Yes it is. The demand for these products is great. The general faucet market is also a hot cake in India. This steel faucet market is constantly growing in sales, so the demand is quite high.
Kitchen faucets are part of the increasing demand in this broad niche. Indians dig kitchen utensils that are durable and easy to clean – like a kitchen sink and brass faucet.
This article is about the profitability of the faucet market in India and offers tips to help you get started in the faucet market. Enjoy!
How profitable is the faucet market in India?
In fiscal 2014, the faucets business niche in India was valued at INR 50 billion ($ 0.83 billion). The industry has grown at a CAGR of 15% over the past three years. According to a study, this market is expected to grow to over $ 2.5 billion by fiscal 2021. And Nivito India is one of the leading manufacturers of kitchen fittings.
The market is essentially divided into two classes – kitchen faucets and washroom faucets, with the latter encompassing a significant portion of the entire industry. As stated by India Faucets Market Forecast and Opportunities in 2018, the southern district of India is the highest income generator for the general revenue from the faucet market in India. This was possible because the majority of the IT companies are based in the area, which arouses more interest in the faucet from the business sector.
Public housing policies for provincial regions, foreign investment in the industrial sector, low housing loans and the development of the urban population are also likely to spark interest in more taps in the northern and western areas over the next five years. Urban areas like Delhi, Mumbai, Bangalore and Pune are expected to be the most notable sources of income within the 5 years due to the introduction of economic zones, shopping malls and private companies. The demand for a steel faucet, a scullery and showers is great here.
Things To Consider Before Starting Your Kitchen Faucet Business In India
Starting a home and industrial layout business is easier than ever today. However, in order to be successful in your faucets business in India, here are some things to keep in mind.
Study your niche
What niche are you targeting, fittings for home or commercial use? Do you sell entry-level or designer fittings? Are your customers an individual or a company and what kind will you be targeting? Find answers to these questions about kitchen fittings.
The right location
Find out the location where your business is likely to attract more customers – be it online or offline, or both.
A good destination is areas that are more likely to need more space. You will be able to work with several local builders and companies.
Financial plans
You also need to outline how you can fund your kitchen faucet business. The marketing budget also needs to be planned. All other expenses such as rents must also be highlighted. Before starting your faucet business, plan all the necessary aspects of finances.
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The kitchen sink and faucet market is viable in India. Whether you want to have a brass faucet, steel faucet or classic bathroom faucets in stock, always choose the right location before starting your business.
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