Funeral Homes in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: June 2024
NAICS 81221Revenue
$18.4bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
106k
Businesses
22,182
Wages
$X.Xbn
Funeral Homes in the US industry analysis
Over the past five years, funeral homes have adapted to significant shifts spurred by the COVID-19 pandemic and evolving consumer preferences. The pandemic's high mortality rates in 2020 and 2021 led to an unprecedented rise in demand for funeral services, prompting the implementation of strict health and safety measures. As the situation stabilized, demand returned to pre-pandemic levels. A notable change has been the growing preference for cremation over traditional burials, driven by cost and environmental concerns. Additionally, there has been increased interest in eco-friendly burial options and digital services, such as live-streamed and virtual funerals, which have become standard offerings. Industry revenue is estimated to increase at a CAGR of 0.2% to $18.4 billion over five years, including a projected 1.3% rise in 2024.
Trends and Insights
- The funeral industry is experiencing a growing preference for cremation over traditional burials. This shift is driven by cost-effectiveness, environmental concerns and the flexibility cremation offers for memorial services.
- Younger generations are driving demand for eco-friendly and personalized funeral services. Their tech-savviness and environmental consciousness necessitate that funeral homes offer digital convenience and sustainable options to meet evolving expectations.
- The Southeast's aging population and cultural traditions drive high demand for funeral homes. This region's mild climate attracts retirees, while its rich cultural heritage emphasizes elaborate funeral ceremonies, ensuring consistent need for these services.
- High start-up costs pose a significant barrier for new entrants in the funeral home industry. These expenses include infrastructure, embalming equipment, and legal compliance, making it financially challenging for new businesses to establish themselves.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 0.2 % over the past five years, to reach an estimated $18.4bn in 2024.
Trends and Insights
The COVID-19 pandemic caused a historic surge in demand for funeral service
- The COVID-19 pandemic led to a significant increase in mortality rates, particularly during 2020 and 2021, which in turn caused a heightened demand for funeral services across the nation.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Green burials and eco-friendly practices are on the rise
- Increasing environmental awareness is pushing funeral homes to offer more eco-friendly options, such as green burials, which minimize the use of hazardous chemicals and non-biodegradable materials.
Biggest companies in the Funeral Homes in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Service Corporation International | 3,957.7 | 944.9 | 23.9 | |
Carriage Services, Inc. | 395.0 | 90.1 | 22.8 | |
StoneMor Partners LP | 376.3 | 16.4 | 4.4 |
To view the market share and analysis for all 8 top companies in this industry, view purchase options.
Products & Services Segmentation
Funeral Homes in the US
Products & Services
Industry revenue is measured across several distinct product and services lines, including Funeral planning services, Resale of merchandise and Body preparation and interment. Funeral planning services is the largest segment of the Funeral Homes in the US.
Trends and Insights
Funeral planning services are on the rise and are catering to personalized and budget-conscious farewells
- Funeral planning services encompass a range of activities, including arranging funerals, memorials and burials and pre-planning these events to ensure everything is in place when needed.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Masonry in the US
- Florists in the US
- Trusts & Estates in the US
- Cemetery Services in the US
- Religious Organizations in the US
International industries
- Funeral Homes in Canada
- Funeral Directors, Crematoria and Cemeteries in Australia
- Funeral, Crematorium and Cemetery Services in New Zealand
- Funeral Activities in the UK
Table of Contents
About this industry
Industry definition
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. The industry includes funeral homes combined with crematories; however, establishments that primarily conduct cremation are excluded from this industry and accounted for in the Cemetery Services industry (see IBISWorld report 81222).
What's included in this industry?
Providing funeral director servicesProviding embalming services Operating funeral homes combined with crematories Providing mortician services Providing visitation or viewing servicesProviding funeral servicesProviding graveside committal servicesSelling funeral merchandise (e.g. caskets, flowers and obituary notices)Transporting the deceasedCompanies
Service Corporation InternationalCarriage Services, Inc.StoneMor Partners LPPurchase this report to view all 8 major companies in this industry.
Related Terms
PRE-NEEDAT-NEEDTRADITIONAL FUNERAL SERVICEIndustry Code
NAICS 81221 - Funeral Homes 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 funeral industry is experiencing a growing preference for cremation over traditional burials. This shift is driven by cost-effectiveness, environmental concerns and the f...
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
Younger generations are driving demand for eco-friendly and personalized funeral services. Their tech-savviness and environmental consciousness necessitate that funeral homes...
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
The Southeast's aging population and cultural traditions drive high demand for funeral homes. This region's mild climate attracts retirees, while its rich cultural heritage e...
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
High start-up costs pose a significant barrier for new entrants in the funeral home industry. These expenses include infrastructure, embalming equipment, and legal compliance...
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
Leading funeral homes focus on vertical integration. To maximize profitability, funeral homes have sought to control all aspects of the death and bereavement process. Service...
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 Service Corporation International's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Carriage Services, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of StoneMor Partners LP's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 5 additional companies
Detailed analysis
- Description and key data for Service Corporation International, and factors influencing its performance in the industry
- Description and key data for Carriage Services, Inc., and factors influencing its performance in the industry
- Description and key data for StoneMor Partners LP, and factors influencing its performance in the industry
- Description, key data and performance trends for 5 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Small Business Administration (SBA) offers loans to funeral homes to help them cover various costs. These loans often have favorable terms, making it easier for funeral h...
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
An aging population and customization trends are boosting funeral home profits. The rising death rate among baby boomers and demand for personalized services like themed fune...
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 Funeral Homes in the US industry in United States in 2024?
The market size of the Funeral Homes in the US industry in United States is $18.4bn in 2024.
How many businesses are there in the Funeral Homes in the US industry in 2024?
There are 22,182 businesses in the Funeral Homes in the US industry in United States, which has declined at a CAGR of 1.5 % between 2019 and 2024.
Has the Funeral Homes in the US industry in United States grown or declined over the past 5 years?
The market size of the Funeral Homes in the US industry in United States has been growing at a CAGR of 0.2 % between 2019 and 2024.
What is the forecast growth of the Funeral Homes in the US industry in United States over the next 5 years?
Over the next five years, the Funeral Homes in the US industry in United States is expected to grow.
What are the biggest companies in the Funeral Homes in the US market in United States?
The biggest companies operating in the Funeral Homes market in United States are Service Corporation International, Carriage Services, Inc. and StoneMor Partners LP
What does the Funeral Homes in the US in United States include?
Providing funeral director services and Providing embalming services are part of the Funeral Homes in the US industry.
Which companies have the highest market share in the Funeral Homes in the US in United States?
The company holding the most market share in United States is Service Corporation International.
How competitive is the Funeral Homes in the US industry in United States?
The level of competition is high and steady in the Funeral Homes in the US industry in United States.
