Embalming Chemical Market to Grow at a CAGR of 2.5% from 2017 to 2022, Says Esticast Research and Consulting
As per the report "Embalming Chemicals Market By Type ( Formaldehyde, Phenol, Ethanol, Mixtures ), By Application ( University medical centers, Anatomical institutes, Pathological institutes, Hospitals, Funeral homes ), Estimation & Forecast, 2017 - 2022" In 2016, the funeral homes segment generated the highest revenue share in the global embalming chemical market. Among major regions, North America was the highest revenue generating market, holding nearly half of the market share, in 2016.
“Formaldehyde is the most common chemical used for embalming. Embalming carried out with individual chemicals or a mixture of chemicals, formaldehyde is an integral part of the process. However, the harmful effects of formaldehyde has prompted manufactures of embalming fluid to manufacture formaldehyde free- fluids. The sales of formaldehyde free fluids is witnessing an upward trend, even though their efficiency is low as compared to formaldehyde products.”
Funeral homes account for a major portion of the global market share, owing to the rising funeral trends
In North America, almost every family prefers to have a grand funeral in a well-organized manner without any kind of mismanagement, including embalmment of the deceased. Funeral homes heavily rely on the formaldehyde based embalming fluids, along with embalming powders, concealers, cavity gels, makeover products and much more. In terms of consumption, funeral homes account for more than half of the global consumption value.
Adoption of green funeral is anticipated to hamper the market growth of embalming chemicals
The highly encouraged trend of green funerals and rising awareness regarding the harmful effects of embalming chemicals might impede the usage of embalming fluids in the funeral homes. The belief that harmful embalming chemical such as formaldehyde seeps into the soil where the embalmed body has been buried. This leads to the deterioration of the environment. This has prompted people to opt for green funerals.
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North America is a mature market, gaining stability in its growth during the upcoming years
North America held nearly 50% market share, in terms of revenue, of the global market. The region is anticipated to maintain its dominance throughout the forecast period. Embalming holds a central place in American burial practices for numerous reasons. There are more than 15,000 funeral homes, and approximately 115,000 cemeteries in the U.S., of which a major per cent of funeral homes offer embalming services. Every year, a high amount of embalming fluid is used, which is equivalent to fill eight Olympic- size pools.
NORTH AMERICA EMBALMING CHEMICAL CAPACITY AND PRODUCTION, 2012-2017
• According to the IFSA and japan government data, in 2016, an approx. of 37,593 families in Japan chose to embalm their loved ones.
• Hospitals are expected to grow with an impressive CAGR of 2.2% during the forecast period 2017-2022.
• As per few Irish embalmers, almost 50 percent of Irish embalmers have started using alternatives to formaldehyde, with no difficulties.
• North America led the global embalming chemical market in 2016, in terms of revenue, by holding nearly half of the total share.
GLOBAL EMBALMING CHEMICAL PRODUCTION SHARE OF KEY MANUFACTURERS (2017)
Some key market players are Champion, Dodge, Pierce Chemicals, Frigid Fluid, European Embalming, ESCO, Trinity Fluids, Green Tech Enterprise, and Shanghai Yezeal Biotechnology Company.
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