Funeral Home and Funeral Service Market is Set to Grow to US$ 39.3 Billion by 2031 from US$ 22.8 Billion in 2023, at CAGR of 5.6%: TMR Report

A surge in the adoption of cremation services and a rise in preference for pre-planned funerals are likely to offer lucrative opportunities to players in the global funeral home and funeral service industry

Wilmington, Delaware, United States, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global funeral home and funeral service market is projected to flourish at a CAGR of 5.6% from 2023 to 2031. As per the report published by TMR, a valuation of US$ billion is anticipated for the market in 2031. As of 2023, the market for funeral homes and funeral services is expected to close at US$ 24 billion.

The increasing aging population & and increased death rate is the main factor driving the funeral home and funeral service market growth during the forecast period.

With increasing disposable income, individuals and families are more willing to spend on personalized and meaningful funeral services, contributing to the growth of the market. The increasing urbanization and changing family structures have led to increased reliance on professional funeral services. Urban areas often have a higher concentration of funeral homes to meet the needs of the population.

Growth in demand for customized funeral services drives the market demand as people are increasingly preferring personalized funeral services and memorials such as memorial videos and music, personalized caskets, and flowers.

For more insights into the Market, Request a Sample of this Report -

Connect with our team of research specialists and unlock the optimal solution for driving your business growth

Market Snapshot:

 Report Coverage Details
 Market Revenue US$ 22.8 Bn
 Estimated Value US$ 39.3 Bn
 Growth Rate - CAGR 5.6% 
 Forecast Period 2023-2031
 No. of Pages 140 Pages
 Market Segmentation Service Type, By Category, Distribution Channel
 Regions Covered North America,Europe,Asia Pacific,Middle East & Africa,South America
 Companies Covered Service Corporation International,Naser Group Inc.,InvoCare Australia Pty Ltd.,Nirvana Services Inc.,Ritual Funeral Enterprise,,AMAR International,Blue Ridge Funeral & Cremation Service,, LLC,Funeral Basics,Other Key Players

Key Takeaways from the Market Study 

  • As of 2022, the funeral homes and funeral services market was valued at US$ 22.8 billion
  • By service type, the memorial segment enjoys high demand, accumulating a high revenue share during the forecast period.
  • Based on category, the immediate need segment is anticipated to dominate the industry during the forecast period
  • Based on the distribution channel, the online segment is expected to generate high revenue during the forecast period.

Funeral Home and Funeral Service Market: Key Trends and Opportunistic Frontiers

  • Increased awareness about the importance of funeral planning and the availability of various services has contributed to the growth of the market. People are more informed and proactive in making funeral arrangements.
  • Increased families focus on providing a dignified farewell for their loved ones. This focus is driving the demand for funeral services that offer a compassionate and respectful experience.
  • Funeral homes and funeral services are offering pre-planning services and are experiencing growth due to the convenience and peace of mind they offer to customers.
  • With increasing technological integration, funeral homes are embracing technology to enhance their services such as online pre-planning platforms, virtual memorial services, live-streaming of funerals for remote attendees, and digital obituaries.

For In-depth Competitive Analysis, Buy Now:

Funeral Home and Funeral Service Market – Regional Analysis

  • North America is expected to account for the highest share of the funeral home and funeral service market, owing to the presence of a well-established funeral service industry with a mix of traditional practices and evolving trends.
  • The trend toward personalized services, cremation, and eco-friendly practices in the United States and Canada, drives the market demand in the region. There's a growing interest in celebrating the life of the deceased through unique memorialization and celebratory events.
  • Europe is expected to offer lucrative opportunities for market expansion due to diverse funeral traditions influenced by cultural and religious factors. Some regions have a higher preference for cremation, while others lean toward traditional burial methods. Green burial practices and environmentally friendly options are gaining traction in certain European countries.

Competitive Landscape

The global funeral home and funeral service market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge.

Transparency Market Research has profiled the following players in its global funeral home and funeral service market report:

  • Service Corporation International
  • Naser Group Inc.
  • InvoCare Australia Pty Ltd.
  • Nirvana Services Inc.
  • Ritual Funeral Enterprise
  • AMAR International
  • Blue Ridge Funeral & Cremation Service
  •, LLC
  • Funeral Basics
  • Other Key Players

Key Developments in the Funeral Home and Funeral Service Market

  • Naser Group Inc. provide International Funeral Solutions. From and to the United States, South and Central America, Europe, and Asia, such as Repatriation, Cremation, and Funeral services.
  • Dignity explored innovative ways to provide funeral services, including online booking systems and digital planning tools. The company introduced new funeral packages and options to cater to changing consumer preferences.

Request for Customization and Redefine Expectations:

Funeral Home and Funeral Service Market – Key Segments

Service Type 

  • Burial 
  • Cremation 
  • Memorial 
  • Others (Non-traditional, Visitation Service, etc.) 

By Category 

  • Immediate-need 
  • Pre-planned 

Distribution Channel 

  • Online 
  • Offline 


  • North America 
  • Europe 
  • Asia Pacific 
  • Middle East & Africa 
  • South America 

Read More Related Reports:

Exploring the Future of the Industrial Protective Footwear Market 2023-2031 | Navigating Ownership Dynamics, Holistic Study of Growth Trends

Uncovering Animation Toys Market Demand: A Journey through Trends, Scope, and Factors Driving Growth

Popcorn Machine Industry Analysis 2023-2031: Navigating Sales Trends and Pioneering a Vision for the Future Landscape

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.


Nikhil Sawlani
Transparency Market Research Inc.
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453