The global funeral homes and funeral services market size at a CAGR of almost 5% during the forecast period
NEW YORK, June 25, 2019 /PRNewswire/ -- Global Funeral Homes and Funeral Services Market:
About this market
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Funeral homes provide interment and funeral services for the dead in the presence of their families. Technavio's funeral homes and funeral services market analysis considers at-need and pre-need funeral services. Our analysis also considers the need for funeral services in APAC, Europe, MEA, North America, and South America. In 2018, the at-need segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as unexpected deaths will play a significant role in the at-need segment to maintain its market position. Also, our funeral homes and funeral services market looks at factors such as new products and service launches, new funeral homes and expansion of existing funeral homes, and growth in the population of aged and number of deaths. However, the increasing cost of raw materials, growth in the number of people opting for cremations and low-cost funerals and increasing competition and rising price wars between vendors may hamper the growth of the funeral homes and funeral services industry over the forecast period.
Global Funeral Homes and Funeral Services Market:
Overview
Growth in the population of aged people and number of deaths
Countries such as China, Japan, the UK, Sweden, Spain, the US, and Canada are witnessing an increase in the geriatric population. The growing geriatric population across the world has increased the number of deaths proportionately. China witnessed over nine million deaths in 2018. The growing geriatric population is creating new growth opportunities for vendors in the country. Moreover, many untapped markets in developing countries such as India is providing huge growth opportunities for vendors. These factors are driving the growth of the global funeral homes and funeral services market size at a CAGR of almost 5% during the forecast period.
Increasing number of startups and third-party service providers
The increasing number of deaths across the world has led to the establishment of several startups and third-party service providers. Several startups in developing countries are providing personalized and professional end-to-end funeral management services as per customer requirements. Several untapped and highly unorganized markets like India is providing significant growth opportunities for startups. This growing trend is expected to have a positive impact on the global funeral homes and funeral services market size.
For the detailed list of factors that will drive the global funeral homes and funeral services market size during the forecast period 2019-2023, click here.
Competitive Landscape
With the presence of quite a few players, the global funeral homes and funeral services market is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several funeral homes and funeral service providers, that include Carriage Services Inc., Co-operative Group Ltd., Dignity Plc, InvoCare Australia Pty Ltd., Nirvana Asia Ltd., and Service Corp. International.
Also, the funeral homes and funeral services market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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