The turnover in the funeral services industry in South Korea has shown considerable growth from 2013 to 2023. Starting at 805.92 billion South Korean Wons in 2013, it increased to 1979.3 billion Wons by 2023. Notable growth spikes occurred between 2014 and 2015, with a year-on-year growth of 53.64%, and steady increases in subsequent years, albeit at a moderating pace. In the recent years from 2021 to 2023, the growth stabilized with smaller year-on-year increases of around 3.53%.
Looking forward, the forecast indicates continued growth, with expected turnover reaching approximately 2297.2 billion Wons by 2028. The forecasted Compound Annual Growth Rate (CAGR) for the next five years stands at 2.35%, suggesting a deceleration in growth compared to the historical average of 3.98% over the last five years.
Future trends to watch for include technological advancements in funeral services, increasing demand for personalized and eco-friendly services, and potential regulatory changes that could impact industry operations. Additionally, the aging population in South Korea may drive a steady demand, which will likely influence long-term growth trends in this sector.
