What is Death-Care Services Market?
The death care service industry includes those companies which provide all the death-related goods and services like the funerals, cremations, coffins, burials, headstones, slots in cemeteries, and memorials. Another aspect of the death care service industry is as to how the people continue to live on their lives via social media, after the receiving of the death certificate. The conception of virtual legacies is a new trend that is emerging in this present digital age. In May 2018, around 25,740 morticians and almost 35,340 funeral attendants were hired in the United States, earning a median annual wage of USD 57,620 and USD 28,480 respectively. In 2019, there were around 19,177 funeral homes all across the United States, and a figure that has been gradually declining during the time. It was further stated that the provision for the funeral homes and cemetery services have hereby generated a collective revenue of around USD 21 billion in 2019. In an assessment about the impact of COVID-19 pandemic on the children, the United Nations has stated that the approaching global recession that would be resulting from the outbreak could hereby cause hundreds and thousands of added child deaths during this year, thus effectively reversing the recent gains for reducing the infant mortality, and pushing millions of children towards extreme poverty. There are mainly three channels by which the children are affected during this crisis the infection caused due to the virus itself, an immediate socioeconomic effect of the measures so as to stop the transmission of the virus and the end of the pandemic, and finally the potential longer-term after-effects due to the delayed implementation of these Sustainable Development Goals. The Johns Hopkins University data, hereby states that the number of confirmed coronavirus cases has surpassed two million all across the globe and around 144,000 people have approximately already died so far. The United States itself has more than 670,000 COVID-19 cases and around 33,000 deaths. Hence with due to the prevailing conditions under COVID-19 and considering the number of death all around the world the market of death care services would face an upsurge during this period of time.
The market study is being classified by Type (Products and Solutions), by Application (Funeral Homes, Cemeteries and Others) and major geographies with country level break-up.
Service Corporation International (SCI) (United States), Nirvana Asia Ltd (Malaysia), Fu Shou Yuan International Group (China), Batesville (United States), Chemed Corp (United States), Matthews International Corporation (United States), StoneMor Partners (United States), Wilbert Funeral Services Inc. (United States), Carriage Services Inc. (United States), Lung Yen Life Service Corp (Taiwan), Amedisys Inc. (United States), Shanghai Longhua Funeral House (China) and LHC Group Inc. (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Park Lawn Corporation (United States), Victoriaville & Co. (Canada), Sauder Funeral Products (United States) and Thacker Caskets (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Death-Care Services market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Death-Care Services market by Type, Application and Region.
On the basis of geography, the market of Death-Care Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Changing Lifestyles and Rising Disposable Incomes
- A Rise in the Number of People Having a Hectic Work Schedule
Market Trend
- Growing Trend of Having Customized Services in Accordance with the requirements of the Customers
Restraints
- Fluctuation in the Availability of Raw Materials and Prices
Opportunities
- Growing Awareness of the Services in Developed and Developing Regions
Challenges
- Lack of Complete Knowledge Regarding the Services Offered
Key Target Audience
Providers of Death Care Services, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others