Pre-need Death Care Market was Valued at USD 28.09 Billion in 2018 and Expected to Reach a Value of USD 41.17 Billion by 2027 at a CAGR of 4.3% Says Absolute Markets Insights

PUNE, India, Feb. 4, 2020 /PRNewswire/ -- Pre-need death care market is expected to gain a significant traction during the forecast period due to increasing tendency of individuals to take care of the finances regarding their future funeral and not burdening their family members. The pre-need death care services are being preferred by individuals as they cover all the aspects related to funeral, such as church services, merchandise needed, others. Increasing offerings of green funeral and burial services by the crematories for environmental conscious customers is another factor boosting the market growth. Use of green funeral is supporting the environmental-friendly options, which includes natural setting funerals, use of organic flowers and foods, usage of products made by the recycled paper, cloths that are bio-degradable. For instance, Charles F. Snyder Funeral Home & Crematory provides green funeral service in Pennsylvania. This cremation follows alkaline hydrolysis process, which practices 90% less energy than flame cremation.

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Favorable subsidies from the various governments as well as crowd funding for funeral expenses is another trend in the pre-need death care industry. These authorized bodies provide subsidies for the regions especially where cases of deaths were unexpected. For instance, according to the data published by America's Debt Help Organization, the U.S. government pays for post-death activity related expenses and contribute to cremation costs. U.S. resident and the recipient of Medicaid benefits are eligible to receive up to US$ 1,500 toward funeral costs. Worldwide growing trend towards the cremation as well as customized service requirements among the customers is fueling growth of the global pre-need death care market. Traditionally, funeral directors have provided goods and services for funeral, while cemeteries have provided goods and services for burials. But as of now, funeral directors as well as cemeteries can provide goods and services for funeral and burials. Hence, customers are preferring an all in one service, from a single player that offers all the benefits together.

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The detailed research study provides qualitative and quantitative analysis of the global pre-need death care market. The pre-need death care market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence along with their growth strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

• In terms of revenue, global pre-need death care market is expected to reach US$ 41,171.0 million by 2027 owing to increasing demand for premium death care services
• The market is poised to witness strong growth over the forecast period owing to awareness created by market players through various marketing activities
• Based on region, Europe is expected to maintain its lead in market share compared to other regions due to increased disposable incomes
• Some of the prominent players operating in the pre-need death care market include Mutual Life Insurance Company, Funeral Directors Life Insurance Co., Funeral Services, Inc., Funeralwise, LLC, Global Atlantic, Homesteaders - Life Company & others

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Pre-Need Death Care Market:

• By Services
• Insurance
• Lump Sum
• Monthly Pay
• Funeral Trust
• Marketing
• Coaching and Recruiting
• By End User
• Cemeteries
• Funeral Homes
• Memorials
• Individuals
• By Geography
• North America
• U.S.
• Canada
• Europe
• Germany
• France
• The UK
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• Japan
• China
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America 
• Middle East and Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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SOURCE Absolute Markets Insights