In the Japanese funeral services market, sales value reached 1.502 trillion Japanese Yen in 2023. The forecasted sales values show a marginal declining trend from 2024 to 2028, indicating a year-on-year variation of -0.3% annually over the last two years. The compound annual growth rate (CAGR) over the next five years is projected to be -0.2%, signaling a slight but consistent decline in the market value over this period.
Future Trends to Watch For:
1. An aging population potentially leading to increased demand for funeral services, albeit potentially offset by economic factors and changing cultural attitudes towards traditional funerary procedures.
2. Innovations in memorial services and environmentally friendly alternatives could reshape service offerings and product demand.
3. Digital transformation and online service adoption may introduce new business models and customer engagement strategies.
