In memoriam: The continued aging of the population will raise demand for funeral services

The Funeral Homes industry in Ohio has grown marginally over the five years to 2018. As in the rest of the nation, senior citizens have grown as a share of the state’s population. Over the five years to 2018, the number of adults over the age of 65 is anticipated to increase at an annualized rate of 2.4%. By comparison, the total population of Ohio has stagnated, rising an annualized 0.1% over the same period. Senior citizens are actuarily more likely to die, so an aging population tends to bode well for the funeral services sector. Funeral services are largely nondiscretionary; notwithstanding a recent trend of more at-home memorial services, the vast majority of US corpses are cared for professionally...purchase to read more.

Industry Statistics & Market Size
Revenue
$814m
Annual Growth 13-18
0.8%
Forecast Growth 18-23
Profit
Employment
6,260
Businesses
1,404

Industry Threats & Opportunities

  • Funeral homes rely on more discretionary, add-on products and services such as service planning and high-end coffins for revenue
  • Additional Insights for the Funeral Homes in Ohio Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Funeral Homes in Ohio 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 in Ohio and Number of cremations in the Funeral Homes in Ohio industry impact industry performance..

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    What's in this report

    What is the Funeral Homes in Ohio 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 in Ohio
  • Number of cremations
  • Per capita disposable income in Ohio
  • commerce sales

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Funeral Homes in Ohio 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
  • Resale of merchandise
  • Funeral planning services
  • Body preparation services
  • Other
  • Cremation
  • Transportation
  • Chart: Funeral Homes in Ohio 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 Ohio Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Funeral Homes in Ohio

  • Basis of Competition
    Barriers to Entry
    Service Corporation International, Carriage Services Inc., Herman Funeral Homes & Cremation Services, StoneMor Partners LP,
  • Table: Service Corporation International - financial performance
  • Table: Carriage Services Inc. - financial performance
  • Table: Herman Funeral Homes & Cremation Services - financial performance
  • Table: StoneMor Partners LP - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Funeral Homes in Ohio 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 Ohio Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of adults aged 65 and older in Ohio (2009-2023)

  • 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.
  • Pre-Need
  • 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 Ohio 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 Ohio:
    • 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 Ohio 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 Ohio, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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