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U.S. Funeral Home Revenues Grow The Most in 20 Years - -

By: WebWire

July 27, 2022:   Marketdata LLC, a leading independent market research publisher of “off-the-shelf” studies about service industries since 1979, has released a new 100-page study: The U.S. Funeral Homes, Cemeteries & Crematories Industry. This is a complete analysis and forecast for the “death care” services market—the nature and economic structure and size of the market, key issues, trends, effects of the pandemic, and competition.
 
 “The $20 billion U.S. funeral homes industry is a mature, low-growth and fragmented business comprised of mostly independent services. The Covid-19 pandemic resulted in a record 3.4 million deaths and a record 1.9 million cremations, and the industry benefitted from the increase in 2020 and 2021.”, according to Research Director, John LaRosa.
 
Major Findings:

* Market Value…  Marketdata estimates that the U.S. death care industry was worth $20.2 billion in 2021, up 8.4% from 2019. $15.6 billion of this was generated by funeral homes. Revenues grew another 7.7% in 2021 to $21.7 billion. Industry revenues are forecast to grow at a 1.9% average annual pace, to $23.4 billion by 2025.

* Structure… There are an estimated 15,300 funeral homes, approximately 115,000 cemeteries, 1,155 crematories, and 300 casket sellers operating in the United States, and this industry employed 134,253 people in 2020.

* Pandemic Affects Operations… The pandemic has turned the industry on its head, in terms of how it serves its customers. Cremations reached a record 1.9 million in 2020, as the cremation rate hit a new peak of 57.5%. As the price of the average funeral is now to $7,848, more people are opting for less costly cremations.

* Metrics… The average funeral home had estimated receipts of $1.05 million in 2020, and the average cemetery had revenues of $910,000.

* During the Covid-19 pandemic, funeral homes had to shift to much greater use of virtual services, and more cremations, as consumers were hesitant to organize in-person family gatherings for fear of infection. Virtual services are expected to continue post-pandemic.

* Market Share… Four large competitors: Service Corp. Intl., Carriage Services, StoneMor Inc., and Park Lawn Corp., had combined revenues of $5.2 billion in 2021 – good for 22% of the industry's revenues. They are growing via acquisitions.

​* Major industry trends… Rising share of cremations, accelerated use of virtual services, consolidation, more environmentally conscious burials, more online competition for products such as caskets, urns, etc., stable/declining prices, greater customization and personalization of services, and an aging American population.

“This This is a fragmented industry, where barriers to entry are high. The four largest companies in the business as a group capture 22% of total sales. Approximately 85% of funeral homes in the United States are privately owned by families or individuals.”, according to Research Director, John LaRosa.
 
 
About The Report
 
The U.S. Funeral Homes, Cemeteries & Crematories Industry,  published in July 2022, is an independently researched “off-the-shelf” market research study.  The study is 100 pages in length, and contains 35 tables & charts, 4 competitor profiles, and is priced at $1,295.  Available in Pdf or MS Word format. A free table of contents is available by email or at the Marketdata website. Contact: Marketdata LLC, 7210 Wareham Drive, Tampa, FL  33647, (813) 971-8080. John LaRosa is available for interviews. To Order: See the Marketdata website and store, choose report FS 77. A 24-page, $99 Overview Summary is also available (report OV 76).
 
About Marketdata LLC
 
Marketdata is a private 43-year old market research and consulting firm that has specialized in the tracking and analysis of a wide variety of commercial and personal service and healthcare sectors, since 1979. The company also provides custom research and consulting services.  Reports are also accessed internationally via market research resllers and business databases, used by the Fortune 500, banks, stock brokers, investors, trade associations, consultants, and entrepreneurs.
 
 
 

— WebWireID292160 —


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