Growing old age population and rapid urbanization continues to fuel demand for the funeral products & services globally. Surge in the mortality rate has further revved up demand for death care services and products in the global market. According to a recent report by CDC, the death rate recorded is 823.7 deaths per 100,000 population and heart diseases continue to remain the major cause of deaths globally. Increasing number of deaths is mainly attributed to various factors such as growing prevalence of diseases, increasing disposable income and robust economic growth is expected to contribute towards growth of the global funeral products & services market.
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According to Fact.MR, the global funeral products & services market is expected to represent a value of nearly US$ 370,000 Mn by the end of 2022.
Performing Euthanasia Will Continue to Boost Global Sales
Increasing demand for performing euthanasia in the hospitals has significantly contributed towards the mortality rate globally. Some patients who are severely affected by terminal illness are subject to unstoppable sufferings and pains. Unstoppable pains and sufferings continue to rev up demand for performing euthanasia in the hospitals. Lethal vaccinations such as potassium chloride, sodium thiopental and pancuronium bromide are injected in the patients suffering from various terminal illness such as neurological conditions, last stage of Alzheimer’s, chronic lung problem and heart failures. Bound to these factors, the funeral products & services are likely to witness significant demand in the global market.
Death Care Services to Create Lucrative Growth Opportunities
Surge in the death rate continues to fuel demand for various death care services including memorials, burial or cremation and funerals. Organizations and companies operating in the death care industry are focusing on offering cemeteries, coffins, headstones and crematoria for conducting funerals. In addition, growing incidences of infectious diseases, malnutrition and under nutrition continue to fuel demand for the death care services.
Growing need for conducting funeral services has further led to surge in demand for publishing the obituaries and creating epitah. Moreover, dealers are increasingly selling monuments and memorials for conducting the funeral ceremonies. Bound to such factors, demand for funeral products and services is expected to remain high in the global market. Conducting funeral has also led to surge in demand for embalming operations for chemical exposure, biological exposure and musculoskeletal hazards. The global funeral products & services market will continue to witness significant growth during the forecast period.
Pre-Planning Funeral Services to Impact Global Market Growth
Recent trend of pre-planning the funeral and crematory ceremony will continue to impact growth of the global funeral products & services. In order to assume the financial responsibility, people are opting to pre-plan their funeral. Increasing demand to cater for various unique hazards and embalming maintenance & room ventilation continues to contribute towards growth of the global market. Moreover, growing need for embalming operations regarding the musculoskeletal hazards, chemical exposure and biological exposure is further expected to rev up demand for funeral products & services.
At-Need Planning to Represent a Leading Segment
As people prefer conducting funerals with all the rituals, demand for traditional services will continue to increase in the global market. On the basis of service type, the traditional segment is expected to generate significant revenues, accounting for a value of over US$ 65,000 Mn by the end of 2022. The immediate service type segment is expected to register the highest CAGR throughout the forecast period. Based on funeral planning, the at-need segment is expected to represent the highest revenue growth, recording a value of over US$ 33,000 Mn by the end of 2017. Further, the at-home funeral planning segment is expected to register a robust CAGR through 2022.
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Leading market players operating in the global funeral products & services market include Service Corporation International, Matthews International Corporation, Dignity Plc, StoneMor Partners, InvoCare Ltd, Carriage Services Inc., Fu Shou Yuan International Group Ltd, San Holdings Inc., Nirvana Asia Ltd and Funespana SA.
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