The death industry which for decades has been notoriously difficult to disrupt with new technologies is now rapidly transforming under the pressure exerted by the COVID-19 pandemic. Funerals in the COVID-19 era have become a low key affair and have been sparsely attended which is unpreceded in most communities where until now funerals have been a social event.
Covid-19 accelerated digital transformation across various industries as businesses had to move their operations online and staff remote. Live streaming of funeral services will feature in the future even beyond the pandemic. Livestreaming of funeral services which until now was adopted to bridge the gap for friends and relatives who cannot make it to the funeral, is now witnessing accelerated adoption to meet social distancing protocols and norms. Also, with 4G and 5G technologies providing high speed internet access with robust bandwidth capabilities the traditional bottleneck associated with the variability of non-hardwired internet connections causing streaming issues is now effectively eliminated.
Amid the COVID-19 crisis, the global market for Death Care Services estimated at US$115.4 Billion in the year 2020, is projected to reach a revised size of US$152.8 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Funeral Homes & Funeral Services, one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$103.5 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cemeteries & Crematories segment is readjusted to a revised 5.2% CAGR for the next 7-year period. This segment currently accounts for a 34.4% share of the global Death Care Services market.
The Death Care Services market in the U.S. is estimated at US$41.5 Billion in the year 2021. The country currently accounts for a 33.92% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$18 Billion in the year 2026 trailing a CAGR of 6.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR while Rest of European market will reach US$19.1 Billion by the end of the analysis period.
Select Competitors:
Astral Industries, Inc.
Baalmann Mortuary
Charbonnet Family Services
CJ. Boots Casket
Classic Memorials Inc
Creter Vault
Doric Products
Giles Memory Gardens
Hillebrand Funeral Homes Inc
Kepner Funeral Homes
McMahon, Lyon & Hartnett Funeral Home, Inc.
Musgrove Mortuaries & Cemeteries
NorthStar Memorial Group
StoneMor Partners L.P.
Key Topics Covered:
1. MARKET OVERVIEW
Death Care Services - Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
Caring for the Dead is a Sacred Task for Humans, A Culture That Provides the Cornerstone for Growth in the Death Care Services Market
A Sad Reality COVID-19 Pushes Up Demand for Funeral Services
Rising Demand for Cadaver Bags Stands Testimony to the Human Tragedy Wreaked by the Pandemic
Global Demand Spike for Cadaver Bags Highlights Excess Deaths Associated with COVID-19: Global Market for Cadaver Bags (In US$ Million) for Years 2018 Through 2022
Steeped in Ritual, Farewell for the Dead Due to COVID or Otherwise Drives Demand for Funeral Services
COVID-19 Deaths Push Up Demand for Funeral Services: Global COVID-19 Deaths As of January 2021 by Country (In 000s)
Death Industry Journeys Into the Digital Afterlife: COVID-19 Exposes the Fragility of Human Death Rituals & Steps Up the Role of Digital Technologies
Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
For the Cycle of Life to Continue, Environment Friendly Green Burials Rise in Popularity
Convenience, Cost Effectiveness & Environment Friendly Benefits to Help Cremation Bypass Casket Burials by the Year 2035: % Share of Cremation in North America for Years 1960 Through 2035
With the Pandemic Pushing Millions Into Poverty & Unemployment, Crowdfunding for Funeral Services Gains Momentum
Technology Advancements Modernize the Funeral Experience
Entry of Ecommerce Retailers Offering Affordably Priced Burial and Memorial Products
Demand for Advance Funeral Planning Driven by Aging Population
Global Population In the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
Driven By Burial Plot Shortages, Cremation Rises in Popularity Over Traditional Burials
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