Unmarked grave: The rising popularity of cremation poses a threat to industry demand

The Funeral Homes industry in Florida has grown moderately over the past five years, outperforming the national industry. The state industry benefits from Florida's relatively elderly population. As a result, the state industry has not only outperformed the national average, but also attracted investments from major national companies seeking to serve a high-need population. After outperforming the national industry over the past five years, it is anticipated to slightly underperform over the next five. Florida's high rate of cremation will limit the industry's average sales per customer, even as the state's demographics continue to create a high volume of business...purchase to read more.

Industry Statistics & Market Size
Revenue
$707m
Annual Growth 12-17
2.3%
Forecast Growth 17-22
Profit
Employment
5,875
Businesses
1,233

Industry Threats & Opportunities

  • After outperforming the national industry, the Florida industry is expected to underperform
  • Industry profit margins have declined on average, in line with the trend toward cremation
  • Floridians are expected to continue exhibiting an increased preference for cremation
  • Industry Report - Industry Key Buyers Chapter

    The Funeral Homes industry in Florida has a low level of market share concentration. In 2017, the four largest companies in the industry combined are expected to account for less than 30.0% of total industry revenue. Funeral homes tend to serve a limited geographical area and, despite the emergence of large national players over the past decade, many are family-owned and -operated businesses. However, the industry is somewhat more concentrated in Florida than it is in the United States. All of the major national players have a disproportionate presence in the state. Due to Florida’s relatively elderly population, demographics that are favorable to the industry, national players have focused many of their investments in the state in recent years...purchase to read more.

    Additional Insights for the Funeral Homes in Florida Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Funeral Homes in Florida Industry are

  • Having a good reputation
  • Effective cost controls
  • Must comply with government regulations
  • IBISWorld analysts also discuss how external factors such as Number of adults aged 65 and older and Number of cremations in the Funeral Homes in Florida industry impact industry performance..

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    What's in this report

    What is the Funeral Homes in Florida Industry?

    This industry includes companies that conduct funerals and prepare the deceased for burial or interment. Industry establishments organize wakes, transport the dead and sell caskets and related merchandise. This industry includes funeral homes combined with crematories; however, establishments that primarily conduct cremation are excluded from this industry and are included in the Cemetery Services industry (IBISWorld report 81222).

    Industry Products
  • Cremation
  • Funeral planning services
  • Body preparation services
  • Transportation
  • Resale of merchandise
  • Industry Activities
  • Providing funeral director services
  • Providing embalming services
  • Operating funeral homes combined with crematories
  • Providing mortician services
  • Providing visitation or viewing services
  • Providing funeral services
  • Providing graveside committal services
  • Selling funeral merchandise (e.g. caskets, flowers and obituary notices)
  • Transporting the deceased
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of adults aged 65 and older
  • Number of cremations
  • Per capita disposable income in Florida
  • commerce sales

  • Current Performance
  • Demographics and funeral preferences
  • Industry structure
  • Chart: Revenue Growth

  • Industry Outlook
  • Cremation keeps rising
  • Industry structure
  • Table: Funeral Homes in Florida Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Funeral Homes in Florida Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Religious Organizations
  • Consumers

  • Key Selling Industries
  • Cemetery Services
  • Florists
  • Masonry
  • Newspaper Publishing
  • Religious Organizations
  • Wood Paneling Manufacturing

  • Products & Services
  • Funeral planning services
  • Resale of merchandise
  • Body preparation services
  • Cremation
  • Other
  • Transportation
  • Chart: Funeral Homes in Florida Industry Products and Services Segmentation

  • Major Markets
  • Individuals aged 75 and older
  • Individuals aged 45 to 64
  • Individuals aged 65 to 74
  • Individuals aged 25 to 44
  • Individuals aged under 25
  • Chart: Major Market Segmentation for the Funeral Homes in Florida Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Funeral Homes in Florida

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Funeral Homes in Florida Industry

  • Service Corporation International, Anderson-McQueen Funeral Home, Carriage Services Inc., StoneMor Partners LP,
  • Table: Service Corporation International - financial performance
  • Table: Anderson-McQueen Funeral Home - financial performance
  • Table: Carriage Services Inc. - financial performance
  • Table: StoneMor Partners LP - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Funeral Homes in Florida Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Funeral Homes in Florida Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Population of Florida (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    At-Need
  • Arrangement of a funeral service for a deceased person who did not have a prepaid funeral plan in place.
  • Preneed
  • Purchase of a funeral plan prior to death.
  • Traditional Funeral Service
  • Includes both a religious service and a service at the cemetery or crematorium.
  • What Our Customers Say

    Why buy this report?

    The Funeral Homes in Florida industry market report contains data and analysis of the most influential current and future trends shaping the industry. IBISWorld’s in-depth industry market research is presented in a logical, user-friendly format, and provides growth and profit forecasts for a five-year outlook period.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Funeral Homes in Florida:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Funeral Homes in Florida market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Funeral Homes in Florida, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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