Newark, NJ, May 12, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketsandResearch.biz, the global pre-need death care market is expected to grow from USD 36,857.28 million in 2021 to USD 54,501.34 million by 2030, at a CAGR of 4.16% during the forecast period 2022-2030.
The key driver of market expansion is increased worldwide fatalities as the frequency of serious illnesses rises. Pre-need death care is a service that pays for the costs of a funeral, cremation, or burial that have been pre-determined. Frequently, the fees include standard funeral home services, funeral items, church services, and even burial services and merchandise. Some of the services accessible under pre-need death care include insurance, funeral trusts, marketing, coaching, and recruiting. Individuals choose pre-need services before their death. It is similar to estate planning in that it can be done well ahead of time. Individuals can further personalize their pre-arrangement preparation by purchasing additional products or services. One issue that might hamper the worldwide pre-need death care market's growth is fluctuating raw material costs required in the manufacture of death care goods.
Competitive Strategy
To enhance their market position in the global pre-need death care market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Global Atlantic Financial Group engaged in a global insurance accelerator in January 2019 to help develop innovation and technology. Many insurance businesses offer lump-sum or monthly payment choices, giving clients the flexibility to pick what works best for them due to their specific services, including tax advantages and the combination of a few insurance benefits.
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Market Growth & Trends
Government subsidies and crowd fundraising for funeral expenditures are another development in the pre-need death care business. These authorized entities give financial help to areas, especially in unexpected fatalities. According to statistics from America's Debt Help Organization, the US government pays for post-death activity-related fees and contributes to cremation costs. Medicaid recipients in the United States are entitled to up to $1,500 in funeral costs. The worldwide pre-need death care industry is developing due to a growing tendency toward cremation and client requests for customized services. Traditionally, funeral directors have provided products and services for funerals, whereas cemeteries have given goods and services for burials. As a result, consumers choose an all-in-one solution from a single source that can offer all of the advantages.
Key Findings
- In 2021, the funeral homes segment dominated the market with the largest market share of 50.48%.
The type segment is divided into funeral homes, cemeteries, and others. In 2021, the funeral homes segment dominated the market with the largest market share of 50.48%. Funeral houses are facilities where the dead are prepared for burial or cremation, the body is viewed, and funerals are held. A funeral home, often known as a mortuary or a funeral parlor, is a company that specializes in providing burial and funeral services to the departed and their relatives. These services could include a planned wake and funeral and the provision of a funeral chapel. These factors drive the growth of the funeral homes segment.
- In 2021, the senior people segment accounted for the largest share of the market, with 44.57%.
The application segment includes adults, senior people, and children. In 2021, the senior people segment accounted for the largest share of the market, with 44.57%. Heart disease and cancer are the leading causes of death among senior people, accounting for about a million fatalities each year. Heart disease, including heart attacks and chronic ischemic heart disease, is responsible for over a third of all fatalities among the senior people. The mortality risk is also strongly age-dependent; the rate for seniors is several times greater than for adults. Hence, the segment is propelling higher growth.
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Regional Segment Analysis of the Pre-Need Death Care Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Europe region emerged as the largest market for the global pre-need death care market, with a market share of around 37.29% and 13,744.07 million of the market revenue in 2021. Pharmaceuticals and healthcare industries have increased their need for high-quality industrial valves. The demand for Europe's pre-need death care is driven by a need to reduce the danger of infection during pre-need death care. The rising concern about the market is further expected to raise the market size in Europe for pre-need death care.
Key players operating in the global pre-need death care market are:
- Service Corporation International
- Matthews International Corporation
- Wilbert Funeral Services Inc.
- Fu Shou Yuan International Group Limited
- Nirvana Asia Group
- Sauder Funeral Products
- Sich Casket Company
- Doric Products, Inc.
- StoneMor Inc.
- Park Lawn Corporation
- Thacker Caskets, Inc.
- Dignity Memorial
- Lung Yen Life Service Corp.
- Carriage Services
- Batesville (Subsidiary of Hillenbrand, Inc.)
- Victoriaville & Co.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Markets and Research has segmented the global pre-need death care market based on the below-mentioned segments:
Global Pre-Need Death Care Market by Type:
- Funeral Homes
- Cemeteries
- Others
Global Pre-Need Death Care Market by Application:
- Adults
- Senior People
- Children
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About the report:
The global pre-need death care market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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