PUBLISHER: Grand View Research | PRODUCT CODE: 1587404
PUBLISHER: Grand View Research | PRODUCT CODE: 1587404
The Europe funeral homes and services market is anticipated to reach USD 23.72 billion by 2030 and expand at a CAGR of 5.52% during the forecast period, according to a new report by Grand View Research, Inc. The growth is attributed to the increasing digital transformation with evolving consumer expectations. This shift impacts how funeral services are offered and managed. Moreover, the rising demand for funeral planning significantly drives the market.
The rising demand for funeral planning is significantly driving the growth of the market as populations in European countries continue to age, the death rate is gradually increasing, resulting in a growing need for end-of-life services. Furthermore, the cultural shift towards pre-arranged funerals, where individuals or families plan their services, is gaining popularity due to its emotional and financial benefits. These plans allow families to manage costs, avoid last-minute decisions, and ensure the deceased's wishes are honored, creating a greater reliance on professional funeral homes. According to a survey published by Engelwood Communications Ltd., in Spain, Portugal, and Cyprus, significant UK expatriate communities need funeral planning services and demonstrate considerable activity on Facebook and Instagram.
Furthermore, Europe's aging population is expected to increase the demand in funeral homes and services, presenting substantial long-term growth opportunities. According to Eurostat, in the region, the demographic trend indicates a substantial rise in the elderly population (65 years and older), which is expected to grow from 90.5 million in early 2019 to 129.8 million by 2050. This period is expected to witness a significant expansion in the age groups of 75-84 years and 65-74 years, with projected increases of 56.1% and 16.6%, respectively. As the demographic shift accelerates, funeral homes are anticipated to experience a steady and predictable rise in clientele over the forecast period.