Coffin & Casket Manufacturing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: March 2024
NAICS OD5365Revenue
$661.7m
Past 5-Year Growth
Profit
$XX.Xm
Employees
2,110
Businesses
60
Wages
$XXX.Xm
Coffin & Casket Manufacturing in the US industry analysis
Coffin and casket manufacturers have endured significant volatility since 2019. Although demand for deathcare products and services often increases in line with an aging population, the considerable expenses associated with burials and a greater cultural acceptance of cremation have drastically harmed demand for traditional burial services and, therefore, for caskets. Since cremations are often the lowest-cost funeral method, this has pressured funeral homes, boosting price-based competition and pushing manufacturers' profit down. Although revenue has been generally falling over the past two decades, the COVID-19 pandemic caused an unprecedented number of deaths, with many families opting for burial services for their loved ones. This trend enabled coffin and casket sales to jump in 2020, although the vaccine distribution and having achieved herd immunity caused this trend to reverse. These factors have caused revenue to drop at an estimated CAGR of 1.6% to $661.7 million through 2024, including a 1.0% drop that year alone.
Trends and Insights
- The population aged 65 and older has grown. Since these individuals are statistically more likely to die, the aging population has raised demand for general funeral services.
- Metal burial caskets and coffins remain the industry’s largest product. Wood burial caskets and coffins also account for a significant portion of demand.
- Coffin and casket manufacturers choose to locate themselves near suppliers, making the Great Lakes a popular choice to set up establishments. These manufacturers can quickly and conveniently acquire raw materials while saving on transportation costs.
- Competition in coffin and casket manufacturing is high and primarily external. Competition primarily emerges from alternative methods of death care that don't require a traditional casket. Although cremations still use coffins, these are often more affordable, harming revenue.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 1.6 % over the past five years, to reach an estimated $661.7m in 2024.
Trends and Insights
Simpler and more affordable funeral arrangements harm sales
- Coffin and casket manufacturers sell most of their products to funeral homes and cemeteries, which often resell them to consumers alongside related services, such as embalming and internment.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Cremations will continue to become more popular, threatening coffin and casket producers
- This trend will continue to be driven by demographic trends, including declining religiosity and an increasingly mobile population.
Biggest companies in the Coffin & Casket Manufacturing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Hillenbrand, inc. | 294.8 | 53.6 | 18.2 | |
Matthews International Corp | 169.7 | 29.1 | 17.2 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Metal burial caskets and coffins, Wood burial caskets and coffins and Other burial caskets and coffins. Metal burial caskets and coffins is the largest segment of the Coffin & Casket Manufacturing in the US.
Trends and Insights
Metal burial caskets and coffins are the industry's most popular product
- Metal caskets, previously less in demand than cloth-covered or wood-based caskets, have surged in demand since the 1950s, as they are often more affordable than high-quality wood alternatives and offer more longevity. Demand for metal caskets has risen because of their lower price and the increasingly price-sensitive population.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Medical Instrument & Supply Manufacturing in the US
Complementors
- Precast Concrete Manufacturing in the US
- Funeral Homes in the US
- Cemetery Services in the US
International industries
- Household Furniture Manufacturing in Canada
- Wooden Furniture and Upholstered Seat Manufacturing in Australia
- Furniture Manufacturing in New Zealand
- Kitchen Furniture Manufacturing in the UK
- Wood Furniture Manufacturing in China
Table of Contents
About this industry
Industry definition
This industry primarily manufactures burial caskets, cases and vaults intended to contain dead bodies during and after burial or until cremation. Consumers often purchase these items from funeral homes, but in some cases, they may also purchase them directly from the manufacturers.
What's included in this industry?
Manufacturing metal burial caskets and coffinsManufacturing wood burial caskets and coffinsManufacturing cloth burial caskets and coffinsCompanies
Hillenbrand, inc.Matthews International CorpPurchase this report to view all 2 major companies in this industry.
Related Terms
BURIAL VAULTCREMATIONMAHOGANYIndustry Code
NAICS 33999 - Coffin & Casket Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The population aged 65 and older has grown. Since these individuals are statistically more likely to die, the aging population has raised demand for general funeral services.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Metal burial caskets and coffins remain the industry’s largest product. Wood burial caskets and coffins also account for a significant portion of demand.
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Coffin and casket manufacturers choose to locate themselves near suppliers, making the Great Lakes a popular choice to set up establishments. These manufacturers can quickly ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Competition in coffin and casket manufacturing is high and primarily external. Competition primarily emerges from alternative methods of death care that don't require a tradi...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Coffin and casket manufacturing is highly concentrated. Hillenbrand leads the pack and can dominate due to economies of scale and strong relationships with upstream and downs...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Hillenbrand, inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Matthews International Corp's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Hillenbrand, inc., and factors influencing its performance in the industry
- Description and key data for Matthews International Corp, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Manufacturers must follow various regulations. These include the Clear Water Act, Resource Conservation and Recovery Act, Clean Air Act and the Cluster Rule.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Purchases are the most significant cost for manufacturers. Input prices, including the price of steel and wood, have faced significant volatility since the start of the pande...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Coffin & Casket Manufacturing in the US industry in United States in 2024?
The market size of the Coffin & Casket Manufacturing in the US industry in United States is $661.7m in 2024.
How many businesses are there in the Coffin & Casket Manufacturing in the US industry in 2024?
There are 60 businesses in the Coffin & Casket Manufacturing in the US industry in United States, which has declined at a CAGR of 5.4 % between 2019 and 2024.
Has the Coffin & Casket Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Coffin & Casket Manufacturing in the US industry in United States has been declining at a CAGR of 1.6 % between 2019 and 2024.
What is the forecast growth of the Coffin & Casket Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Coffin & Casket Manufacturing in the US industry in United States is expected to decline.
What are the biggest companies in the Coffin & Casket Manufacturing in the US market in United States?
The biggest companies operating in the Coffin & Casket Manufacturing market in United States are Hillenbrand, inc. and Matthews International Corp
What does the Coffin & Casket Manufacturing in the US in United States include?
Manufacturing metal burial caskets and coffins and Manufacturing wood burial caskets and coffins are part of the Coffin & Casket Manufacturing in the US industry.
Which companies have the highest market share in the Coffin & Casket Manufacturing in the US in United States?
The company holding the most market share in United States is Hillenbrand, inc..
How competitive is the Coffin & Casket Manufacturing in the US industry in United States?
The level of competition is high and increasing in the Coffin & Casket Manufacturing in the US industry in United States.
