Research indicates Global funeral market to reach $88.6 billion by 2033

 

 

Right in the middle of the United States’ National Funeral Directors Association (NFDA) annual convention in New Orleans is probably a good time to drop information from a press release that we received in mid-September.

 

That press release, which you can access here, came from PR Newswire with information provided by Allied Market Research.  In all honesty, the press release was more than likely intended as a “teaser” for purchasing a more detailed report compiled by Allied Market Research.

 

However, the press release provided elements of the company’s research that we feel is important for death care professionals to be made aware of.  And, part of that research indicated that the Global funeral service market will grow at an estimated 3.8% CAGR (Compound Annual Growth Rate) through 2033.  If that was to become true then, according to the press release, the Global funeral service market would grow from $61.3 billion to $88.6 billion over the next decade.

 

Here’s what the press release states as the prime drivers of this projected growth:

1. A Rise in Geriatric population
2. Cultural shifts toward personalization and meaningful ceremonies driving demand for customized funeral services
3. Technological advancements offering opportunities for innovation in service delivery such as online planning and virtual attendance
4. Environmental consciousness

 

Here are some other quotes from the report:

 

• “The burial services market is witnessing a significant shift toward green burials”

• “The shift toward celebrating life, rather than traditional mourning, is leading to more personalized and unique services.”

• “The “immediate need” segment holds the major share of the market. . and is estimated to maintain its leadership status throughout the forecast period. . . . However, “the pre-planned segment” is projected to manifest a higher CAGR of 4.6% from 2024 to 2033.  Pre-planned funeral service are increasingly popular. . . .”

• “The “Offline segment” held a major share of the market in 2023. . and is estimated to maintain its leadership status throughout the forecast period.  The “Online funeral services market” is expanding rapidly. . and is projected to manifest a higher CAGR of 4.6% from 2024 to 2033.”

 

Funeral Director Daily take:  If you work in the death care profession daily I’m guessing that none of these points are surprising to you.  However, in a business profession where sometimes change happens slowly, you must realize that change does take place.

 

And, because change does take place, your place of business has to be ready for those changes that will be, more and more, sought out by the consumer public as time moves forward.

 

If you do nothing else you need to be looking into how you will be providing the growing services to your potential consumers.  From my point of view, it is apparent that a traditional funeral home that wants to continue to be a leading provider of death care services needs to look into the following:

 

• How do you provide options that “Celebrate Life” rather than “Mourn Death”?
• How do you move to a growing online presence and “self-administration” for some clientele while at the same time offering that personal touch to those that continue to want “Offline” care?
• How do you take your Preneed program into the 21st Century for those potential clients that want everything “online”?

 

I’m pretty certain that “taking care of clientele” will continue to be what funeral homes do.  However, “being taken care of” may mean different things to different individuals who have suffered loss and funeral homes need to know that they are prepared for as many situations as possible.

 

If you happen to be in New Orleans at the NFDA Convention make sure you spend part of today and tomorrow on the Expo floor and visiting with those vendors that may be able to help your funeral home get to that next level of service that future clients will be expecting.

 

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