The report titled “Death Care & Funeral Service Market: Trends & Opportunities (2016-2020)” provides an in-depth analysis of the death care and funeral service market with detailed analysis of market sizing and growth, market share and economic impact of the industry. The report also provides market size of cremation or burial services.
The report provides detailed country analysis of the U.S. and Asian countries which include Malaysia, Singapore, Indonesia and Thailand for the death care and funeral service market. Country analysis includes market sizing by value along with the analysis of the segments of the market in each of the above mentioned countries.
The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall death care and funeral service market has also been forecasted for the period 2016-2020, taking into consideration the previous growth patterns, the growth drivers and the current and future trends. The competition in the death care and funeral service market is stiff and dominated by the big players like SCI in the U.S. Further, key players of the death care and funeral service market Nirvana Asia Ltd. and Fu Shou Yuan International Group in Asia are also profiled with their financial information and respective business strategies.
The term “death care industry” refers to the array of providers of funeral and burial goods and services, such as funeral directors, cemeteries, and third-party sellers. The death care industry is currently undergoing a major transformation.
Historically, it has been fragmented, with limited overlap among various segments of the funeral and burial industries. Funeral homes and funeral directors sold funeral merchandise and services. Cemeteries sold burial merchandise and services. Cemeteries and monument/memorial dealers sold monuments and memorials. A funeral home or cemetery generally arranged cremation services, and independent florists sold flowers. Today, such distinctions are diminishing. The industry is consolidating. Large chains are buying and managing locally owned funeral homes and cemeteries. Many nonprofit cemeteries are now owned by, managed by, or otherwise affiliated with for-profit chains.
Death care and funeral service market has increased at a significant CAGR during the period 2011-2015 and projections are made that the market would rise in the next five years i.e. 2016-2020 tremendously. Death care and funeral service market can be segmented on the basis of products into as-need and pre-need, of which, pre-need market exhibited greater increase as compared to as-need, driving the death care and funeral service market. The upsurge in the market was due to various factors such as rapid growth in urbanization, rising aging population along with the increasing awareness about various products and services provided by the organizations operating in the market.
The major growth drivers for the death care and funeral service market are: strong economic growth, rapid urbanization, increase in disposable income, steady population growth, aging population & increase in death rate and unmet demand for premium death care services and products. Despite the market is governed by various growth drivers, there are certain challenges faced by the market such as: injuries from manual tasks, embalming operations biological exposure, embalming operations chemical exposure & musculoskeletal hazards, embalming room ventilation & maintenance and unique hazards during cremation.