Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Death Care Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The death care services industry has displayed remarkable growth despite the intricate global landscape. According to the latest report, the global death care services market escalated from $113.42 billion in 2022 to $122.98 billion in 2023, exhibiting an impressive compound annual growth rate (CAGR) of 8.4%.
However, this robust growth has been witnessed against the backdrop of unprecedented disruptions, notably the Russia-Ukraine war, which has cast shadows on global economic recovery in the short term.
The ongoing conflict between Russia and Ukraine has prompted a series of repercussions, including the imposition of economic sanctions on multiple nations, a surge in commodity prices, and significant disruptions in supply chains. These consequences have led to inflationary pressures on various goods and services, thereby influencing markets across the globe.
Despite these challenges, the death care services market is poised for continued expansion. The market is projected to reach $165.3 billion by 2027, growing at a steady CAGR of 7.7%. This forecast indicates resilience and potential in the face of adverse circumstances.
Market Overview
The comprehensive death care services market research report offers valuable insights into the industry's dynamics. It encompasses a range of crucial statistics, such as the global market size, regional allocations, competitive landscape, segmented analysis, trends, and opportunities. This invaluable resource equips industry stakeholders with the requisite information to excel in the evolving death care services sector.
Notably, the Asia-Pacific region emerged as the largest market for death care services in 2022, with North America closely following as the second-largest. The report covers a wide geographical spectrum, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Encompassing a vast array of countries, the report delves into the death care services market dynamics in Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
Market Outlook
The utilization of innovative techniques in death care services is shaping the industry's landscape. One notable approach gaining traction is alkaline hydrolysis, a chemical process for human remains disposal. This technique employs sodium hydroxide and heat to reduce bodies into liquid and bone components.
The resultant bone fragments are then dried into a substance akin to cremated ashes. The liquid by-product, environmentally friendly and non-toxic, is disposed of through sewage systems. This method has gained legal recognition in certain regions; for instance, Washington State in the USA legalized alkaline hydrolysis as an acceptable means of disposition.
The death care services market encompasses diverse activities, including funeral preparations, burial or interment services, cremations, and operation of burial sites or structures. The market value reflects not only the service offerings but also related goods incorporated therein. This value excludes goods and services not directly traded between entities or sold to end consumers.
The report employs a robust definition of market value, referring to revenues generated by enterprises within a specific market and geography. These revenues stem from sales, grants, or donations and are denominated in USD unless specified otherwise. This value represents consumption values within the designated geography and does not consider resales or incorporation into other products along the supply chain.
Leading companies in the death care services sector include Service Corporation International, Dignity plc, Carriage Services, Inc., StoneMor Partners L.P., Fu Shou Yuan International Group, Northstar Memorial Group, LLC, Security National Financial Corporation, and CVS Group Plc.
Reasons to Purchase
- Global Perspective: Benefit from a comprehensive report covering 50+ geographies for a truly global understanding.
- COVID-19 Impact: Understand the pandemic's influence on the market and its response as the virus's impact diminishes.
- Geopolitical Impact: Assess the ramifications of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and the market.
- Inflation Impact: Measure the effects of global inflation on market growth.
- Tailored Strategies: Create effective regional and country-specific strategies using local data and analysis.
- Identify Growth Areas: Pinpoint investment-worthy growth segments.
- Competitive Edge: Outperform competitors with forecast data and insight into market drivers and trends.
- Market Insight: Understand customer behavior through the latest market shares.
- Benchmarking: Evaluate performance against key competitors.
- Presentation Support: Enhance internal and external presentations with reliable data and analysis.
A selection of companies mentioned in this report includes
- Service Corporation International
- Dignity plc
- Carriage Services Inc.
- StoneMor Partners L.P.
- Fu Shou Yuan International Group
- Northstar Memorial Group
- LLC
- Security National Financial Corporation
- CVS Group Plc.
For more information about this report visit https://www.researchandmarkets.com/r/n47tur
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