South Korea Funeral and Cremation Service Market Research Report, 2029

The funeral and cremation services market in South Korea is simultaneously very traditional and modernizing. Modernization is slowly creeping in through ancient Confucian-based customs that really put a premium on family honor and precise, rather elaborate rituals. In recent times, it experienced huge changes due to changing demographics and cultural behavior. South Korean funerals, characterized by their complex rites and huge sums spent on traditional burials, slowly gave way to cremations. Social changes, however, have impacted these practices tremendously. The rise in cremation rates can be viewed as one major change in this regard. A method once considered exclusively for burial has gained great favor due to the lack of available land and high expenses related to plots in the cemetery. Mostly, more than 80% of the deaths in South Korea are cremations, which is a dramatic change in previous practices. In fact, with a view to taking care of environmental concerns associated with cremation, the South Korean government has also introduced regulations for the emission gases and other associated processes to make them more environment friendly. In that way, these regulatory measures ensure that the industry works within guidelines that strike a balance between traditional values and modern environmental considerations. Key participants in the South Korean funeral and cremation market include leading companies like Daehan Funeral Service, Jin-Hyung Funeral Service, and Samil Funeral Service. These are companies that top the list in the industry by offering services ranging from traditional rituals to modern cremation options. They have responded well to greater demands for quicker, less expensive services while remaining sensitive to cultural tradition. Daehan Funeral Service has the largest network of crematoria and burial grounds, offering different types of services that answer traditional and modern tastes and trends. Jin-Hyung Funeral Service provides customized service to fulfill the rising demand by consumers for more personalized funeral services. According to the research report "South Korea Funeral and Cremation Services Market Research Report, 2029," published by Actual Market Research, the South Korea funeral and cremation services market is expected to reach a market size of more than USD 1000 Million by 2029. Some of the determinants to this market include the rapidly aging population, high rates of cremation, and changing cultural perceptions. South Korea contains one of the fastest-aging populations in the world, with the proportion of the people aged 65 years and more projected to rise significantly in the coming decades. This is some of the most powerful drivers of the demand for funeral and cremation services. South Korea enjoys one of the highest cremation rates in the world, with land shortage and government policies that favor it as the method of disposition. Other cultural changes that will impact one are the growing acceptance of scattering ashes and non-traditional services. Tied in with the enablers is the customer demand for personally tailored and innovative services, transparency in pricing, and easy arrangements. Consumers are looking for unique and personalized ways to remember their loved ones through things like customized memorial services, green cremations, and novel disposition alternatives. Today, many consumers have started demanding transparency and an affordable price structure, given that they are very cost-sensitive. Moreover, ease of technology usage and an increase in the internet usage for various works in life have led to the demand for online arrangements, which are convenient, as well as virtual memorial services. Opportunities available in the market include increasing technology adoption, cultural norm changes, and regulatory change. With its tech-savvy population, it avails funeral service providers in South Korea a means to introduce technology-driven features into their service delivery, including online platforms, memorial services operated by virtual reality, and cremation systems run automatically.

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Cremation forms the larger segment in South Korea due to a cultural shift in favor of cremation, coupled with rapid changes in society and increasing urbanization. It has generally become practicable and cheaper due to the scarce space available in highly populated areas, hence making more families opt for it. In addition, cremation has been spurred by government encouragement and is, in many cases, considered the preferable option for most families. Fastest growing is the Funeral Planning Services segment; it describes the unprecedented sophisticated levels and individualization of funeral services. Even though many more families desire personalization along with special meaning for their loved one, there are more and more specialized planning services that would assist them with the procedures. This trend is justified by the fact that each memorial has its unique flavour and represents the deceased's taste and values. Further, the segment expands the scope of offerings by funeral homes. This segment grows in prominence due to the increased demand for pre-planning services, whereby individuals pre-plan funeral arrangements before the actual event. Transportation includes logistics related to either moving the remains for burial or cremation services. This section is very important to ensure transportation of the deceased with respect, dignity, and fulfilling family needs at the time of sorrow. Body Preparation and Interment refers to the processes involved in getting the dead body ready for the funeral service, which include embalming, dressing, and casketing. This section is critical in carrying out the final steps of presenting the dead in a manner that reflects culture and family preferences. The others section involves a wide array of extra services, among them grievance support and products found in a memorial, which cater to the needs of families in times of loss. The Immediate Need category drives the funeral and cremation services market in South Korea, for no other simple reason than the fact that funerals are mostly conducted immediately following a loved one's death. This category comprises all services required by families with very short notices, including burial and cremation, and all logistics associated with these activities. There is a strong preference for immediate arrangements, driven by cultural practices and societal expectations to have a deceased person's body attended to in a timely and respectful manner. Since families are mostly thrust into situations of grief, the need for professional funeral services to help them at the very last minute is strong, and therefore, this sector forms the most powerful force in the market. Another factor related to urbanization is the transience of life, whereby families, due to having to move frequently, are most of the time not ready to encounter death, hence increasing the demand for immediate services. This pre-planned segment is gaining momentum due to changes in consumer behavior toward more proactive funeral planning and pre-arrangement. As awareness of the benefits of pre-planning increases, more people are taking charge of their end-of-life decisions and relieving family members and loved ones from the emotional and financial burdens. This trend has been influenced by changing social attitudes, wherein people seek more personalized funerals that would enable a person to leave behind a legacy that best represents one's values and beliefs. In South Korea, the growth of the middle class and interest in funeral customization has contributed to the demand for pre-planned services. This segment is expected to continue growing with heightened awareness of the advantages of pre-planning, increasing the need for an immediate need segment by providing more choices and control over family funeral planning. The Offline distribution channel has been, and continues to be, the most popular option among families when it comes to the funeral and cremation service market in South Korea. One obvious reason for this dominance would be the deeply seated cultural traditionalism regarding death and funerals in South Korean society. Families prefer in-person approaches in relation to such sensitive issues; actual interactions give them the opportunity for consultation with experienced funeral directors. The emotional connect, that of choosing caskets and viewing facilities and the associated rituals, can be best brought out in a physical setting. It ensures that the families are convinced beyond doubt about their decisions. In addition, many of the older generations would not feel as comfortable ordering online, which also cements the need for offline services. In South Korea, one rapidly growing channel in this country is online distribution. It has been triggered off basically by the rapid pace at which the digitization of services and consumer behavior has been changing. The younger generation, most familiar with technology, increasingly goes to the internet to find funeral services, compare prices, and even make arrangements. Moreover, the COVID-19 pandemic accelerated this shift to online services, since health concerns prompted a move to remote interactions. Many funeral homes have gone ahead to offer virtual consultations and create online booking systems, further facilitating growth in this channel. This digital transformation eases the way families can manage funeral arrangements while able to maintain a sense of personalization and control.

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Kripa Shah

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Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Funereal Service market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Provider • The Funeral Director • Embalming Services • Mortician Services • Funeral Homes With Crematories • Visitation Or Viewing Services • Graveside Committal • Selling Funeral Supplies • Transporting The Deceased

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By Service • Cremation • Funeral Planning Services • Transportation • Body Preparation And Interment • Others By Application • Immediate need • Pre-Planned By Distribution Channel • Online • Offline The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Funereal Service industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.