Funeral Homes in the US - Industry Market Research Report

Final send-off: An increasingly aging population will keep demand high

Funeral homes are businesses that plan memorial services and prepare human corpses for interment or cremation. Demand for funeral services is relatively steady since most Americans pass through a funeral home after death. Changing funeral preferences in recent years have led more families toward lower-cost cremation services, reducing the amount of revenue generated per client. Despite more deaths because of COVID-19, revenue slowed in 2021 and declined in 2022 as vaccine rollouts and inoculations increased. Revenue has increased at a CAGR of 1.5% to $19.5 billion through the end of 2023, including a 1.5% increase in 2023 alone.

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).

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.