Business Background

• The US funeral services industry generates around $19.1 billion in annual revenue (IBISWorld, Funeral Homes in the US – Market Size, Industry Analysis, Trends and Forecasts (2024-2029)) with a projected CAGR (Compound Annual Growth Rate) of 1.0% through the end of 2024 (though the pandemic caused a temporary spike).
• The industry is primarily made up of small, family-owned businesses with over 87% falling into this category (National Funeral Directors Association, Statistics). There are also some larger, publicly traded companies.
• The industry is experiencing a shift towards cremation as a more affordable and space-saving option. Additionally, there’s a growing demand for personalized funeral services that reflect the deceased’s life and values.