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HomeMarket ResearchU.S. Funeral Dwelling Revenues Develop the Most in 20 Years in 2020

U.S. Funeral Dwelling Revenues Develop the Most in 20 Years in 2020

death care industry statistics 2020-2022The $20 billion U.S. funeral houses trade is a mature, low-growth and fragmented enterprise comprised of principally unbiased companies. The COVID-19 pandemic resulted in a file 3.4 million deaths and a file 1.9 million cremations, and the trade benefitted from that enhance in 2020 and 2021.

This can be a fragmented trade, the place obstacles to entry are excessive. The 4 largest firms within the enterprise as a gaggle seize 22% of whole gross sales. Roughly 85% of funeral houses in the US are privately owned by households or people.

Prime 5 Issues to Know Concerning the Funeral Dwelling Trade

Trade dimension: Marketdata estimates that the U.S. loss of life care trade was value $20.2 billion in 2021, with receipts up 8.4% from 2019. Roughly $15.6 billion of this was generated by funeral houses. Revenues grew one other 7.7% in 2021 to $21.7 billion. Trade revenues are forecast to develop at a slower 1.9% common annual tempo from 2022-2025, to $23.4 billion.

COVID-19 pandemic impacts operations: The pandemic has turned the trade inside out, when it comes to the way it serves its clients. Cremations reached a file 1.9 million in 2020, because the cremation charge hit a brand new peak of 57.5%. As the worth of the common funeral is now to $7,848, extra persons are choosing more cost effective cremations.

In the course of the COVID-19 pandemic, funeral houses needed to shift to a lot larger use of digital companies, and extra cremations, as shoppers had been hesitant to prepare in-person household gatherings for worry of an infection. Digital companies are anticipated to proceed post-pandemic.

Funeral trade metrics: The common funeral dwelling had estimated receipts of $1.05 million in 2020, and the common cemetery had revenues of $910,000. The nationwide median price of a funeral with a viewing and burial in 2021 was roughly $7,848, whereas the price of a funeral with cremation was roughly $6,971. 

Market share: 4 giant loss of life care firms embrace Service Corp. Intl., Carriage Companies, StoneMor Inc., and Park Garden Corp., which had mixed revenues of $5.2 billion in 2021 — good for 22% of the trade’s revenues. They’re rising by way of acquisitions.

Main loss of life care trade traits: The trade is being impacted by a rising share of cremations, accelerated use of digital companies, consolidation, extra environmentally aware burials, extra on-line competitors for merchandise comparable to caskets, urns, and so on., secure/declining costs, larger customization and personalization of companies, and an growing old American inhabitants.

The place to Be taught Extra

For extra info, see the great 101-page report titled The U.S. Funeral Properties, Cemeteries & Crematories Trade by Marketdata, a revered market analysis agency. This report consists of key loss of life care trade statistics and offers competitor profiles. It additionally explains:

  • Elements affecting demand
  • Trade dimension, traits, and development
  • Results of the COVID-19 pandemic

Concerning the Writer:  John LaRosa is the President of Marketdata LLC and is the writer of 100+ trade and market research. His analysis seems in prime media shops together with ABC, CNN, Fox, ForbesUSA At presentThe Wall Road JournalThe New York Occasions, and quite a lot of commerce journals. 

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