Funeral Services Market Global Opportunity Analysis and Industry Forecast, 2020-2027

[sonali sharma]

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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Market scope and structure analysis:

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2019

Forecast period

2021–2027

Forecast units

Value ($US)

Segments covered

Service, Species, Nature, Distribution Channel, and Region

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

COVID-19 Scenario Analysis:
The COVID-19 pandemic has caused numerous deaths in most of the countries and has led to the shortage of space in funeral homes and changes in the funeral services to prevent the mass gathering.
The regulations implemented for social distancing and to stop the widespread of coronavirus has resulted in low crowd gathering at the funerals, which has impacted the funeral services market.
The memorial services and traditional funerals have been temporarily stopped in some of the countries and changes in policies for cemeteries have occurred.
The funeral service providers have launched the webcasting and live streams of the funerals being conducted.
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.

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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.

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.

Key Benefits of the Report:

This study presents the analytical depiction of the global funeral services industryalong with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global funeral services market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global funeral services market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides detailed global funeral services market analysis based on competitive intensity and how the competition will take shape in the coming years.
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Questions Answered in the Funeral Services Market Research Report:

What are the leading market players active in the funeral services market?
What the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps?