Death Care Services: Global Market Analysis and Growth Opportunities

The death care services market size has grown strongly in recent years. It will grow from $124.08 billion in 2023 to $134.3 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to rapid growth in world population, rise in accidents, and strong economic growth in emerging markets.

The death care services market size is expected to see strong growth in the next few years. It will grow to $182.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increase in number of people opting for funeral plans, increasing global population, and increase in demand for lavish funerals . Major trends in the forecast period include investing in alkaline hydrolysis cremation technologies, offering green burial services, offering personalization services for funerals, offering options of live streaming funerals for people unable to attend the services, offering gps based tracking in their cemeteries, offering digital tags for tombstones, and offering advanced funeral planning.

Market Overview -
Death care refers to companies and businesses that sell services relating to death, such as memorials, cremations, and funerals to their clients. Deathcare is the planning, provision, and improvement of post-death services, policies, products, and governance.

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Decreasing Life Expectancy Drives Growth In The Death Care Services Market
Decreasing life expectancy is expected to propel the growth of the death care services market. The number of years a person can expect to live is referred to as life expectancy. The decreasing life expectancy leads to more people dying, and the higher deaths thereby drive the death care services market. For instance, according to data from the Centers for Disease Control and Prevention (CDC), a US-based national public health agency responsible for protecting public health, life expectancy at birth decreased by over a year between 2020 and 2021 in the US. Increases in accidental deaths and unintentional injuries are responsible for an estimated 16% of the fall in life expectancy between 2020 and 2021. Therefore, the decreasing life expectancy is expected to drive the death care services market going forward.

Competitive Landscape -
Major companies operating in the death care services market report are Service Corporation International (SCI), Nirvana Asia Ltd, Dignity Plc, Arbor Memorial Inc., InvoCare, Fu Shou Yuan International Group, Carriage Services, NorthStar Memorial group, Stonemor Inc., Funespaña, Kumar Funeral Services, Anthyesti Funeral Services, Funeral Services Ltd., Open Agent, Ritual, Funeral Home Elpis, Park Lawn Corporation, Foundation Partners Group, Hillenbrand Inc., Walmart, 1-800-Flowers.com (FLWS), Rock of Ages Corp., Stewart Entreprises Inc., Mathews International (MATW), Naser Group, Empresa Funeraria Schunck Ltda, Eden Organizacao E Administraacao Do Serv Funer Ltda, Jerri Adriano Santos Moreira, Funeraria Global Ltda, JM Fernandes Plano De Assistencia Familiar E Funeraria, Funeraria Brasao D'ouro Ltda, Ouroplan Meta Servicos Funerarios Ltda, Celso De Almeida Augusto, Funeraria Sao Cristovao Servico Funerario Ltda, Funeraria Campos Ltda, Moore Funeral Home, Middle East Funeral Services, Gulf Care Middle East Funeral Services, Al Foah Funeral Services, Christian Cemetery Committee, Connex Assistance, Doves, Phaahla Funeral Services, Martins Funerals, Icebolethu, AVBOB Funeral Services.

Increasing Focus On Promoting And Providing Green Burial Options To Gain A Competitive Edge
Major companies operating in the death care services market and the government is focused on promoting and providing green burial options to gain a competitive edge in the market. Green funerals, also known as natural burials, are a modern method of burying the departed that focuses on simplicity, affordability, and the conservation of natural resources. For instance, in December 2022, according to Recompose, a US-based company offering a death care service, Governor Kathy Hochul signed legislation officially legalizing human composting in New York, thus expanding the list of eco-friendly burial methods available to New Yorkers after their passing. New York has become the sixth state, following Washington, Colorado, Oregon, Vermont, and California, to legalize human composting.

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Key Segments -

The death care services market covered in this report is segmented -

1) By Type: Funeral Homes And Funeral Services, Cemeteries And Crematories
2) By Arrangement: At-Need Arrangement, Pre-Need Arrangement
3) By Mode: Online, Offline

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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