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Summary and extracts
1 Market summary
1.1 Definition and Scope of the Study
The death of a loved one, in addition to being a sad moment in itself, comes with the need for funeral arrangements that fall on those most affected by the loss. This makes the funeral industry a delicate business. The funeral market can be defined as the market related to funerals that take place following the death of a person.
The funeral industry is a "Made in Italy" industry that employs about 25 thousand direct and 25 thousand indirect workers. This market, in 2020, consisted of 6,812 funeral directors and even more manufacturers of marble, coffins and florists.
The two main services that make up this market are:
- Funeral services (funeral planning): this segment is divided into two parts:
- Funeral Homes: they have all the necessary equipment for every aspect of funeral service.
- Funeral Agencies: they do not have their own equipment, they simply plan the ceremony by renting or purchasing from third parties the necessary equipment to meet the needs of their clients.
- Marble services (manufacture of headstones, monuments and flowers).
In Italy, the ceremony is generally religious (Catholic-influenced) and standardized in its structure, consisting of a few basic formal and traditional steps that do not leave much room for customization by the client, although complementary services (funeral furniture, type of headdress and related accessories, obituary, secular or religious rites, flowers, etc.) must also be included.
The funeral market is closely linked to structural demographic changes in the Italian population. This is partly reflected in the increase in funeral service turnover as the population continues to age in this country.
But this growth has its limits. In fact, the sector today faces the same problems as the service industry: the reduction in the purchasing power of Italian families, competition from low-cost alternatives from abroad, especially for coffin manufacturers, and regional and local regulations that are not harmonized with each other and with national regulations. In addition, an industry-specific problem is related to the growing popularity of cremation and secular practices that have led to a reduction in average spending on cemeteries and burials.
Finally, the funeral industry also faces opportunities and threats related to digitization and new social media trends.
However, some large companies such as Taffo and SVE have learned to take advantage of these new trends, proving that it is still possible to succeed in this market. The former has embraced digitization and implemented a strong advertising campaign on online channels, and the latter has successfully implemented cremation services to meet growing demand by leveraging its national network of funeral and related businesses.
1.2 The global market for funeral services
In the context of COVID-**, the global funeral care services market was estimated to be worth $**.* billion in **** and is expected to reach a revised size of $*** billion by ****, growing at a CAGR of *.*% during ****-****[***].
Global funeral market revenues World, ****-****, in billions of dollars Source: ****
There were **.* million deaths ...
1.3 The Italian funeral services market
The business of funeral services in Italy is slowly increasing in number and is expected to grow steadily over at least the next decade. This trend has been reflected in the annual turnover of funeral homes in Italy, which increased after **** by *.* billion, recovering from the financial crisis until reaching a ...
1.4 Impact of COVID-19
the COVID-** pandemic has inevitably affected the funeral market in Italy as elsewhere in the world. However, restrictions and the inability to gather too many people in an enclosed space due to social distance have changed the market significantly, and all companies active in this field have had to adapt their ...
2 Demand analysis
2.1 Determinants of demand
To quantify the importance and size of the funeral market in Italy, it is necessary to conduct a demographic analysis, with particular attention to mortality rates, which inevitably are a driver of demand for this market moving in the same direction. In addition, the age distribution and median age of the ...
2.2 Customer demand and characteristics
Demand for funeral services is generally considered inelastic, although not recession-proof. Activity tends to be steady, but with a degree of seasonality, with revenues and profits higher in the winter months when cases of influenza and pneumonia are more prevalent. While the funeral service industry is stable and its long-term prospects ...
2.3 Geographical distribution of demand
In order to visualize the geographic distribution of the demand for funeral services in Italy, two maps were created: the first depicting the geographic distribution of deaths in **** and the second depicting the average annual household expenditure on funeral services in each Italian macro-region.
Regarding the first aspect, in ****, almost **% of ...
2.4 Relevant demand trends
Two main trends are shaping the demand for funeral and related services today, in addition to a slight decrease in the purchasing power of Italians who, given the current situation, prefer to spend less on funerals than in the past.
Increase in popularity of cremation practices
Cremation is the only permanent ...
