Funeral Homes and Funeral Services Market - Post Pandemic Business Strategy and Action Plan | Launch of New Products and Services to Boost Growth in the Consumer Discretionary Industry | Technavio

LONDON--(BUSINESS WIRE)--The funeral homes and funeral services market is expected to grow by USD 25.52 billion during 2020-2024, expanding at a CAGR of almost 6%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Funeral Homes and Funeral Services Market: New product and service launches to drive growth

Vendors in the market are focusing on introducing new products and services to increase their market share and gain a competitive edge. For instance, in January 2019, TribuCast launched its remote funeral attendance solution to provide a safe, secure, and dignified way for people to attend a funeral or memorial service remotely. Similarly, in October 2018, Simplicity Cremations launched a unique, new-low cost funeral service which is inclusive of the crematorium and doctors’ fees. The introduction of such service offerings will be crucial in driving the growth of the global funeral home and funeral services market.

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As per Technavio, the new rise of funeral homes and expansion of existing funeral homes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Funeral Homes and Funeral Services Market: New Funeral Homes and Expansion of Existing Funeral Homes

Over the years, the market has witnessed a rise in the number of new funeral homes and the expansion of existing funeral homes. For instance, in September 2018, Coral Ridge Funeral Home & Cemetery, owned by Service Corporation International, started the construction of a new 8,500-square-foot building. Similarly, in May 2019, Wimberly Funeral Home received approval from the Gainesville City Council to expand its funeral home on Summit Street, Florida. The expansion plan will add about 3,200 square feet of building space and build a new chapel that can seat about 160 people. Such expansion plans are positively influencing the growth of the global funeral homes and funeral services market.

“Growth in the population of aged people and strategic partnerships and acquisitions will further boost market growth during the forecast period”, says a senior analyst at Technavio.

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Funeral Homes and Funeral Services Market: Segmentation Analysis

This market research report segments the funeral homes and funeral services market by Service (At-need and Pre-need) and Geography (Europe, North America, APAC, South America, and MEA).

The at-need service segment led the market in 2019. The growth of the segment can be attributed to the rising number of deaths worldwide. In addition, the introduction of a wide range of services such as arranging ceremonies, prayers, and burial or cremation facilities, providing counseling to people, and post-funeral services are contributing to the growth of the segment.

The European region led the funeral homes and funeral services market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising population and the expansion of the middle and upper-middle-class population in the region.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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