The death care and funeral industry is a rapidly growing market. The funeral industry has been around for centuries, but the death care industry is a more recent phenomenon. This article will explore the statistics, trends, and projected growth for the funeral and death care industries.
Overview of the Funeral Industry
The funeral industry is made up of funeral homes, funeral directors, cemeteries and crematoriums. The funeral industry is a $15 billion industry that has been growing steadily for the past decade. There are over 21,000 funeral homes in the United States, and they employ over 100,000 people.
Overview of the Death Care Industry
The death care industry comprises funeral homes, directors, cemeteries, crematoriums, and funeral service providers. The death care industry is a $20 billion industry that has been growing steadily for the past decade. There are over 21,000 funeral homes in the United States, and they employ over 100,000 people.
The difference between the funeral industry and death care is that funeral care is for the living, and death care is for the deceased.
Funeral Expenses and Funeral Costs
The average funeral costs between $7,000 and $10,000. Funeral expenses can be divided into three categories: funeral home fees, transportation fees, and cemetery fees. Funeral home fees include the cost of the funeral director, the funeral home facility, and the funeral service. Transportation fees include the cost of the hearse, funeral procession, and funeral flowers. Cemetery fees include the cost of the grave site, headstone or monument, and burial plot.
What Consumers Want from Funeral Services
Consumers want funeral services that are personal, meaningful, and affordable. They also want funeral services that are convenient and easy to use. For example, consumers have started picking cremations over burials because they are more affordable and convenient.
Trends
The funeral industry is changing rapidly. Some of the latest trends include:
Cremations
The cremation rate has been increasing steadily for the past decade, and it is now the preferred choice for funeral services.
Green funerals
Green funerals are becoming more popular as consumers become more environmentally conscious. Green funeral options include eco-friendly caskets, urns and funeral flowers.
DIY funerals
DIY funerals are becoming more popular as consumers want more control over their funeral arrangements. DIY funeral options include funeral planning software, online funeral planning services, and funeral homes that offer a la carte funeral services.
Pet funerals
Pet funerals are becoming more popular as people view their pets as family members. Pet funeral options include pet cemeteries, pet funeral homes, and pet cremation services.
Projected Growth
The funeral industry is projected to grow at a rate of 2.4% from 2018 to 2028. The death care industry is projected to grow at a rate of 3.2% from 2018 to 2028. The funeral industry is projected to reach $16 billion by 2028, and the death care industry is projected to reach $21 billion by 2028.
Is it a good time to enter the death care and funeral industry? Yes. There is a high demand for funeral services, and you can enter the market with low costs even though it’s a high-cost industry. For example, pick low-cost services with high returns, such as cremations. Then, scale your business.
Conclusion
The funeral industry and death care industry are both rapidly growing markets. Funeral services are in high demand, and the industry is projected to continue growing steadily. If you’re considering entering the funeral industry, now is a good time to do so.