3 Market structure
3.1 Market structure
In order to analyze the structure of the funeral market in Italy, enterprises under Ateco Code **.** "Funeral services and related activities" are analyzed. In particular, trends in the number of active enterprises and the number of employees are analyzed, as well as the legal form of different activities.
Number of ...
3.2. Competition and strategy
The funeral market in Italyconsists of a complex composition of local/regional (***), from a business perspective it is possible to generalize the description of the market structure as consisting of three major subsectors[***],
Private funeral directors who are widespread and evenly distributed throughout the country, and sometimes exist as sub-offices or ...
3.3 The main actors
The following is a proposed list of the main players active in funeral and cemetery services in Italy:
Funeral services
Imprese San Siro American Funeral s.p.a: headquartered in Milan, Italy, is a company that operates in the funeral business. Founded on April **, ****, it has established itself as an important ...
4 Supply analysis
4.1 Typical presentation of a funeral service in Italy
The funeral market in Italy combines the offering of various products (***) by those interested in purchasing a prepaid funeral plan tailored to their needs.
In this sense, a typical ceremony includes the funeral director's expenses (***)Therefore, given the highly variable composition of packages and services, which generally depends on the needs ...
4.2 Prices
Analyzing the consumer price index for funeral services, between January **** and February **** shows an increase of *.* points, representing an average price increase of *.*%. In particular, as shown in the graph below, the increase is concentrated between January **** and February ****: while in the previous * years the increase was *%, over the **-month period ...
4.3 New industry trends
Digitization in the industry [***]:
The profile of people most concerned with online research for funerals of loved ones are young adults, who are part of the **-** age group. This is followed by people aged **-** and then those aged **-**. It is young people, between the ages of ** and **, who ...
5 Rules and regulations
5.1 Market regulatory framework
E the funeral home itself, in order to be authorized to carry out its activities within the limits provided by the territorial planning, must operate in accordance with the UNI EN ***** standard.
The Italian funeral market is regulated in the same way at the state and regional levels and allows for ...
6 Positioning of actors
6.1 Companies
- Imprese San Siro American Funeral s.p.a
- Concordia s.r.l
- OFT s.p.a
- A.S.F. Italia s.r.l
- Afc Torino s.p.a
- Bologna Servizi Cimiteriali s.r.l
- Azimut s.p.a
- Ferrara Tua s.p.a
List of charts presented in this market study
- Market value of funeral services and products
- Breakdown of the population
- Tasso di mortalità
- Evolution of the number of deaths
- Distribution of deaths by age group
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Latest news
New shopping spree for American funeral group HOFI (Augens Capital), which buys AROF - 29/06/2023
**Introduction of HOFI and AROF**:
- **HOFI** (Holding Funeraria Italiana) is the leading Italian operator in the funeral business, formed by Augens Capital and BMO Global Asset Management from the base of Impresa San Siro American Funeral spa, with subsequent aggregations of small companies in the sector.
- **AROF srl**, based in Perugia, was acquired by HOFI. The transaction was conducted by subsidiary Impresa San Siro.
**Details of the acquisition of AROF**:
- Andrea Cerato, president of Impresa San Siro, will be appointed president of AROF.
- For the acquisition of AROF, HOFI was assisted by LMS Studio Legale, EY (financial side), Studio Sampietro (tax aspects) and Maelius Group as financial advisor.
**Information about AROF**: Founded in **1996** by **seven entrepreneurs** in the industry, AROF has become the leading company in the province of Perugia and in Umbria, with over **4 million euros** in sales in **2022** and about **930 funeral services** annually.
**Objectives and financial aspects of HOFI**:
- HOFI, enhanced by the entry of Antin Infrastructure Partners and Columbia Threadneedle along with manager-entrepreneurs from the acquired companies, plans to expand in Umbria through other combinations.
- The acquisition of AROF enables HOFI to reach over **12,000 annual funeral services** in Italy.
**Evolution and acquisitions of HOFI**:
- Prior to the acquisition of AROF, HOFI had made several acquisitions, expanding its presence in various Italian regions, including South Tyrol and Marche.
- It started with the acquisition of **Impresa San Siro** in Milan in **2019**.
**Future and Strategy**: According to statements from HOFI and AROF executives, the goal is to improve the organizational structure and financial strength for new developments in the funeral industry and ensure continuity in situations of generational transition.
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