Dublin, Oct. 23, 2024 (GLOBE NEWSWIRE) -- The "Funeral Services Market by Service Type, Arrangement, End-use - Global Forecast 2025-2030" report has been added to ResearchAndMarkets.com's offering.
The Funeral Services Market grew from USD 72.14 billion in 2023 to USD 76.88 billion in 2024. It is expected to continue growing at a CAGR of 6.65%, reaching USD 113.27 billion by 2030.
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Market growth is being driven by rising awareness and acceptance of alternative burial options, personalization trends in funerals, and increasing demand for pre-planning services. Opportunities exist in technological integration, such as virtual memorials and AI-driven service customization, as well as green funerals, which cater to the environmentally conscious.
Despite growth prospects, the market faces limitations such as high costs associated with traditional services, regulatory hurdles, cultural sensitivities, and a reluctance to discuss end-of-life plans. Challenges like fluctuating raw material costs and stringent governmental regulations further impact profitability and market expansion. Innovation can flourish in areas like biodegradable casket design, enhancement of digital service offerings for planning and memorial services, and developing affordable, customizable service packages for consumers.
There's an increasing push towards eco-friendly practices, from sustainable urns to carbon-neutral processes. The nature of this market is somewhat recession-proof due to the inevitable nature of its demand, yet it's a market sensitive to cultural shifts and demographic changes.
Overall, firms that can effectively address cost-related concerns through innovative financing options, embrace digital transformation, and adapt to changing consumer preferences around sustainability stand to capitalize on the evolving landscape of the funeral services market.
Understanding Market Dynamics in the Funeral Services Market
The Funeral Services Market is rapidly evolving, shaped by dynamic supply and demand trends. These insights provide companies with actionable intelligence to drive investments, develop strategies, and seize emerging opportunities. A comprehensive understanding of market dynamics also helps organizations mitigate political, geographical, technical, social, and economic risks while offering a clearer view of consumer behavior and its effects on manufacturing costs and purchasing decisions.
- Market Drivers
- Rising geriatric population and prevalence of chronic diseases
- Stronger inclination toward cultural and traditional funeral services
- Growing investments and deathcare infrastructure across economies
- Market Restraints
- High costs associated with funeral services
- Market Opportunities
- Development and expansion of eco-friendly funeral options
- Introduction of digital technologies to streamline funeral services
- Market Challenges
- Environmental and regulatory compliance concerns
Key Topics Covered
- Exploring Porter's Five Forces for the Funeral Services Market
- Applying PESTLE Analysis to the Funeral Services Market
- Analyzing Market Share in the Funeral Services Market
- Evaluating Vendor Success with the FPNV Positioning Matrix in the Funeral Services Market
- Strategic Recommendations for Success in the Funeral Services Market
Key Company Profiles
The report delves into recent significant developments in the Funeral Services Market, highlighting leading vendors and their innovative profiles. These include:
- Anthyesti Funeral Service
- Arbor Memorial Inc.
- Baalmann Mortuary-Colby
- Batesville Services, LLC
- Carriage Services, Inc.
- Charbonnet Labat Funeral Home
- Citizens Funeral Services, Inc.
- Co-operative Group Limited
- Creter Vault Corporation
- Dignity PLC
- Foundation Partners Group LLC.
- Giles Memory Gardens
- InvoCare Limited
- Matthews International Corporation
- McMahon, Lyon & Hartnett Funeral Home, Inc.
- NorthStar Memorial Group, LLC
- Park Lawn Corporation
- Propel Funeral Partners Limited
- Recompose
- Service Corporation International
- Westerleigh Group
- Withum Smith+Brown, PC
Market Segmentation & Coverage
This research report categorizes the Funeral Services Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Service Type
- Cremation Services
- Direct Burial Services
- Green/Natural Funeral Services
- Memorial Services
- Military & Veteran Funerals Services
- Traditional Religious Funeral Services
- Arrangement
- At-Need Arrangement
- Pre-Need Arrangement
- End-use
- Cemeteries
- Funeral Homes
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 198 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $76.88 Billion |
| Forecasted Market Value (USD) by 2030 | $113.27 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ycn1ku
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