Funeral Products and Services Market

Funeral Products and Services Market Outlook (2023 to 2033)

The global funeral products and services market stands at US$ 62.5 billion in 2023 and is forecasted to exhibit expansion at 6.1% CAGR over the next ten years. As such, global demand for funeral products and services is extrapolated to rake in a revenue of US$ 113 billion by 2033-end.

A noticeable surge in mortality rates around the world has been observed in recent years, especially with the onset of COVID, and this is a prime factor that is projected to bolster funeral products and service demand in the future. Increasing prevalence of chronic disorders and poor nutritional choices of people are contributing to the increasing number of deaths globally.

• As per statistics listed on the Our World in Data website, around 67.1 million deaths were recorded in the year 2022, which was slightly lower than the 69.25 million recorded in 2021.

A major spike in death rates was caused by the global COVID-19 pandemic that started in early 2020 and shook the world to its core. The inability of humans to procure a vaccine for coronavirus and a bigger inability to contain it led to a historical spike in mortality rates around the world and thus, bolstered demand for funeral services and funeral products.

The sudden spike in demand and gaps in supply chain management due to trade restrictions and nationwide lockdowns resulted in a crisis for the funeral products and services industry in 2020. The worst of this was seen in countries such as India and Italy, where deaths were peaking like no one had ever expected.

• In March 2020, funeral homes and funeral companies were struggling with the shortage of coffins and piling up of corpses in Italy due to an overwhelming hike in the number of deaths due to coronavirus. Antonio Ricciardi, the president of CFB, a funeral director company in Bergamo, stated that a generation had died in just a couple of weeks and it just made him cry.

Expanding aging population, increasing urbanization, the advent of chronic diseases, the increasing number of euthanasia procedures, and changing climatic conditions are key factors that are anticipated to contribute to surging demand for funeral products such as funeral home supplies, memorial bookmarks, funeral home cremation units, cremation urns, etc. in the future.

Increasing pet ownership is also set to uplift the demand for pet funeral products and services over the next ten years.

Report Attributes	Details
Funeral Products and Services Market Size (2023)	US$ 62.5 Billion
Projected Market Value (2033F)	US$ 113 Billion
Global Market Growth Rate (2023 to 2033)	6.1% CAGR
Market Share of At-need Funeral Planning (2022)	>45%
Key Companies Profiled	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 Funespana SA

How are Start-ups Redefining the End-of-Life Experience?

“New Companies Developing Novel Deathtech Services & Products”

The funeral products and services industry has not seen huge reforms and has been running traditionally as compared to several other industries in the world. New funeral products and service providers are now stepping into the funeral industry to modernize it and change the perception regarding traditional funeral services and practices.

From funeral planning services to biodegradable urns to supporting grieving relatives and family, new companies are coming up with innovative solutions and services that make the end-of-life experience a little better, even though the loss of a loved one cannot be compensated by any means.

• A London-based start-up known as Farewill provides almost all end-of-life services ranging from will-writing to cremation services. The company offers all of its services through a simplified platform without any hidden costs and assists 24x7 with a team of in-house specialists. In 2020, the company raised around US$ 23 million to expand its business scope.
• Bios Urn, a new company based in Spain, is developing urns for people that are completely biodegradable. The family members of the deceased can choose a seed of their choice that is contained in the biodegradable urn in which the ashes of their loved ones are stored.
• A start-up founded in 2015 called Beyond is allowing people to arrange funerals or write their will online in a mere 15 minutes timeframe. The company also raised around US$ 2.4 million in 2018 to scale its business in the United Kingdom.

New funeral products and service companies are also rapidly utilizing digitized technologies to create a more inclusive funeral experience without any hassle.

• Vivo Recuerdo, a funeral services company founded in 2017, is creating a unique memorial experience by working with funeral homes and allowing far-away family members and friends to be present at funeral services in real-time.

This recently updated funeral products and services market research analysis by Fact.MR, a market research and competitive intelligence provider, proffers a comprehensive account of how new developments by start-ups influence trends such as supply chain management, local supply, product standards, etc., to provide a realistic current and forecasted assessment of the global industry.

