Funeral Services Market Expects To See Significant Growth During 2020-2027

Funeral services are the services provided for conducting the funeral ceremony such as burial or cremation of the deceased person. The funeral practices are different in each part of the world and are highly based on customs, beliefs, culture, rituals, and religion. The funeral services include funeral home facilities, memorial services, funeral locations, crematoria, home services, and other essential products required for a funeral. The funeral services and product supplies differ in each country and region as well. They are designed and offered according to the requirement of the funeral such as pre-need and at-need services. The advancement in technology and digitalization has provided opportunities to the people for the online arrangement of funeral serviceswhich range from simple traditional to highly elegant ceremonies. The partnerships and acquisitions with third party funeral homes, hospitals, crematory, cemeteries, and others have expanded theoptions of funeral services for the customers.

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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Funeral service providers have become extremely important as they provide customized services according to the requirement of customers. The planning and execution of the funeral ceremony are done by the service providers which provide a support system to the family at the time of bereavement. The rise in elderly population, increase in the death rate, death related to diseases, accidents caused per day, widespread of the pandemics and natural calamities, increased awareness about funeral service providers, the surge in technology, at-need services, the surge in digitalization and online bookings, pre-planned funeral services, partnerships and acquisitions, change in attitude towards the funeral as the last event, increase in requirement of the elegant ceremony, the supply of the required products for the funeral, high-value service and increase in disposable income are the key drivers which lead to the growth of the global funeral services market. However, increase in competition, high-cost services, and traditional beliefs hinder the market growth.

The global funeral services market trends are as follows:

A surge of funeral service providers

The funeral service providers have created an opportunity for the customers to get the required services arranged at the time of cremation and bereavement by the use of technology at any time. As the numerous diseases such as cancer and the elderly generation are increasing the requirement of pre-planned funerals has increased. The pre-planned funeral services include the advanced customization and planning of the funeral services along with the advanced payments. The funeral services have gained popularity because it provides all the necessary services and products such as coffins, flowers, decoration, funeral stationery, hearses, music, headstones, urns, caskets, keepsakes, customized menu, and others at one place.

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The key service providers are inclined toward investments and partnerships to increase their quality services and also incorporate the technology for enhancing the experience of the customers. The surge in digitalization has presented a new pathway for the funeral services market as the funeral services can be booked and customized according to the requirements just by the use of the smartphone at any time. The trend of online tributes live streaming and webcasting the funerals have created a new opportunity for online funeral services.

Regions covered North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)

Companies covered Service Corporation International, Co-operative Group Ltd., Carriage Services,StoneMor Partners, Dignity Plc., InvoCare Australia Pty Ltd., Nirvana Asia Ltd., Amar International Repatriations, Naser Group Inc., Ritual Funeral enterprise, Arbor Memorial Services, Funebre.eu, Funespana

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