Funeral Products and Services Market Is Extrapolated To Rake in a Revenue of US$ 113 Billion By 2033

The market for funeral goods and services is expected to reach US$ 62.5 billion in 2023 and grow at a 6.1% CAGR over the following ten years. Therefore, it is predicted that by 2033, the market for funeral goods and services will generate US$113 billion in sales worldwide.

A major factor that is anticipated to boost demand for funeral goods and services in the future is the notable rise in mortality rates that has been seen in recent years, particularly with the introduction of COVID. Global mortality rates are rising as a result of rising rates of chronic diseases and people’s poor dietary choices.

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Market Outlook:

The market for funeral goods and services is expected to reach US$ 62.5 billion in 2023 and grow at a 6.1% CAGR over the following ten years. Therefore, it is predicted that by 2033, the market for funeral goods and services will generate US$113 billion in sales worldwide.

A major factor that is anticipated to boost demand for funeral goods and services in the future is the notable rise in mortality rates that has been seen in recent years, particularly with the introduction of COVID. Global mortality rates are rising as a result of rising rates of chronic diseases and people’s poor dietary choices.

Competitive Landscape:

Leading providers of funeral products and services are concentrating on extending the scope of their businesses through joint ventures, mergers, and acquisitions that offer them a competitive edge over rival suppliers.

A well-known corporation in the deathcare sector, Foundation Partners Group, declared in November 2022 that it had acquired Solace Cremation, an online cremation provider. With this acquisition, Foundation Group has expanded the range of digital funeral services it offers, having already acquired Tulip Cremation in July 2019.

Key Players:

• Service Corporation International
• Matthews International Corporation
• Dignity Plc
• StoneMor Partners
• InvoCare Ltd.
• Carriage Services Inc.
• Fu Shou Yuan International Group Ltd.
• San Holdings Inc.
• Nirvana Asia Ltd
• Funespana SA

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Regional Analysis:

 High senescent population is a factor in funeral product sales.

In Japan, more than one-third of people are over 60, and in the years to come, the country’s geriatric population is projected to grow even more.

Due to the increased mortality rate among the elderly, demand for funeral items including steel caskets, veteran cremation urns, concrete burial vaults, etc. is expected to increase in the future.

In Japan, the majority of individuals (approximately 99%) are cremated after they pass away, which is more than in any other nation in the world.

Key Segments of Industry:

• By Service Type :
  • Traditional
  • Memorial
  • Immediate
• By Funeral Planning :
  • At-Need
  • Pre-Need
  • Others

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