Latest News:- Funeral Homes And Funeral Services Market: At-need is expected to lead the Service segment during 2024-2028

Funeral Homes And Funeral Services Market to grow at a CAGR of 6.99% during 2024-2028

The Funeral Homes And Funeral Services Market is expected to grow at a CAGR of 6.99% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 30.4 billion. In the global funeral homes and funeral services market, strategic partnerships and mergers and acquisitions are becoming increasingly common. Vendors are forming alliances to expand their market reach. For instance, Carriage Services, Inc. announced a significant national partnership with NGL Insurance Company and Precoa in May 2023. This collaboration aims to broaden the range of pre-arranged funeral services on Carriage Services' platform, offering families enhanced customer experience and peace of mind through NGL's insurance expertise and Precoa's leadership in pre-arranged funeral sales and marketing within the death care sector. 

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The At-need subsegment is expected to dominate the Service segment during the forecast period 

Technavio analysts predict that the At-need subsegment will lead the Service segment during 2024 and 2028 The Funeral Homes and Funeral Services market encompasses establishments providing essential end-of-life services, including funeral planning, arrangement, and implementation. These businesses cater to families during their time of need, ensuring dignified and personalized memorials for deceased loved ones. Market growth is driven by an aging population and cultural shifts towards personalized funeral services. Businesses in this sector prioritize empathy, professionalism, and attention to detail to meet the unique requirements of each family.

Here are the various ways based on which the market is segmented: 

• Service
  • At-need
  • Pre-need
• Mode Of Booking
  • Offline
  • Online
• Geography
  • Europe
  • North America
  • APAC
  • South America
  • Middle East and Africa

Reasons to Purchase the Global Funeral Homes And Funeral Services Market Market Research Report by Technavio. What is in it for you?

• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish new products and service launches by players

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Funeral Service Market encompasses a range of service providers offering mortician services, embalming, transportation, funeral planning, graveside committals, interment, and cremation. Morticians and funeral directors oversee body preparation and end-of-life care, while transportation services ensure the deceased's safe transfer to funeral homes. Insurance firms often collaborate with funeral homes to offer pre-need and at-need plans. Cultural attitudes and the aging population have driven market growth. Customized memorial services, direct cremation, eco-friendly burial options, and personalized funeral experiences are increasingly popular. The market comprises both multinational corporations and family-owned funeral homes, catering to diverse needs and preferences. The funeral service market continues to evolve, with innovation in technology and sustainability shaping the industry. Embalming remains a crucial aspect of funeral services, ensuring the deceased appear presentable for viewings and services. However, some opt for direct cremation without embalming. Funeral planning services help families navigate the emotional and logistical aspects of arranging a funeral. Overall, the funeral service market is a vital sector, providing essential services during a sensitive and often challenging time.

Market Research Overview

The Funeral Homes and Funeral Services market falls under the broader category of the global Specialized Consumer Services market. This market encompasses the revenue generated by providers of various consumer services, including residential, home security, legal, personal, renovation and interior design, consumer auction, wedding, and funeral services. According to Technavio's market research, the market size is determined by the revenue generated by specialized service providers such as funeral service providers. The report excludes consumer services categorized under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.

The Funeral Homes And Funeral Services Market is experiencing significant growth, fueled by the new products and service launches by players. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
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