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Funeral Products & Services Market: Digitalization of Funeral Services to Rope in Lucrative Growth Opportunities
Fact.MR
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With the increasing number of accidents and severe cases of disorders, mortality rate continues to remain high. Prevalence of cerebrovascular diseases, and respiratory infections has also led to increasing number of deaths. According to CDC, prevalence of heart diseases is likely to represent a major cause of deaths globally. Increasing number of deaths has led to surge in demand for funeral products globally.
Rapid technological development is transforming the funeral industry significantly. Leading manufacturers are increasingly focusing on incorporating innovative solutions in the funeral products. In order to gain a competitive edge over the other market players, the leading manufacturers are mainly focusing on product innovation and differentiation. In addition, the leading companies are also offering services such as digital memorial pages and notifications. Besides digital services, manufacturers in the funeral industry are focusing on tailoring products to cater to the growing needs of the customers. In addition, major companies are offering environment-friendly and innovative funeral products in the global market. Leading companies in the funeral industry are focusing on offering funeral products at affordable prices in the underdeveloped and developing countries in order to expand their customer base.
Nearly US$ 370,000 Mn Opportunity in Global Funeral Products & Services Market
According to Fact.MR, the global funeral products & services market is expected to reach a value of around US$ 370,000 Mn by the end of 2022. As the need for conducting euthanasia in the healthcare institutions persists, the mortality rate is likely to increase globally. Growing prevalence of terminal illness among patients has led doctors in the healthcare institutions to conduct euthanasia globally. With the increasing number of death rates, demand for funeral products is likely to increase significantly. Crematoria, headstones, coffins, and cemeteries are some of the products offered by the leading companies. Banking on the growing needs of the customers, the leading companies are increasingly focusing on offering digitalized funeral services. Leading manufacturers are developing innovative product such as half closet caskets with the urn-shaped design. Also, manufacturers are integrating environment-friendly peacepods in the caskets, which can be decorated with the messages, photographs, and other possessions of the deceased. Through product innovation and differentiation, the leading companies are increasingly focusing gaining a competitive edge over the other market players.
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As the need for conducting funeral with rituals persists, demand for traditional services is likely to remain high in the global market. In terms of revenue, traditional ritual services is expected to represent the highest growth in the global market by the end of 2022. However, the immediate services is expected to represent the fastest growth in the global market throughout 2022. Provision of the at-need funeral planning is expected to generate significant revenues, recording the fastest growth in the global market throughout 2017.
Major market players operating in the global market include Nirvana Asia Ltd., Funespana SA, Fu Shou Yuan International Group Ltd, San Holdings Inc., InvoCare Ltd, Carriage Services Inc., Dignity Plc, StoneMor Partners, Service Corporation International, and Matthews International Corporation.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Retail & Consumer Goods Market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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