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According to The Business Research Company the global death care services market size reached a value of nearly $103 billion in 2020 , having increased at a compound annual growth rate (CAGR) of 4.9% since 2015 and is expected to grow at a CAGR of 6.4% to reach $201 billion by 2030 . The growth of the global death care services market can be attributed to an increase in the number of people opting for funeral plans and an increase in demand for lavish funerals.
The growing number of people opting for funeral plans and investing in them is expected to support the market for death care services. Given the high costs of conducting funerals , people, especially in developed countries, are increasingly investing in funeral plans to select a funeral service that will meet the emotional and financial needs of their family. As of 2017, over 210,000 prepaid funeral plans were sold each year in the UK.
Companies in the death care services market are expected to be positively impacted by a growing number of businesspeople and billionaires opting for lavish funerals. The rich and the powerful are competing to spend more lavishly on funerals to show an extravagant display of wealth . While an elaborate funeral with a big crowd, a mahogany casket, lavish flowers and an ornate tombstone could cost $20,000 or more, just the coffins in lavish funerals could start from $60,000. This increase in demand for lavish funerals is expected to support the death care industry.
The Business Research Company’s report titled Death Care Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major death care services companies, death care services market share by company, death care services manufacturers, death care services market size, and death care services market forecasts. The report also covers the global death care services market and its segments.
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The global death care services market is highly fragmented, with a small number of global players operating in the market. The top ten competitors in the market made up to 3.51% share of the total market in 2019. Major players in the market include Service Corporation International (SCI), Nirvana Asia Ltd, Dignity Plc, Arbor Memorial Inc., and InvoCare . Player-adopted strategies in the death care services market include expanding operational business sector through strategic acquisition of cemeteries and funeral homes, whereas market-trend-based strategies for the death care services market include investing in alkaline hydrolysis cremation technologies, offering green burial services, offering personalization services for funerals and more.
Companies in the death care services market are focusing on the development of other technologies for cremation. Alkaline hydrolysis prepares the dead body for final disposition by reducing the human remains to bone fragments using water and an alkali solution of potassium hydroxide (KOH) instead of a flame. Post heating, the solution dissolves the body, leaving behind bone fragments and a sterile liquid. The remaining bone fragments can be crushed into ash for scattering, burial or memorialization. This process reduces carbon footprint by almost 75% and uses less energy than flame-based cremation. It is also capable of preserving more bone fragments than flame cremation. Companies such as Bradshaw Funeral and Cremation Services and LaCanne Family Funeral Service offer alkaline hydrolysis services to the public in the USA.
Death care services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide death care services market overviews, analyze and death care services forecast market size and growth for the death care services market, segments and death care services market geographies, death care services market trends, death care services market drivers, death care services market restraints, death care services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The death care services market report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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