The Business Research Company’s Death Care Services Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, November 22, 2021 /EINPresswire.com/ — The death care services market is expected to be positively impacted by a growing number of businessmen and billionaires opting for lavish funerals. The rich and the powerful are competing to spend more lavishly on funerals to show an extravagant display of wealth. While an elaborate funeral with a big crowd, a mahogany casket, lavish flowers and an ornate tombstone could cost $20,000 or more, the coffins in lavish funerals could start from $60,000. This increase in demand for lavish funerals is expected to support the death care industry.
The global death care services market size reached a value of nearly $103.93 billion in 2020, having increased at a compound annual growth rate (CAGR) of 4.9% since 2015. The market is expected to grow from $103.93 billion in 2020 to $147.38 billion in 2025 at a rate of 7.2%. The death care services market is then expected to grow at a CAGR of 6.4% from 2025 and reach $201.19 million in 2030.
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Death care services companies are increasingly offering green burials to cater to the increasing demand from customers. In green burials, the body is not cremated and there is no application of chemicals, instead the body is placed in a biodegradable coffin or shroud and interred without a concrete burial vault. The aim is to complete decomposition of the body and its natural return to the soil. The trend is gaining popularity because it is simple, cost effective, eliminates hazardous chemicals, promotes environmental sustainability and has a spiritual significance. In a 2018 survey from the National Funeral Directors Association (NFDA) it was revealed that about 72% of cemeteries were reporting an increased demand for green burials.
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Asia Pacific was the largest region in the death care services market, accounting for 39.8% of the total in 2020. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the death care services market will be Africa and the Middle East where growth will be at CAGRs of 9.6% and 9.5% respectively during 2020-2025.
Major players covered in the global death care services industry are Service Corporation International (SCI), Nirvana Asia Ltd, Dignity Plc, Arbor Memorial Inc., InvoCare.
TBRC’s global death care services market is segmented by type into funeral homes and funeral services, cemeteries and crematories, by arrangement into at-need arrangement, pre-need arrangement, by mode into online, offline.
Death Care Services Market 2021 – By Type (Funeral Homes And Funeral Services, Cemeteries And Crematories), By Arrangement (At-Need Arrangement, Pre-Need Arrangement), By Mode (Offline, Online) And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides death care services market overview, forecast death care services market size and growth for the whole market, death care services market segments, and geographies, death care services market trends, death care services market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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