Ashes to ashes: Revenue will continue to grow as cremation continues gaining popularity among younger generations

Over the five years to 2017, the declining significance of religious traditions and the increased transience of the US population, which diminishes the importance of permanent burial plots, have fueled a trend of rising cremations. In addition, changing attitudes toward pets have made funeral and cremation services for cats and dogs a growing market. As a result, more funeral homes have entered the industry by expanding their service offerings to cater to growing demand. Over the five years to 2022, cremation is anticipated to continue gaining popularity. Cremation is anticipated to continue gaining traction among younger generations who have already seen older relatives opt for it, further eroding cultural traditions surrounding burial...read more.

Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 12-17
6.5%
Forecast Growth 17-22
Profit
Employment
14,757
Businesses
12,283
Market Share of Companies
What Our Customers Say

Industry Threats & Opportunities

  • Cremation demand has been driven by its low cost compared with traditional burial services
  • As cremation grows more popular, more businesses have begun offering industry-relevant services
  • Increases in the senior population are projected to continue outpacing growth in the total population
  • Industry Report - Industry SWOT Analysis Chapter

    The Cremation Services industry is in the growth stage of its life cycle. Industry value added (IVA), which measures an industry's contribution to the economy, is expected to grow at an annualized rate of 5.2% over the 10 years to 2022. By contrast, US GDP is expected to rise an annualized 2.1% over the same period, indicating that the industry is growing at a faster rate than the overall economy. Although cremation has existed for centuries, it has only relatively recently gained wide popularity as a funeral option among mainstream Americans. Demographic trends have eroded the traditional hold of burial, especially over the past decade, and the industry is expected to benefit from continued growth in the market for its services...purchase to read more.

    Additional Insights for the Cremation Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Cremation Services 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 cremations and Number of deaths in the Cremation Services industry impact industry performance..

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    What is the Cremation Services Industry?

    This industry provides cremation services for both humans and pets at both funeral homes and standalone crematoria. Industry operators also retail related funeral products, such as caskets and urns.

    Industry Products
  • Human cremations at funeral homes
  • Resale of merchandise
  • Pet cremations
  • Human cremations at standalone facilities
  • Industry Activities
  • Cremation of human remains
  • cremation urns and other similar items
  • Management of peripheral funeral services
  • 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 cremations
  • Number of deaths
  • Number of adults aged 65 and older
  • Per capita disposable income
  • Number of pets (cats and dogs)

  • Current Performance
  • Demographics drive demand
  • Lower-cost funeral option
  • Emerging market
  • Chart: Revenue Growth

  • Industry Outlook
  • Steady demand
  • Industry structure
  • Table: Cremation Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Cremation Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Cemetery Services
  • Environmental Consulting
  • Florists
  • Gypsum Product Manufacturing

  • Products & Services
  • Human cremations at funeral homes
  • Resale of merchandise
  • Pet cremations
  • Human cremations at standalone facilities
  • Chart: Cremation Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Individuals aged 80 and older
  • Individuals aged 65 to 79
  • Individuals aged 45 to 64
  • Individuals aged 25 to 44
  • Individuals under the age of 25
  • Chart: Major Market Segmentation for the Cremation Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesPurchasesDepreciationRent and utilitiesOther
  • Chart: Cost Structure Benchmarking – Sector vs Cremation Services

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Cremation Services Industry

  • Industry Globalization
    Service Corporation International
  • Table: Service Corporation International - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Cremation Services 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 Cremation Services Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Total number of deaths (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Columbarium
  • A mausoleum or similar structure used to store cremation urns
  • Cremation Urns
  • Container, made of various materials, used to store the ashes after the cremation
  • Traditional Funeral Service
  • Includes both a religious service and a service at the cemetery or crematorium.
  • Why buy this report?

    The Cremation Services Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

    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 Cremation Services:
    • 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 Cremation Services 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 Cremation Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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