Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Sustainable Casket And Coffin Market By Material (Cardboard, Softwood, Wicker, Others), By Price (Low, Medium, High), By Distribution Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global sustainable casket and coffin market is on a trajectory of growth, with a valuation of $2.3 billion in 2021. Projections suggest that the market is set to reach $3.6 billion by 2031, exhibiting a Compound Annual Growth Rate (CAGR) of 4.5% from 2022 to 2031.
Eco-Friendly Approach and Material Innovation Driving Growth
Sustainable caskets and coffins, crafted from natural and eco-friendly materials such as cardboard, softwood, wicker, and others, have gained momentum due to their easy decomposition and environmentally conscious approach. This shift towards sustainability is driven by various factors, including government initiatives to reduce the use of environmentally harmful materials and the funeral industry's commitment to adopting materials such as pine wood, cardboard, and seagrass for manufacturing.
Materials like plastic can take over 500 years to degrade, whereas sustainable alternatives like wicker, softwood, and cardboard decompose at a significantly faster rate. The funeral and death care industry, along with the casket and coffin manufacturing sector, are embracing these materials to promote eco-friendliness, leading to market expansion.
Cross-Industry Shift Towards Sustainability
The adoption of sustainable materials isn't limited to the funeral and death care industry. Industries such as agriculture, textiles, and printing are also embracing eco-friendly alternatives. This overarching trend towards sustainability is contributing to the growth of the sustainable casket and coffin market.
Challenges and Opportunities
While sustainable caskets and coffins offer environmental benefits, their higher price point compared to regular coffins, due to the cost of materials such as wicker and softwood, has posed a challenge to market growth. For instance, bamboo coffins, though more costly, are preferred for their aesthetic appeal and durability. However, the introduction of biodegradable materials like cardboard, seagrass, and recycled newspaper is expected to mitigate these cost concerns, opening up new opportunities in the market.
Market Dynamics and Key Players
The report highlights key market dynamics, including drivers, restraints, and opportunities. Drivers include the rise in consumer adoption of biodegradable materials and the growing popularity of green funerals. On the contrary, government regulations serve as a restraint.
Major players in the sustainable casket and coffin market include Batesville, The Old Pine Box, H.H. Webb & Co. Pty. Ltd., Titan Casket, Matthews International Corporation, Green Coffins Ireland Ltd., Thacker Caskets, Inc., Starmark Cremation Products, Clark Grave Vault, and Northern Casket Limited.
Market Segmentation and Stakeholder Benefits
The market is segmented by material, price, and distribution channel. Materials such as cardboard, softwood, wicker, and others are part of the segmentation, along with pricing categories of low, medium, and high. Distribution channels include online and offline avenues.
The report offers stakeholders valuable insights, including quantitative analysis, trends, estimations, and dynamics in the sustainable casket and coffin market. The information equips stakeholders with the necessary knowledge to make informed business decisions, strengthen their supplier-buyer network, and leverage prevailing market opportunities.
For more information about this report visit https://www.researchandmarkets.com/r/aew8zk
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