Country-wise Insights

Why is Demand for Funeral Products and Services High in Japan?

“Presence of High Senescent Population Driving Sales of Funeral Products”

• More than 1/3 of the population of Japan is over the age of 60 and the geriatric population of the country is expected to rise further over the coming years.

Elder people are more at risk of death and this is a prime factor that is slated to uplift the demand for funeral products such as steel caskets, veteran cremation urns, concrete burial vaults, etc. in the future.

• A majority of the people in Japan (roughly 99%) are cremated after their death, which is the highest of any other country in the world.

The aforementioned factor is anticipated to bolster demand for concrete cremation burial vaults and other types of funeral urns over the coming years. The rising prevalence of chronic diseases and the rising death toll due to those diseases are also projected to bolster market growth in Japan through 2033.

Why Should Funeral Product Manufacturers Invest in Europe?

“High Mortality Rate and Increasing Aging Population”

The number of recorded deaths has witnessed an increase in European countries in recent years and this trend is projected to primarily boost demand for funeral products and services in the future. Adoption of sedentary lifestyles, poor eating habits, rapid urbanization, expanding geriatric population, and high incidence of chronic disorders are some key factors that are contributing to the high mortality rate in most European countries.

• As per an article published on the Eurostat website, the excess mortality rate in the European Union reached +19% of the average deaths for the same period of normal baseline i.e. 2016 to 2019 in the pre-pandemic era.

Germany, Austria, and France are anticipated to be key markets in this region for funeral products and service providers throughout the forecast period.

• As per the statistics provided by the National Institute of Demographic Studies, France has witnessed an increase of nearly 24% in the number of deaths in the past ten years with the number peaking in 2020 owing to COVID-19 pandemic-related mortalities.

All of the aforementioned statistics and factors point towards a lucrative setting for established and upcoming funeral service and product providers in the European region.

Which Key Trend is Expected to Change Funeral Product and Service Demand in the United States?

“Legalization of Human Composting Transforming Demand for Funeral Products”

Sustainability is crucially shaping the world in several ways and now the way we die is also being transformed through this trend. The people of the United States are looking for greener alternatives to the way death is dealt with and for this, they are turning towards human composting.

A process called ‘natural organic reduction,’ which uses oxygen and heat to speed up the microbial process to turn the deceased human body into the soil is being used for human composting.

• In January 2023, New York became the sixth state in the United States to legalize human composting after Washington, Colorado, Oregon, Vermont, and California did the same previously.

Start-ups such as Recompose and Return Home are taking advantage of this legalization and setting up their shops in the aforementioned states to redefine funerals in an eco-friendly manner and establish a name for themselves in the funeral products and services marketplace. Social and religious commitments and constraints are expected to be key challenges for these start-ups to flourish across the forecast period in the United States and around the world.

Category-wise Insights

Which Type of Funeral Planning Accounts for High Revenue Share?

“At-need Planning Leading Market Expansion”

Based on funeral planning, the market for funeral products and services is segmented into pre-need, at-need, and others.

Currently, at-need funeral planning services account for an authoritative market share and are projected to maintain a major share by the end of 2033 as well. However, the growing popularity of the funeral pre-planning trend around the world is projected to shave off some of the market share from the at-need segment over the next ten years.

The shrinking availability of cemetery spaces and the shortage of funeral products such as caskets, burial urns, burial vaults, etc. are also expected to uplift the demand for pre-need funeral planning going forward.

Competitive Landscape

Leading funeral products and service companies are focusing on expanding their business scope by penning collaborations, mergers, and acquisitions that give them a competitive advantage over other market players.

• In November 2022, Foundation Partners Group, a renowned name in the deathcare industry, announced that it had acquired an online cremation company called Solace Cremation. Foundation Group has further strengthened its digital funeral service portfolio through this acquisition as the company acquired Tulip Cremation back in July 2019.

Key Segments of Funeral Products and Services Industry Research

• By Service Type :

  • Traditional
  • Memorial
  • Immediate

• By Funeral Planning :

  • At-Need
  • Pre-Need
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA