Burial Casket Market
The global burial casket market is forecast to experience a slight increase in performance over the period from 2022 to 2030, with a projected CAGR of +0.0% in volume and +2.3% in value terms. The United States leads in both consumption and production of burial caskets, with the market showing varying growth rates over the years. Import prices have seen fluctuations, with the United States being the main importing country and influencing the global price levels.
Market Forecast
Driven by rising demand for burial casket worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.0% for the period from 2022 to 2030, which is projected to bring the market volume to 2M units by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market value to $760M (in nominal prices) by the end of 2030.
Consumption
World Consumption of Burial Caskets
After three years of decline, consumption of burial caskets increased by 0.1% to 2M units in 2022. Over the period under review, consumption, however, continues to indicate a slight setback. The growth pace was the most rapid in 2018 with an increase of 4.5% against the previous year. Over the period under review, global consumption reached the maximum volume at 2.4M units in 2014; however, from 2015 to 2022, consumption failed to regain momentum.
The global burial casket market revenue totaled $636M in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a noticeable decline. The pace of growth appeared the most rapid in 2018 with an increase of 4.5%. Over the period under review, the global market attained the maximum level at $781M in 2014; however, from 2015 to 2022, consumption remained at a lower figure.
Consumption By Country
The United States (2M units) remains the largest burial casket consuming country worldwide, accounting for 100% of total volume.
From 2013 to 2022, the average annual growth rate of volume in the United States stood at -1.8%.
In value terms, the United States ($636M) led the market, alone.
In the United States, the burial casket market contracted by an average annual rate of -2.0% over the period from 2013-2022.
From 2013 to 2022, the average annual growth rate of the burial casket per capita consumption in the United States amounted to -2.5%.
Production
World Production of Burial Caskets
Global burial casket production was estimated at 2M units in 2022, flattening at 2021 figures. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 12% against the previous year. Global production peaked at 2M units in 2014; afterwards, it flattened through to 2022.
In value terms, burial casket production totaled $636M in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 12%. Global production peaked at $664M in 2014; however, from 2015 to 2022, production remained at a lower figure.
Production By Country
The United States (2M units) constituted the country with the largest volume of burial casket production, accounting for 100% of total volume.
From 2013 to 2022, the average annual growth rate of volume in the United States was relatively modest.
Imports
Imports By Country
The United States (532K units) represented roughly 100% of total imports in 2019.
The United States was also the fastest-growing in terms of the burial caskets imports, with a CAGR of +6.7% from 2013 to 2019. The shares of the largest importers remained relatively stable throughout the analyzed period.
In value terms, the United States ($161M) constitutes the largest market for imported burial caskets worldwide.
From 2013 to 2019, the average annual growth rate of value in the United States totaled +5.1%.
Import Prices By Country
In 2019, the average burial casket import price amounted to $303 per unit, reducing by -1.8% against the previous year. In general, the import price recorded a slight reduction. The most prominent rate of growth was recorded in 2017 an increase of 3.5%. Global import price peaked at $332 per unit in 2013; however, from 2014 to 2019, import prices failed to regain momentum.
As there is only one major supplying country, the average price level is determined by prices for the United States.
From 2013 to 2019, the rate of growth in terms of prices for the United States amounted to -1.5% per year.
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