Latest News- Funeral Homes And Funeral Services Market: At-need is expected to lead the Service segment during 2025-2029

The Funeral Homes And Funeral Services Market is being driven by New products and service launches by market vendors

The Funeral Homes And Funeral Services Market is expected to grow at a CAGR of 7.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 34.7 billion. The funeral homes and funeral services market is experiencing a surge in strategic partnerships and mergers and acquisitions. Vendors are forming alliances to expand their market reach and presence. Notable transactions include Foundation Partners' acquisition of Krause Funeral Homes and Cremation Service, Inc., and NorthStar Memorial Group's acquisition of Resthaven Funeral Home and Crematory, Inc., and Resthaven Memorial Gardens. These deals are expected to drive market growth throughout the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Service
  • At-need
  • Pre-need
• Mode Of Booking
  • Offline
  • Online
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• New products and service launches by market vendors
• Growth in population of aged people and number of deaths
• Urbanization and lifestyle changes boosting market growth

However, the market also witnesses some limitations, which are as follows:

• Increasing costs of raw materials
• Growth in number of people opting for cremations and low-cost funerals
• Increasing competition and rising price wars between vendors

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Market Scope in Funeral Homes And Funeral Services Market Research Report

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Research Analysis Overview

The funeral service market is experiencing growth due to an aging population and shifting cultural attitudes towards end-of-life customs. Funeral planning encompasses various offerings such as embalming, cremation, burial services, and personalized experiences. Family-owned funeral homes and multinational corporations provide these services, including body preparation, transportation, and interment. Eco-friendly options, customized memorial services, and direct cremation are increasingly popular. End-of-life care, insurance firms, and service providers also play a role in funeral planning. Funeral directors offer expertise in embalming, mortician services, and graveside committals.

Market Research Overview

The funeral services sector falls under the specialized consumer services market, which encompasses the revenue generated by providers of various consumer services, such as residential, home security, legal, personal, renovation and interior design, consumer auction, wedding, and funeral services. According to Technavio's market research, this market is driven by factors like an aging population, cultural attitudes towards death and mourning, and the increasing trend towards professional funeral planning. Funeral services include embalming, cremation, and burial services, provided by both family-owned establishments and multinational corporations. The report does not include consumer services categorized under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/