Global Casket and Coffin Market Set to Reach USD 2,833.6 Million by 2030, Driven by Higher Mortality Rates and Innovations in the Funeral Industry

The Global Casket and Coffin Market, valued at USD 2,190.6 million in 2022, is expected to experience robust growth and reach USD 2,833.6 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 3.34% over the forecast period. Key factors propelling this market expansion include a surge in mortality rates across developing regions, a growing geriatric population, a rise in chronic diseases, and innovative services offered by new entrants in the funeral industry. However, the growing preference for cremation over traditional burial, driven by cost considerations, and the trend toward personalized funerals pose challenges and opportunities for market players.

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Rising Mortality Rates Worldwide

Despite significant progress in healthcare, nutrition, and income levels, mortality rates remain substantial, especially in underdeveloped and developing countries. Developing European nations such as Bulgaria, Ukraine, and Serbia currently experience some of the world's highest mortality rates. Similarly, countries like Nigeria, Pakistan, and Bangladesh still report elevated mortality rates. Factors contributing to these rates include a growing geriatric population, an increase in chronic diseases, and environmental degradation. Diseases such as ischemic heart disease, stroke, COPD, lower respiratory infections, accidents, and suicides are significant contributors to global mortality. As per tradition, the deceased are buried or cremated, driving the demand for caskets, coffins, and related funeral goods and services.

Innovation in Funeral Services

The funeral service industry, with its long history, has traditionally provided traditional services to clients. However, advancements in technology have led to the emergence of innovative services offered by startups and new entrants in the funeral sector. ClosurePath, for example, employs proprietary technology and a nationwide network of specialists to assist families with estate closure processes. Another startup, 'Recompose,' employs a unique process called 'natural organic reduction' to transform deceased bodies into fertile soil after burial. PlotBox, a software solution, aids in recording bookings, managing finances, and arranging cemetery inspections. These innovative solutions are anticipated to support the growth of the funeral industry, including the casket and coffin market.

Rise of Cremation

In recent years, cremation has gained popularity over traditional graveside burials. The primary driver for this shift is the increasing cost of funerals associated with traditional burials. Costs include expenses related to funeral plots, ground openings, caskets, and more. According to the National Funeral Directors Association (NFDA), the median cost of a funeral hovers around USD 10,000, with caskets alone ranging from USD 1,000 to 10,000. In contrast, the average cost of direct cremation stands at approximately USD 7,000. Cremation is also more convenient and offers greater flexibility for memorial services. Additionally, religious factors have contributed to this trend, with the Vatican permitting practicing Catholics to choose cremation. These factors collectively contribute to the growing preference for cremation over burial.

Personalized Funerals Offer Growth Potential

Modern funerals are increasingly seen as celebrations of life rather than purely religious rituals. They focus on commemorating the impact the deceased had on their loved ones. Personalized funerals offer a wide range of options, including photo displays, memorial walls, tangible collections of personal artifacts, and customization of caskets and coffins. Market players like Matthews and Thacker provide personalization options such as printed canvas photo cap panels, embroidery, and customizable casket corners. Thacker offers tribute packages like Hartley, Olympic, Summit, and Fairfax. As the trend toward personalized funerals gains momentum, market players can explore additional customization options to drive higher sales.

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Table of Content

Chapter 1. Preface

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

2.1. Casket and Coffin Market Highlights

2.2. Casket and Coffin Market Projection

2.3. Casket and Coffin Market Regional Highlights

Chapter 3. Global Casket and Coffin Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.3. Analysis of COVID-19 impact on the Casket and Coffin Market

3.4. Porter's Five Forces Analysis

3.5. IGR-Growth Matrix Analysis

3.5.1. IGR-Growth Matrix Analysis by Material

3.5.2. IGR-Growth Matrix Analysis by Price

3.5.3. IGR-Growth Matrix Analysis by Distribution Channel

3.5.4. IGR-Growth Matrix Analysis by Region

3.6. Value Chain Analysis of Casket and Coffin Market

Chapter 4. Casket and Coffin Market Macro Indicator Analysis

Chapter 5. Global Casket and Coffin Market by Material

5.1. Metal

5.2. Wooden

5.3. Others

Chapter 6. Global Casket and Coffin Market by Price

6.1. Low

6.2. Medium

6.3. High

Chapter 7. Global Casket and Coffin Market by Distribution Channel

7.1. Online

7.2. Offline

Chapter 8. Global Casket and Coffin Market by Region 2023-2030

8.1. North America

8.1.1. North America Casket and Coffin Market by Material

8.1.2. North America Casket and Coffin Market by Price

8.1.3. North America Casket and Coffin Market by Distribution Channel

8.1.4. North America Casket and Coffin Market by Country

8.2. Europe

8.2.1. Europe Casket and Coffin Market by Material

8.2.2. Europe Casket and Coffin Market by Price

8.2.3. Europe Casket and Coffin Market by Distribution Channel

8.2.4. Europe Casket and Coffin Market by Country

8.3. Asia-Pacific

8.3.1. Asia-Pacific Casket and Coffin Market by Material

8.3.2. Asia-Pacific Casket and Coffin Market by Price

8.3.3. Asia-Pacific Casket and Coffin Market by Distribution Channel

8.3.4. Asia-Pacific Casket and Coffin Market by Country

8.4. RoW

8.4.1. RoW Casket and Coffin Market by Material

8.4.2. RoW Casket and Coffin Market by Price

8.4.3. RoW Casket and Coffin Market by Distribution Channel

8.4.4. RoW Casket and Coffin Market by Sub-region

Chapter 9. Company Profiles and Competitive Landscape

9.1. Competitive Landscape in the Global Casket and Coffin Market

9.2. Companies Profiles

9.2.1. Hillenbrand Inc.

9.2.2. Matthews International Corp.

9.2.3. Amalgamated Casket Company Pty. Ltd.

9.2.4. Batesville Casket Company

9.2.5. Cercueils Alliance Caskets Inc.

9.2.6. Clark Grave Vault Co.

9.2.7. H. H. Webb & Co. Pty. Ltd.

9.2.8. M And N Coffin and Casket Manufacturing

9.2.9. Northern Casket Limited

9.2.10. Thacker Casket Manufacturing Inc.

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of Casket and Coffin.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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