Dublin, July 12, 2021 (GLOBE NEWSWIRE) -- The "Death Care Services Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global death care services market reached a value of nearly $103,931.03 million in 2020, having increased at a compound annual growth rate (CAGR) of 4.9% since 2015.
This report describes and explains the global death care services market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
The market is expected to grow from $103,931.0 million in 2020 to $147,384.7 million in 2025 at a rate of 7.2%. The market is then expected to grow at a CAGR of 6.4% from 2025 and reach $ 201,185.2 million in 2030.
Growth in the historic period in the death care services market resulted from rapid growth in world population, rise in accidents, and strong economic growth in emerging markets. The market was restrained by rising prices of funerals, and cultural shifts.
Going forward Increase In number of people opting for funeral plans, increasing global population, and increase in demand for lavish funerals will drive the growth in the death care services market. Factors that could hinder the growth of the market in the future include rise in cremations, pollution due to cremations and burials, shortage of burial space, and coronavirus pandemic.
The death care services market is segmented by type into funeral homes and funeral services, and cemeteries and crematories. The funeral homes and funeral services market was the largest segment of the death care services market segmented by type, accounting for 72.6% of the total in 2020. Going forward, 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.
The death care services market is also segmented by application into at-need arrangement, and pre-need arrangement. The at-need arrangement market was the largest segment of the death care services market segmented by application, accounting for 72.1% of the total in 2020. Going forward, 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.
The death care services market is also segmented by mode into online, and offline. The offline market was the largest segment of the death care services market segmented by mode, accounting for 64.8% of the total in 2020. Going forward, the online segment is expected to be the fastest growing segment in the death care services market segmented by mode, at a CAGR of 7.8% during 2020-2025.
Asia Pacific was the largest region in the death care services market, accounting for 39.8% of the total in 2020. It was followed by the North America, Western Europe and then the other regions. Going forward, 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. These will be followed by Asia Pacific and Eastern Europe, where the markets are expected to register CAGRs of 8.9% and 8.3% respectively.
The global death care services market is highly fragmented, with small number of global players operating in the market. The top ten competitors in the market made up to 3.51% share of the total market in 2019. Major players in the market include Service Corporation International (SCI), Nirvana Asia Ltd, Dignity Plc, Arbor Memorial Inc., and InvoCare.
The top opportunities in the death care services market segmented by type will arise in the funeral homes and funeral services segment, which will gain $30,214.6 million of global annual sales by 2025. The top opportunities in the death care services market segmented by arrangement will arise in the at-need arrangement segment, which will gain $30,811.1 million of global annual sales by 2025. The top opportunities in the death care services market segmented by mode will arise in the offline segment, which will gain $26,681.5 million of global annual sales by 2025. The death care services market size will gain the most in China at $12,417.5 million.
Market-trend-based strategies for the cell and gene therapy market include investing in alkaline hydrolysis cremation technologies, offering green burial services, offering personalization services for funerals, offering options of live streaming funerals for people unable to attend the services, offering GPS based tracking in their cemeteries, offering digital tags for tombstones, and offering advanced funeral planning.
Player-adopted strategies in the death care services market include expanding operational business sector through strategic acquisition of cemeteries and funeral homes.
To take advantage of the opportunities, the publisher recommends the death care services companies to focus on offering live streaming service, offer funeral pre-planning services, focus on digital tombstones, expand in emerging markets, expand in densely populated countries, provide competitively priced offerings in low-income and middle-income countries to reach new users, premium pricing in high-income countries, digital marketing, and invest in green burials.
Companies Mentioned
- Service Corporation International (SCI)
- Nirvana Asia Ltd
- Dignity Plc
- Arbor Memorial Inc.
- InvoCare
- Fu Shou Yuan International Group
- Carriage Services
- NorthStar Memorial group
- Stonemor Inc.
- Funespana
- Kumar Funeral Services
- Anthyesti Funeral Services and Invocare
- Service Corporation International
- StoneMor Partners L.P
- Carriage Services Inc
- Funeral Services Ltd
- Open Agent
- Ritual and Funeral Home Elpis
- StoneMor Partners
- Park Lawn Corporation
- Foundation Partners Group
- Hillenbrand Inc
- Walmart
- 1-800-Flowers.com
- Rock of Ages Corp
- Stewart Entreprises Inc
- Mathews International (MATW)
- Naser Group
- Empresa Funeraria Schunck Ltda
- Eden Organizacao E Administraacao Do Serv Funer Ltda
- Jerri Adriano Santos Moreira
- Funeraria Global Ltda
- Empresa Funeraria Santo Amaro Ltda
- JM Fernandes Plano De Assistencia Familiar E Funeraria
- Empresa Funeraria Feg Eireli
- Funeraria Brasao D'ouro Ltda
- Ouroplan Meta Servicos Funerarios Ltda
- Celso De Almeida Augusto
- Eden Assist Empresa De Assistencia Familiar Eireli
- Funeraria Sao Cristovao Servico Funerario Ltda
- Funeraria Campos Ltda
- Moore Funeral Home
- Eden Organizacao E Administracao Do Serv Funer Ltda
- Middle East Funeral Services
- Gulf Care Middle East Funeral Services
- Al Foah Funeral Services
- Christian Cemetary Committee
- Connex Assistance
- Doves
- Phaahla Funeral Services
- Martins Funerals
- Icebolethu
- AVBOB Funeral Services
For more information about this report visit https://www.researchandmarkets.com/r/i6vijw
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