will be future even beyond the pandemic. Livestreaming of funeral services which until now was adopted to bridge the gap for friends and relatives who cannot make it to the funeral, is now witnessing accelerated adoption to meet social distancing protocols and norms. Also, with 4G and 5G technologies providing high speed internet access with robust bandwidth capabilities the traditional bottleneck associated with the variability of non-hardwired internet connections causing streaming issues is now effectively eliminated. Drive-by funerals in the United States is also growing in popularity with funeral homes setting up funeral services in parking lots where cars can drive by and pay their last respects. Given the highly contagious nature of the COVID-19 virus and lack of a viable vaccine to prevent the spread of the virus, the ensuing rise in death toll is creating new opportunities for cadaver bags. In compliance with the recommendations of WHO concerning mortuary care and post-mortem examination, leak-proof cadaver bags or body bags are expected to witness high demand in storage and transportation of COVID-19 positive dead bodies from isolation area to a morgue, crematorium or burial.

Amid the COVID-19 crisis, the global market for Death Care Services estimated at US$128.8 Billion in the year 2022, is projected to reach a revised size of US$152.8 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Funeral Homes & Funeral Services, one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$103.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cemeteries & Crematories segment is readjusted to a revised 5.2% CAGR for the next 7-year period. This segment currently accounts for a 34.4% share of the global Death Care Services market. As the pandemic spread from urban cities to rural communities, not only hospitals but funeral homes, cemeteries and crematories are also being overwhelmed. The pandemic is changing the rule of the game forcing funeral homes to modify their business models. With remote viewing growing demand, funeral homes are increasingly livestreaming the funeral, and or uploading a recording of the service to their website shortly after with a hyperlink prominently displayed in the obituary.

The U.S. Market is estimated at $43.6 Billion in 2022, While China is Forecast to Reach $18 Billion by 2026
The Death Care Services market in the U.S. is estimated at US$43.6 Billion in the year 2022. The country currently accounts for a 33.92% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$18 Billion in the year 2026 trailing a CAGR of 6.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR while Rest of European market (as defined in the study) will reach US$19.1 Billion by the end of the analysis period. With COVID-19 bringing death close to homes, people are increasingly preplanning their funeral arrangements. Preplanning involves prepaying all funeral arrangements in addition to drawing up funeral preferences to relieve family members of the responsibility and the expenses. In the United States, millions of Americans have signed contracts to arrange their funerals and prepay some or all of the expenses involved. Several state laws are enacted to protect these advance payments. Few of the states in the country also make it mandatory for funeral homes to place a percentage of the prepayment in a state-regulated trust or purchase a life insurance policy with the death benefits assigned to the funeral home or cemetery. While COVID-19 related mortalities is a major catalyst for the unexpected spurt in demand for these services, the aging population is also major demographic driver of growth in the market. More

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SOURCE Global Industry Analysts, Inc.