Rapid urbanization and growing old population continues to contribute towards the global market growth of funeral products & services. In addition, growing need to perform euthanasia is projected to impact the global market growth of funeral products & services positively. Fact.MR states that the global market of funeral products & services is projected to reflect a CAGR of 16.7% over the forecast period, 2017-2022.
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Factors Fuelling Growth of the Global Market
Growth of the global funeral products & services market is mainly bound by various macro-economic and micro-economic factors. Increasing number of deaths will significantly fuel the global market growth of funeral products & services. With the growing old population and increasing urbanization, mortality rate is projected to increase positively. In a recent report published by CDC, the recorded death rate is 823.7 deaths per 100,000 population. The report further reveals that various heart diseases continue to remain a major cause of death. The global market growth is further projected to gain momentum attributed to strong economic growth and surge in disposable income.
Surge in demand to perform euthanasia in hospitals has further led to surge in the death rates significantly. Patients that are affected by various terminal illness continue to remain subject to the constant sufferings and pains. As these patients in constant pain and sufferings, demand to perform euthanasia continues to increase in various hospitals. Pancuronium bromide, potassium chloride and sodium thiopental are some of the lethal vaccinations that are vaccinated in patients who are suffering from terminal diseases such as chronic lung problems, neurological condition, heart failures and last stage of Alzheimer’s. These factors continue to impact growth of the global funeral products & services market positively.
Increase in the death rate has led to surge in demand for death care services such as funerals, cremation or burial and memorials. Companies in the death care industry are mainly witnessed to focus on offering funeral products such as headstones, cemeteries, crematoria and coffins. Surge in incidences of under nutrition, malnutrition and infectious diseases is further expected to impact demand for death care services in the global market.
A recent trend of pre-planning funerals has been witnessed among people globally. Companies operating in the death care services are increasingly offering services that enable the customers to make payments for funeral in advance. This also includes publishing obituaries and creating epitaphs of the deceased person. As demand for the embalming operations regarding chemical and biological exposure along with maintenance and room ventilation services could pose various hazards. Bound to these factors, demand for the death care services will continue to increase, which in turn is expected to impact the global market growth during the forecast period.
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Sales to Remain High Through Traditional Services
With the increasing preference for conducting funeral ceremonies with rituals has revved up demand for the traditional services. In terms of revenue, the traditional service type segment is projected to represent robust revenue growth, recording more than US$ 65,000 Mn by the end of 2022. On the other hand, the immediate service type segment is projected to reflect a healthy CAGR during the forecast period. By 2017-end, the at-need funeral planning segment is projected to generate significant revenues, accounting for more than US$ 33,000 Mn. The at-need funeral planning segment is projected to represent the fastest growth in the global market during the forecast period.
Major players in the global market of funeral products & services are Matthews International Corporation, Service Corporation International, StoneMor Partners, Dignity Plc, Carriage Services Inc., InvoCare Ltd, San Holdings Inc., Fu Shou Yuan International Group Ltd, Funespana SA and Nirvana Asia Ltd.
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