The changing global demographics and the declining age of death are key drivers of the caskets and coffins industry growth. However, other factors such as the natural catastrophes occurring worldwide, the recurring health concerns among the world population, and psychological factors are also to blame for the increased demand for caskets and coffins.
Economic factors also affect this market; when economies are strong, demand for high-end burial caskets increases too. Another reason for the growth of caskets and coffins industry is that people are becoming more interested in eco-friendly burial options. Coffins made of sustainable materials are becoming more popular, as are biodegradable caskets.
Key opportunities in this industry include the young and upcoming startups entering the funeral services industry. These new companies have a chance to develop partnerships with hospitals, cemeteries, and crematoriums leading to hassle-free services.
One of the benefits is that consumers may be able to purchase caskets and their funeral service as a one package, saving them money on two large expenses in tandem.
However, the industry also faces threats, such as the increasing popularity of cremation. Cremations will account for more than 50% of burials globally by 2025. This could rise to 80% by 2040, given the global funeral industry is changing to meet the needs of a grieving public.
Overall, the global casket and coffin industry is estimated to grow steadily in the coming years. This growth is driven by several factors, including the increasing global population, the aging generation, and the declining average age of death.
As the world population continues to grow, so makes the demand for caskets and coffins. The aging generation will also increase demand, as this demographic is more likely to pre-plan their funerals and purchase caskets and coffins in advance.
Additionally, the declining average age of death means that more people will die each year, further boosting demand for these products. The future looks bright for the global caskets and coffins industry. We can expect steady growth in both developed and emerging markets thanks to industry-favorable demographic trends.