1. Market Research
  2. > Consumer Services Market Trends
  3. > Funeral Services

Funeral Services Market Research: Latest Industry Trends & Statistics

  • Currently 5/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
9 votes

Global Funeral Services Industry

The global funeral services industry (segment of the consumer services market) encompasses a range of outfits catering to all the necessary aspects of funerals including cremation, burial, providing urns and caskets, and making memorial products. Pre-burial services also fall into this industry category and include processes such as embalming. The industry is characterized by a high degree of fragmentation, with many outfits tending to be small and family-run. Larger sized companies represent less than 15% of the overall market, according to research from industry experts.

Trends & Challenges in the Funeral Industry

Growth in the funeral services sector is fuelled by demographic factors, mainly the percentage of older citizens in a country. Funeral service providers compete through effective marketing and building a reputation as being reliable. Hoover’s underlines the advantage of pooling resources for larger outfits. Resources that can be readily shared include vehicles such as hearses and limos, along with marketing costs and specific service providers such as embalmers. As the funeral services industry is primarily a local one, smaller outfits can compete with larger nationwide operators. Local demand remains more or less fixed, allowing smaller outfits to predict the needs of their clients and to build a working relationship with the local community.

Pre-burial services generate around half of the overall revenue of the funeral services industry. These pre-burial services include transportation, cosmetic preparation, wake and memorial service facility rental, and embalming. Funeral products such as wreaths, urns, and caskets account for around 45% of the sector’s revenue. Burial rights also generate a portion of industry revenue. Leading casket suppliers currently operating in the US funeral services market include Matthews International, Aurora Casket, and Batesville Casket. On average, funeral homes cater to around 120 funerals each year. This means that valuable physical assets, such as hearses and limos, are often unused. Though traditionally burial represented the most dominant funeral service, industry trends have witnessed the rise of the more cost effective alternative to cremation, and the number of cremations per year continues to climb.

Funeral Services Regional Market Share

Growth in the US funeral services industry is being challenged by the increasing popularity of cremation. This less expensive alternative to traditional burial has squeezed profit margins in the US market, which is comprised of 24,000 outfits and is valued at around $13 billion, according to IBISWorld. The economic recession also contributed to industry difficulties as families with falling incomes began buying caskets from discount manufacturers and retailers to lower funeral service costs.

Despite certain difficulties, the US funeral services sector is expected to pick up somewhat between 2012 and 2017. Industry performance will be fuelled by an increasing number of citizens joining the older age category. Death rates in the US are also predicted to rise, further driving growth in the funeral services industry. The funeral sector is generally regarded as stable, though demand is affected by the economic climate, with falling incomes and employment rates prompting consumers to seek out discounts.

As the economic recovery continues, it is expected that the recent trend toward the less-expensive option of cremation will turn around, with families spending more on more costly graves and funeral services, reports IBISWorld. To combat revenue loss due to the rising popularity of cremation, industry players will likely concentrate their efforts on providing more value-added services.

Read more »

Share
24/7 Customer Support

Talk to Sam

+44 208 068 8943

1-10 of about 400 reports

Funeral Services Industry in the US

  • November 2017
    18 pages
  • Funeral Service...  

    Funeral  

    Cemetery Servic...  

  • United States  

View report >

Funeral Services Industry in the UK - Forecast

  • March 2017
    5 pages
  • United Kingdom  

    Europe  

    United States  

View report >

The future of the Funeral Services Industry in Canada

  • April 2017
    49 pages
  • Funeral Service...  

  • Canada  

    North America  

View report >

The future of the Funeral Services Industry in China

  • January 2015
    14 pages
  • Funeral Service...  

  • China  

    Asia  

View report >

Funeral Services Industry in Australia - Forecast

  • November 2017
    60 pages
  • Funeral Service...  

    Consumer Servic...  

  • Australia  

    Oceania  

View report >

Funeral Services Industry in Australia

  • September 2016
    72 pages
  • Retail  

  • Australia  

View report >

Funeral Industry in the US

  • November 2017
    14 pages
  • Funeral  

  • United States  

View report >

The future of the Funeral Services Industry in the US

  • November 2017
    8 pages
  • Funeral Service...  

    Funeral Home  

  • United States  

View report >

Funeral Industry in the US

  • November 2017
    14 pages
  • Funeral  

  • United States  

View report >

Search in Funeral Services Industry (About 400 reports)
Parent industry: Consumer Services
Related industries: Household Services, Caring Services, Pet Care, Beauty and Wellness Services, Education and Training

36 reports

Purchase Reports From Reputable Market Research Publishers
(From € 135 - € 4500)

Global Mortuary Refrigerator Market 2017-2021

Mortuary Refrigerator Sector: Worldwide Forecast until 2021

  • € 3398
  • Industry report
  • April 2017
  • by Infiniti Research Limited

About Mortuary RefrigeratorMortuary refrigerator is the most popular equipment in the overall mortuary equipment market. These are highly advanced and have several functional advantages over the othe ...

Autopsy Tables Sector: Worldwide Forecast until 2021 € 3398 March 2017

Mortuary Equipment Sector: Worldwide Forecast until 202 ... € 2427 August 2016

Mortuary Equipment Market Analysis By Product (Trolleys ... € 4500 March 2017

Coffin & Casket Manufacturing in the US - Industry Mark ... € 991 November 2017

Cremation Services in the US - Industry Market Research ... € 991 August 2017

Funeral Homes in the US - Industry Market Research Repo ... € 991 August 2017

The 2018-2023 World Outlook for Funeral Homes and Funer ... € 905 April 2017

The 2018-2023 World Outlook for Funeral Homes € 905 April 2017

Funeral Directors, Crematoria and Cemeteries in Austral ... € 823 October 2017


ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.