The global market for funeral and cremation services is anticipated to expand substantially in the coming 10 years. The rising need to "make reasonable decisions today for sense of security tomorrow,” high demand for funeral services, and rising funeral prices are some of the main factors driving the market growth. Funeral costs are progressively growing, which is further likely to spur market expansion.
Moreover, widening internet reach, digitalization, and government efforts are further fueling market growth especially in the developing countries. To curb the rising demand for funeral services and the expenses connected with them, government programs are anticipated to be implemented, ensuring that everyone receives adequate end-of-life care. As more customers learn about these efforts and more insurance firms concentrate on providing end-to-end coverage, the entire industry is anticipated to grow.
Moreover, in India, start-ups like Mokshshil and Anthyesti have entered the unstructured, unorganized funeral management services category with a number of local service providers to develop solutions for the end users, and in the long run, benefit from having the first mover advantage in the market. To have a strong client base, companies in this sector are also partnering with hospitals as a strategic move.
The service type segment is divided into cremation, funeral planning services, transportation, body preparation and interment, resale of merchandise, and others. The Cremation segment is expected to be amongst the key revenue contributors over the forecast period, owing to the rising preference by the end users.
The provider service activities market segment includes, the funeral director, embalming services, mortician services, operating funeral homes with crematories, visitation or viewing services, graveside committal, selling funeral supplies, and transporting the deceased.
Most of the market share is made up of services linked to funerals. Additionally, to assess changes in the cost of funeral services across the U.S., the National Funeral Directors Association (NFDA) produces a general price list survey each year. The West South-Central region is made up of Texas, Louisiana, Oklahoma, and Arkansas. The survey's findings showed that this district's median funeral and burial expense was USD 7,196.
The following figure depicts median funeral price in the U.S.
Furthermore, the funeral & cremation service type segment are bifurcated into Immediate-need and Pre-Planned categories. Pre-planned services are expected to expand more quickly throughout the forecast period as individuals become more conscious of funeral costs. Whereas the distribution channel market segment is divided into online and offline. Over the duration of the forecast period, the online sector of the market is expected to experience rising growth due to the COVID-19 pandemic-related implications that are favoring online plan purchases.
North America leads the regional market owing to its well-developed healthcare infrastructure, followed by the nations of Europe. Large-scale private players' presence, consistent government backing, and expedited changes brought on by the Covid pandemic will all contribute to the region's continued growth.
Some of the key participants in the market include StoneMor Partners, InvoCare Australia Pty Ltd., Service Corporation International, Carriage Services, Nirvana Asia Ltd., Dignity Plc, Amar International Repatriations, Naser Group Inc., and Ritual Funeral Enterprise. To maintain their market position, major companies’ capabilities to ensure and develop partnerships with fresh rivals, hospitals, and other organizations.
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