Death Care Services Market

Global Death Care Services Market Size (2024 to 2032)

The size of the global death care services market was worth USD 100 billion in 2023. The global market is anticipated to grow at a CAGR of 6.80% from 2024 to 2032 and be worth USD 181 billion by 2032 from USD 107 billion in 2024. 

Current Scenario of the Global Death Care Services Market

Deathcare services have usually been the most popular in recent times, even in emerging countries. The growing acknowledgment of following traditional last rites to their loved ones is making the need for these services. Taking care of the important aspects of last rites is like giving support to the family. The family needs not to worry about the arrangements and have space and time mentally during tough times. The companies are focusing on adopting advanced and innovative technological solutions. The last rites vary according to the religion and customs, and the delivery of the services according to the preferences is the key factor in including the wide range of products by the companies. In developed countries like the US, death care services are very common due to their preferences for customized actions solely to level up new opportunities for the market.

MARKET DRIVERS

The increasing number of deaths, especially due to decreasing life expectancy with the prevalence of various life-threatening diseases across the world, is the primary factor that is enhancing the growth rate of the market. Life-threatening diseases like cancer and infectious diseases are gradually declining life expectancy, according to many research studies. Changing lifestyles like smoking and drinking are also escalating the number of deaths, even in young age people. Sudden deaths due to accidents or heart attacks, especially among youngsters, are a huge loss for family members, and their preferences for memorable last rites with appropriate religious methods shall anticipate the growth rate of the market.

• According to the Centers for Disease Control and Prevention, 3,090,582 deaths occurred only in the US in 2023. Among these, the death rate was high due to an increasing number of heart-related issues.

People's awareness of religious funeral activities and making arrangements in their loved one's interest is lucrative in enhancing the market's growth rate. The growing geriatric population is another factor that propels the growth rate of the market. Americans usually plan their own funerals at the age of 50. In recent times, even younger people aged 30 or older are sophisticated enough to plan their own funerals according to their attitude and vision.

• According to the Funeral and Memorial Information Council, 69% of American adults do think about their own funerals whereas 17% of them will execute their plan accordingly.

MARKET RESTRAINTS

Companies need highly skilled people to handle death care services according to customization within no time. These services should be held in a short time when the clients will be very particular about the arrangements, so there is a need for skilled people. The lack of these professionals in death care services is certainly a major restraint to the market's growth. The emergence of COVID-19 has worsened the shortage of staffing in crematoriums, which is the main cause of the difficulty in fulfilling the requirements.

Though the services are according to the people's, these are not quietly affordable for the middle-class economy people. These services are high in cost due to the exceptionally increasing costs of raw materials and other sources required for funerals due to various reasons, especially in urban cities. In addition, the wages for the professionals who work in crematoriums are huge, and the

small or medium-scale industries could not even recruit such professionals, which is likely to hamper the growth rate of the market.

MARKET OPPORTUNITIES

The trend towards the adoption of environmentally friendly crematoriums to reduce the impact of pollution, especially with the increasing global population, is absolutely to be satisfied with the launch of innovative methods like green funerals. Government authorities are abruptly enhancing awareness of the green funeral, which does not pose any negative effect on the environment. Many people are now more aware of practicing eco-friendly practices in the consciousness of environmental pollution. The growing consumer preferences for the most valuable and lifestyle reflection attitude through deathcare services is greatly influencing the growth rate of the market as well. It is highly important for people to adopt new eco-friendly funerals, according to the increasing interest in these services. The future will be filled with new funerals, which are anticipated to create new opportunities for the market in the coming years.

• ·According to the National Funeral Directors Association (NFDA), 11.3% of respondents are likely to follow green funerals for their loved ones, especially those who are older than 40.

MARKET CHALLENGES

Local crematoriums or funeral homes are one of the huge challenges for the market's key players. These funeral homes offer various services at much lower costs, which is a huge competition for the top players to sustain in the marketplace.

There is no proper knowledge among people about how to plan their funeral, which is becoming so important in today's world. The funeral services mostly revolve around the family members' acceptance and estate planners, where disagreements and issues among families may also be a challenge for the key players to do appropriately.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Death Care Services Market By Operations

Funeral homes segment is leading with the dominant share of the market. Growing prominence for the adoption of traditional and cultural funeral services is attributed to leveraging the growth rate of the market. Young generations have a complete awareness of the importance of planning their funeral according to their respective cultural shifts, which is attributed to elevating the growth rate of the market. Stringent regulations by the government over the practices that follow environmentally friendly aspects during funerals additionally fuel the growth rate of the death care services market.

