Funeral Homes in Canada - Industry Market Research Report

Resting easy: Demographic and societal factors will likely continue to drive revenue growth

Funeral homes in Canada provide memorial services and facilitate the arrangement of the deceased's burial or cremation. Demand for industry services does not strongly fluctuate alongside changes in the business cycle, and is instead dependent on demographic factors such as age and consumer preferences. Canada's growing and aging population has resulted in the number of deaths trending upward throughout 2023. However, more Canadians are now opting for cremations or other less expensive alternatives to alleviate the financial pressure of honouring their loved ones. Moreover, consumers are increasingly purchasing their merchandise (e. g. caskets) online to save on costs, with operators unable to combat these trends. As a result, industry revenue declined at a CAGR of 1.3% to $1.7 billion through the end of 2023, including a 0.8% increase in 2023, when profit reached 11.6%. The Funeral Homes industry in Canada conducts funerals and prepares the deceased for burial or interment. Funeral homes organize wakes, transport the deceased 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. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.