Cremation Services in the US - Industry Market Research Report

Ashes to ashes: Cremation gains popularity among younger generations, keeping revenue growth alive

Many factors have fueled consumers' choosing cremation services over traditional burial. The increasing cost of conventional burial services, especially in population centers with diminished cemetery space, has prompted consumers to consider lower-cost cremation. The declining significance of religious traditions in some regions has made the initial set-up costs of crematory services less risky. And the transience of the US population has diminished the importance of permanent burial plots. Not only have religious attitudes mattered, but changing attitudes toward pets have also made funeral and cremation services for cats and dogs a growing market. The tragic number of deaths from COVID-19 sent revenue skyrocketing in 2020, leading to industry-wide solid revenue growth at a CAGR of 5.7% over the past five years and is expected to total $3.3 billion in 2023, when revenue will jump by an estimated 1.1%.

This industry provides cremation services for humans and pets at funeral homes and standalone crematoria and retails funeral products (caskets, urns).

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.