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U.S. Funeral Homes Market To Reach $18.29Bn By 2030

U.S. Funeral Homes Market To Reach $18.29 Billion By 2030

February 2025 | Report Format: Electronic (PDF)

U.S. Funeral Homes Market Growth & Trends

The U.S. funeral homes market is anticipated to reach USD 18.29 billion by 2030 and is projected to grow at a CAGR of 5.92% from 2025 to 2030, according to a new report by Grand View Research, Inc. The market is driven by changing cultural norms, economic factors, and technological advancements. Cremation has become the predominant choice. This trend is fueled by its affordability, flexibility, and increasing environmental consciousness. Eco-friendly alternatives, such as biodegradable urns and green burials, are gaining traction alongside innovations such as aquamation.

Moreover, pre-planning funeral services are increasingly popular, reflecting consumer preferences for reduced family burden and cost savings. Leading companies such as Service Corporation International and Park Lawn Corporation dominate the market with comprehensive service portfolios, including traditional funerals, cremation, memorialization products, and cemetery management.

In addition, the market is also witnessing increased consolidation, with smaller family-owned businesses being acquired by larger providers to streamline operations and offer standardized services. For instance, in October 2022, Carriage Services, Inc. announced the acquisition of Heritage Funeral and Cremation Services and Forest Lawn East Cemetery, which includes three independent funeral homes, a cremation service, and a cemetery, all situated in Charlotte, North Carolina area.

“The addition of Heritage, as a leader serving more than 1,200 families a year in one of the fastest-growing markets in the country, aligns well with our focus on partnering with the best remaining independent funeral and cemetery businesses in high-growth strategic markets. We are honored that Harris and Carolyn have selected Carriage, and we look forward to supporting the Heritage team in the years to come."

- Steve Metzger, Executive Vice President and Chief Administrative Officer, Carriage Services.

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U.S. Funeral Homes Market Report Highlights

In terms of service, the traditional funeral services segment dominated the market in 2024. The preference for traditional funerals remains strong despite the rising popularity of alternative options like cremation. This is attributed to the emotional significance and established practices associated with traditional services.
Based on payment model, the at-need funeral services segment dominated the market with a share in 2024. This growth can be attributed to the immediate payment for the services provided, requiring families to cover costs for transportation, body preparation, and facility use immediately.
In terms of distribution channel, the offline segment dominated the market with the largest share in 2024. This growth can be attributed to the rising aging population and growing death rate. The major advantage of offline funeral and cremation services is the immediate availability of services, thus boosting the market's growth.
In December 2023, Everstory Partners reported a management transition for 84 properties, including 11 funeral homes, 72 cemeteries, and one crematory, across four states, including North Carolina, Michigan, South Carolina, and Kentucky. A subsidiary of Everstory Partners acquired these properties from Park Lawn Corporation.