Overview of U.S. Funeral Market
The U.S. funeral market is currently estimated to be worth $20 billion annually. With 2.4 million funerals taking place each year, it is a sizable market. The industry brings in robust profit margins, at almost 20 percent.
Opportunities in the Funeral Industry
There is growing demand for mortuary equipment signaling future opportunities in the global market. Morticians prepare deceased people for funerals by providing services like hair styling, makeup, nail care, and funeral planning. The mortuary staff are highly trained professionals. Morticians carefully handle remains and prepare them for viewing and burial through embalming. The mortuary keeps bodies refrigerated.
Evolution of the Funeral Services Sector in the U.S.
The funeral services sector has grown substantially over the past century in America. What was once a small cottage industry has transformed into a multi-billion dollar market dominated by large corporate players. Driven by an aging population and consumer demand for personalized services, analysts expect steady continued expansion. However, market leaders have come under scrutiny for aggressive pricing policies that take advantage of grieving families. Regulating these profit-motivated practices has proven challenging though, as local laws often enable them. Still, the diverse needs of communities ensure opportunities remain for local operators.
Importance of the Funeral Industry
Overall, the funeral industry plays an important role during difficult times. Offering both logistical support and emotional care, these service providers contribute to the holistic well-being of the bereaved. Meeting this responsibility in an ethical manner allows the sector to maintain its pivotal position while supporting societal health.