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2024 U.S. Industry Statistics & Market Forecast - Funeral Homes and Funeral Services
Market Size & Industry Statistics
The total U.S. industry market size for Funeral Homes and Funeral Services:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Funeral Homes and Funeral Services industry include:- Aging population
- Cultural shift towards personalized and non-traditional funerals
- Increase in cremation rates
- Growing interest in eco-friendly funerals
- Digitalization of funeral services
- Rise in non-religious/secular ceremonies
- Expansion of grief support services
- Regulatory changes
- Demand for online memorial services and virtual funerals
- Consolidation of businesses within the industry
- Integration of advanced technologies (e.g., AR for virtual grave visits)
- Price sensitivity and affordability issues
Product & Services Breakdown
Research products and services in the Funeral Homes and Funeral Services industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Cremation Services For Human Remains |
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Pre-Burial Services For Human Remains |
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Funeral Planning And Coordination Services (Include Performing Memorial Service.) |
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Body Preparation Services |
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Local Transportation Of Human Remains |
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Long Distance Transportation Of Human Remains |
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Other Pre-Burial Services For Human Remains |
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Interment Of Human Remains |
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Graves, Plots, And Other Spaces For Human Remains |
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Graves, Plots, And Other Spaces For Human Remains - Sales |
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Resale Of Funeral Goods |
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Resale Of - Caskets |
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Resale Of - Urns And Other Containers For Cremated Human Remains |
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Resale Of - Cemetery Goods |
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Resale Of - Floral Arrangements |
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Resale Of - Other Funeral Goods |
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Packaged Funeral Services For The Preparation And Disposition Of Human Remains |
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Resale Of Merchandise |
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Resale Of Other Merchandise |
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All Other Receipts |
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All Other Operating Receipts |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
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|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Funeral Homes and Funeral Services company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Funeral Homes and Funeral Services industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Funeral Homes and Funeral Services measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 12% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 2% | |||
| Other Management Occupations | 10% | |||
| Personal Service Managers | 10% | |||
| Funeral Home Managers | 10% | |||
| Building and Grounds Cleaning and Maintenance Occupations | 12% | |||
| Grounds Maintenance Workers | 9% | |||
| Grounds Maintenance Workers | 9% | |||
| Landscaping and Groundskeeping Workers | 9% | |||
| Personal Care and Service Occupations | 47% | |||
| Funeral Service Workers | 46% | |||
| Funeral Attendants | 24% | |||
| Funeral Attendants | 24% | |||
| Morticians, Undertakers, and Funeral Arrangers | 17% | |||
| Morticians, Undertakers, and Funeral Arrangers | 17% | |||
| Office and Administrative Support Occupations | 20% | |||
| Secretaries and Administrative Assistants | 6% | |||
| Secretaries and Administrative Assistants | 6% | |||
| Secretaries and Administrative Assistants, Except Legal, Medical, and Executive | 5% | |||
| Other Office and Administrative Support Workers | 7% | |||
| Office Clerks, General | 7% | |||
| Office Clerks, General | 7% | |||
Funeral Homes and Funeral Services Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Funeral Homes and Funeral Services industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Funeral Homes and Funeral Services industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Funeral Homes and Funeral Services industry. |
Source:
Innovation News
- Jan 02, 2024: Foundation Partners Group trademarks "AFTERALL" - Arranging and conducting seminars and workshops in the field of grief for the bereaved and support for bereavement caregivers; Educational services
- Dec 22, 2023: Everest Funeral Package trademarks "TENZING" - Electronic data storage; providing a website for the electronic storage of digital photographs and videos; electronic storage services for archiving electronic data; cloud storage services for electronic data; electronic storage of files and documents
- Dec 22, 2023: Dignity Funeral Services trademarks "MIDSTATE CREMATION & FUNERAL SERVICE" - Cremation services; Conducting funeral ceremonies; Funeral ceremony services accompanying cremation
- Sep 07, 2023: Vernon Funeral Homes patents Identification Bed
- Jul 19, 2022: Titan Casket raises $3 million in funding.
- Mar 11, 2021: Northstar Memorial Group patents System For Geospatial Mapping Of Cemetery Properties
- Mar 11, 2021: Northstar Memorial Group patents System For Geospatial Mapping Of Cemetery Properties
- Nov 25, 2019: Crakn raises $1 million in funding.
- Oct 24, 2019: PF Management Services raises $2 million in funding.
Recent Federal Contracts for Funeral Homes and Funeral Services
- Mar 31, 2024: WOODLAND FUNERAL CHAPEL (Woodland, CA) awarded $186,948
- Mar 29, 2024: AULDS FUNERAL HOME, LLC (Shreveport, LA) awarded $71,100
- Mar 28, 2024: INTERNATIONAL MORTUARY SHIPPING, LLC (Union, SC) awarded $175,435
- Mar 22, 2024: LEHMAN REEN FUNERAL HOME INC (Brighton, MA) awarded $13,703
- Mar 21, 2024: TRIPLE ALLIANCE ENTERPRISES, INC. (Desoto, TX) awarded $14,182
- Mar 21, 2024: DESTINY FUNERAL HOME & CREMATORY, INC. (Long Beach, CA) awarded $20,000
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