You may not have accorded it careful thought, but the caskets and coffin industry has greatly changed in the last few years. For starters, there’s been a big increase in the demand for custom-made caskets and coffins. The industry has major players operating the market, Europe holding the majority share in the global market.
One of the reasons for the industry growth can be attributed to customization factor. More people are now looking for something that reflects their style and personality and are not interested in the traditional all-wooden caskets.
Similarly, there’s been a shift towards eco-friendly burial materials. More and more people are choosing caskets and coffins made from bamboo, recycled paper, or other sustainable materials. This has led the market players to respond by offering what consumers need, and further increasing chances for more opportunities in the future.
The current global caskets and coffin industry is a big one, estimated at around $10 billion. A report by Research and Markets predicts the market will grow positively over the forecast period from 2022-2028. Global players operating in the market and new market entrants have a huge opportunity during this period.
Caskets and Coffins Industry in the United States
The caskets and coffin industry is a global market worth an estimated $6 billion annually. And while the industry has been around for centuries, it’s undergone some major changes in recent years. The United States stands out as the dominating country in the global caskets and coffins market.
Casket manufacturing didn’t start in the United States until the 1800s. Before then, funeral directors or undertakers operated furniture stores in town and built coffins on a need basis. By 1952, there were an estimated 700 casket manufacturing businesses in the US with over 20,000 employees.
The caskets and coffins used to be largely made of wood. But now, they’re made of metal and fiberglass, less likely to warp or rot. In addition, many caskets and coffins are now finished with high-gloss paint or other coatings, making them more resistant to scratches and fading.
So, what does this mean for consumers? It means you have more choices than ever when choosing a casket or coffin for your loved one. This also means that you can trust your casket or coffin choice will last for years.
Currently, the US caskets and coffins industry has an estimated revenue of $656.9m. However, the US Coffin & Casket Manufacturing Market has experienced a negative growth size in 2022 at -10.2%. Key factors being a declining life cycle stage and high market competition.
Here are the key things to keep in mind about the caskets and Coffins industry in the US:
1. The industry is becoming more and more high-tech. Coffins are no longer just simple boxes; they’re now equipped with features like built-in speakers and LED lights.
2. There’s a growing demand for eco-friendly caskets and coffins. More and more people want to choose a green burial that doesn’t damage the environment.
3. The industry is becoming more and more competitive. With so many companies competing for market share, it’s crucial to stand out.