While no business is recession-proof the after-life care industry is near recession-resistant. In Canada, it is estimated there will be 8.3 deaths per 1,000 people in 2016. As the baby boomer generation ages it is expected to increase to 9.7 deaths per 1,000 in 2045. The industry –including pre-need, at need, funeral services, burial plots, memorialization, interment, crypts and cremations—is projected to reach $3.3 billion in Canada by 2024. Pre-arranged funeral contracts are currently valued at $1.1 billion.
The industry itself has remained static with few new entrants and few exits over the past few decades. Government regulation and zoning approvals act as barriers to entry. Cremation and memorialization services continue to increase in demand as the demographic profile changes, reflecting religious and personal beliefs.
An experienced executive team with a plan for continued growth and expansion in an industry with high rates of return, high barriers to entry and favourable demographic trends, Park Lawn Corporation is positioned to become a leading name in North America’s after-life care industry.