The cemeteries segment is likely to hold the prominent growth rate of the market. People's preferences towards the ethical and moral way of cremation of the dead person are attributed to enhancing the growth rate of the market. The spread of various funeral services, which are highly convenient for making arrangements within very little time, is solely responsible for elevating the market's growth rate.

Global Death Care Services Market By Arrangement

The at-need segment is gaining huge traction over the share of the death care services market. Most of the time, death comes suddenly, and the funeral planning has no time to make complete arrangements. At-need arrangement is one of the kinds where all the services will be planned immediately according to the family's ritual without failing. The families who did not arrange the plans for the funeral process can avail of various services.

The pre-need segment is next in leading the fastest growth rate of the death care services market. In this generation, many people are pre-planning their funeral services, which provides peace of mind and helps manage unexpected expenses. Various online services are also becoming so popular these days, with increasing awareness among people to pre-plan their own funeral services to decrease the burden on the family members at that point, which also ensures the fulfillment of their last wishes.

Global Death Care Services Market By Products & Services

Caskets & vaults segment is likely to have the strongest growth rate during the forecast period. Rising deaths across the world due to the emergence of various chronic illnesses with eventually increasing population substantially leveraging the growth rate of the market. People are looking for a refined and dignified way of caskets that show their respect and status in today's world and greatly influence the market's growth.

The facility rentals segment is more likely to have constant growth opportunities in the coming years. Ongoing demand for customized or personalized styles is ascribed to bolster the growth rate of the market.

REGIONAL ANALYSIS

North America's death care services market holds the dominant share, with the growing expansion of the services available for funerals. According to the National Funeral Direction Association, more than 15,703 funeral homes are present in the US. The trend towards the adoption of innovative funeral services where family members are united to pay their respects is to boost the growth rate of the market. Huge support from the government to improve the infrastructure of funeral homes with the latest and innovative services, such as adopting green burials, is solely to level up the growth rate of the death care services market. The world is evolving with the digital transformation in every aspect. The customer's awareness of these services through online platforms like social media and other communication channels shall gear up for new opportunities for the market in the coming years.

Asia Pacific's death care services market is likely to hit the highest CAGR by the end of 2032. High-populous countries, India and China, are major contributors to the market's growth rate. The

geriatric population in these countries is sophisticated in raising the need for the launch of various funeral services without making a negative impact on the environment. Funeral services are rapidly increasing in China due to the high population and the demand to cremate dead bodies without leaving negative effects. Chinese people do give high preference for funeral rituals, where that is creating high growth opportunities for the key players to customize the last rites according to their interests.

Europe is anticipated to have a steady growth rate during this forecast period. The government is imposing strict action to follow green burial procedures to reduce the impact of carbon emissions while cremating the dead bodies. The steps towards the adoption of energy saving and carbon neutrality while performing funeral services are merely to showcase growth opportunities for the new and trendy death care services.

Latin America, the Middle East & Africa are set to have a prominent growth share of the death care services market.

KEY MARKET PARTICIPANTS

Some noteworthy companies profiled in the report's global death care services market are StoneMor, NorthStar Memorial Group, Carriage Services, Hillenbrand, Astral, Classic Memorials, and CJ. Boots Casket Company, Baalmann Mortuary, Campbell Funeral Homes, Charbonnet Family Services, Crater Vault Corporation, Doric Products, Evergreen Washelli, Giles Memory Gardens, Kepner Funeral Homes, McMahon, Lyon & Hartnett Funeral Home, Musgrove Mortuaries and Cemeteries.

RECENT MARKET HAPPENINGS

• In 2019, Fu Shou Yuan International Group Ltd. introduced burial and funeral services due to the increasing number of deaths.

DETAILED SEGMENTATION OF THE GLOBAL DEATH CARE SERVICES MARKET INCLUDED IN THIS REPORT

This market research report on the global death care services market has been segmented and sub-segmented into the following categories and analyzed market size and forecast until 2032.

By Operations

• Funeral Homes
• Cemeteries

By Arrangement

• At-need
• Pre-need

By Products & Services

• Caskets & Vaults
• Facility Rentals
• Embalming & Cosmetic Preparation
• URS
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa