With Market Size Valued at $147.8 Billion by 2026, it`s a Healthy Outlook for the Global Death Care Services Market

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Jun 03, 2022, 09:30 ET

SAN FRANCISCO , June 3, 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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With Market Size Valued at $147.8 Billion by 2026, it`s a Healthy Outlook for the Global Death Care Services Market

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Edition: 14; Released: April 2022
Executive Pool: 466
Companies: 220 - 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-

Amid the COVID-19 crisis, the global market for Death Care Services estimated at US$118.2 Billion in the year 2022, is projected to reach a revised size of US$147.8 Billion by 2026, growing at a CAGR of 6.3% over the analysis period. Funeral Homes & Funeral Services, one of the segments analyzed in the report, is projected to grow at a 6.1% CAGR, while growth in the Cemeteries & Crematories segment is readjusted to a revised 6.8% CAGR. The market for death care services is rapidly expanding driven by the growing intent, mostly among the rich, to spend hugely on performing elaborate and extravagant funerary rituals. The market is thus led by the billionaires and rich businessmen who opt for more innovative and extravagant ways of performing funeral rites for their loved ones. It is also a means for wealth display for the rich and the powerful. Lately, demand had increased for lavish and sophisticated decorations, uniquely designed and highly expensive caskets, extensive grounds, and ornate tombstones. There are also people/families opting for lavish funeral pre-plans offered by death care service organizations. The recent years have been witness to a trend in favor of pre-planning of funeral and cremation ceremonies, which will have considerable impact on the death care services industry. To ensure financial stability and responsibility, more people are choosing pre-planning of their funeral services.

The COVID-19 pandemic had also compelled companies operating in this market to re-strategize and make changes in their working. The containment and social distancing measures and closure of several commercial activities during the emergence of the pandemic led to operational challenges for death care service companies. Digitization of funeral services or death care services had been another prominent pandemic induced trend. Cremation costs were already increasing prior to the emergence of the pandemic due to scarcity of burial plots. With deaths skyrocketing during pandemic, the scarcity for spots became unmanageable. In regions considered hotspots for COVID-19, cremation numbers quadrupled and the unprecedented demand was overwhelming to not just death care service companies but also to manufacturers of crematory machinery.

Commemoration is a valuable component of a family's grieving process for their loved ones who lost their life. Families therefore crave meaningful commemoration options which reflect the uniqueness of the deceased person. The trend had over the years resulted in a strong demand for unique death care services and products, reflecting the hobbies and passions of the deceased. Another important, ongoing trend is the increasing pre-planning of funerals. It implies death planning in advance, even before the actual death. A growing number of people believe that such preparation for death, which is inevitable, is pragmatic. Such consumer group seeks options which enable them to plan their own funeral service or for a family member. Such preplanning relieves pressure on family when death actually takes place. And, such unique needs and desires are being met with the help of technologies. Funeral homes are no longer the traditional shops offering death care services, publicity for which was solely through word-of-mouth. The shops are increasingly going virtual. Consumers can now search for cremation services and funeral homes online. Traditional services are also integrating photographs and videos for offering more meaningful services to customers.

There are also companies that offer to live broadcast funerals for those who could not travel. Such live broadcast funerals became popular during the pandemic when people could not attend funerals due to travel restrictions. Also, for consumers who intend to pre-plan funerals, there are now several companies offering innovative methods. Lantern for instance, is a company that plans funerals. It offers a checklist for consumers for the entire process of death preparation. Another company called GoodTrust allows customers to create plans for securing digital assets like social media pages, online accounts and email accounts which must be executed after passing of the individual. Companies also offer estate planning services as part of their pre-plan service offerings. There are also companies that manage all the aspects pertaining to cremation right from picking and delivery of ashes to securing death certificates. Economy Cremation and Solace Cremation are examples of companies offering such comprehensive, direct cremation services. These companies manage the entire process of cremation by eliminating middlemen in the process.

The death care services market has also of late witnessed the emergence of new technologies that support the business of post-cremation. There are also online death care service platforms which offer unique services like helping customers seek financial help from communities. All these technologies are also resulting in major shifts in consumer behavior. They are changing the way people traditionally thought about funerals. This changed behavior is creating unique opportunities for vendors offering various death care services. Funeral homes are also taking the help of software for becoming more efficient. There are now software companies which are dedicated towards making operations of funeral homes simpler. Such digital tools streamline operations by keeping all aspects pertaining to the business highly organized.

Another major trend in the market is the increasing practice of using alkaline hydrolysis methods by the companies for disposing corpses. It is a chemical process used for disposing of human and animal remains. It involves use of heat and sodium hydroxide. Sodium oxide or potassium hydroxide (5%) is combined with water (95%) for preparing a solution, which is then used for reducing body to bone and liquid components. Bone fragments would then be dried and retained. The method of alkaline hydrolysis results in a non-toxic byproduct. The byproduct, which is a solution, can be safely disposed of in the sewage. Alkaline hydrolysis is now a legalized practice in around 20 US states and is anticipated to become acceptable in other states as well, soon. The death care market globally is predicted to remain on a positive track and gain from stable demand for associated services and products, increasing investments in innovations and rising attention on green options. The market covers organizations and companies engaged in offering death-related services, like cremation, burial, funerals, memorials, coffins and headstones. The market growth is favored by digital transformation and adoption of innovative business models for expanding the customer base.

Leading companies are offering premium services and products to target high-end customers. In addition, the market growth is aided by ongoing trends like increasing shift of customers from traditional burial towards cremation due to a number of factors such as favorable economics and demographics. Cremation is emerging as a prevalent trend across countries due to increasing focus of people on affordable funeral services. However, the shift indicates lower profits and margins for companies. The trend is poised to gain further from cost-related benefits, decline in discretionary income and increasing preference for less ritualized and simpler funeral ceremony. On the other hand, the energy-intensive nature of cremation along with emission of greenhouse gases and particulates is prompting several players to focus on green options like eco-friendly burials and water cremation. Green burials are emerging as a remarkable trend that is favoring the sustainability drive as it eliminates the requirement of caskets and harmful chemicals. The global death care market is anticipated to receive a strong contribution from the funeral home segment that is gaining from a number of adaptations to attract customers. In addition, the pre-need arrangement segment is predicted to post a robust growth due to favorable factors like the economy and aging population. More

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