The death care service industry is expanding rapidly, with the rich and powerful wanting to spend vast sums of money on performing extravagant and elaborated funerary practices and rituals.
The businessmen and billionaires are opting for more modern ways of carrying out the funeral rites as they compete to display their wealth. From extensive grounds, sophisticated and lavish decorations, and unique caskets to an ornate tombstone, the increase in demand is catering to significant upliftment and positive changes in the death care service industry.
The “Death Care Services Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery” report is increasingly becoming popular due to the increase in the number of people opting for funeral plans, increasing global population, increase in demand for lavish funerals.
These new trends are undoubtedly contributing to the growth and development of the death care service market.The report spells out the expansion of the global death care service market and sheds light on the forecast period from 2020-2025 while also shedding light upon the historical period of 2015-2020.
It would also explain the future forecast period from 2025-2030 by focussing on particularly the factors that contribute to or hinder the growth of this industry, followed by the various market segments.
The historic period
In 2020, according to the statistics, the global death care industry rose to a value of nearly $103,931.03 million and an increased annual compound rate of 4.9% since 2015. The rise in accidents, increasing world population, strong economic growth in emerging markets results from the historical period in the death care service market. The industry was restrained from rising prices of funerals, cultural shifts.
In a 2018 survey from the National Funeral Directors Association (NFDA), it was reported that about 72% of cemeteries were reporting an increased demand for green burials. As an outcome, the death care service companies are continuously coming out with intelligent ways to offer green burials.
These green burials are biodegradable coffins or shrouds without an actual hard covering or vault wherein the dead bodies are placed. Adopting this method prevents the smoke from cremation and no chemical application on the body, which is beneficial.In 2020, Asia Pacific was the most significant death care service market accounting for almost 39.8%. Following North America was western Europe.
Forecast and segments
The Asia Pacific region was the largest in the death care services market, accounting for 39.8% of 2020, and it was followed by North America, Western Europe and then the other areas. In the future, the fastest-growing regions in the death care services market will be Africa and the Middle East, where growth will be at CAGRs of 9.6% and 9.5%, respectively, during 2020-2025.
The market is segmented into four subcategories distinguished based on TYPE, ARRANGEMENT, MODE, and REGION. These are:
- Funeral homes and funeral services (the cemeteries and crematories segment is expected to be the fastest-growing segment in the death care services market segmented by product, at a CAGR of 7.9% during 2020-2025).
- At need arrangement and pre-needed arrangement (the pre-need arrangement segment is expected to be the fastest-growing segment in the death care services market segmented by application, at a CAGR of 7.5% during 2020-2025).
- Offline and online (the online segment is supposed to be the fastest-growing segment in the death care services market segmented by mode, at a CAGR of 7.8% during 2020-2025).
- Across geographic borders (the online segment is expected to grow the fastest in the death care services market segmented by mode, at a CAGR of 7.8% during 2020-2025).
Global death care services are highly fragmented industry globally, with very few players in the market. The top 5 competitors or the major players include Service Corporation International (SCI), Nirvana Asia Ltd., Dignity Plc, Arbor Memorial Inc. and Invo Care. More and more companies and businesses are getting involved in the industry with the increasing growth and economic prospects.
It is estimated that by 2027, the facilities support service market, business research companies, services global market, and others will make way into the Death Care Service industry. The market is expected to grow at a CAGR of 6.4% from 2025 and reach $ 201,185.2 million in 2030.