Death Care Services Market Characteristics
The death care services market consists of the sales of death care services and related goods by entities (organizations, sole traders and partnerships) that prepare the dead for burial or interment, conduct funerals, operate sites or structures reserved for the interment of human or animals remains, and/or cremate the dead.
Competitive Landscape of the Death Care Services Market
Major players in the global death care services market include Service Corporation International (SCI), Nirvana Asia Ltd, and Fu Shou Yuan International Group.
Death Care Services Market Size
The death care services market size is expected to significantly grow at a CAGR of more than 7.5% during the forecast period. The growth in the death care services market is due to the digital revolution and leading vendors investing in premium products and services to serve the boutique consumers.
However, the market for death care services is expected to face certain restraints from several factors such as the entrant of e-commerce giants such as Walmart and Amazon offering burial and memorial products at low prices.
Death Care Services Market Segmentation
The global death care services market is further segmented based on type and geography.
By Type - The death care services market is segmented into funeral homes and funeral services, and cemeteries and crematories.
By Geography - The global death care services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific’s death care services market accounts for the largest share in the global death care services market.
Trends in the Death Care Services Market
Crematories are offering green funeral and burial services in the cemetery industry to environmentally conscious customers. A green funeral offers environmentally-friendly options such as funeral in a natural setting, use of only recycled paper products, locally-grown organic flowers and food, biodegradable clothing, shroud or casket and use of formaldehyde-free products.
In natural burial, the body is buried in a natural setting without embalming, and instead of traditional standing headstones, plants, trees or flat rocks are used as grave markers. These crematories also use alkaline hydrolysis process, which uses 90% less energy than flame cremation. Charles F. Snyder Funeral Home & Crematory is one such green funeral service provider in Pennsylvania.
Potential Opportunities in the Death Care Services Market
With the introduction of innovative business models to draw consumers, the scope and potential for the global death care and funeral services industry is expected to significantly rise in the forecast period.