Yes, it is. The demand for these products is high. Also, the general faucet market is a hot cake in India. This steel water tap market keeps growing in sales, hence the demand is quite high.
Among the increasing demand in this broad niche is the kitchen faucet. Indians now grave kitchen utensils that are durable and easy to clean - the likes of a kitchen sink and brass water tap.
This article looks into the profitability of the faucet market in India and tips to help you launch into the faucet market. Enjoy!
How Profitable is The Faucet Market in India?
In FY 2014, the faucet business niche in India was estimated at INR 50 billion ($0.83 billion). The industry has been developing at a CAGR of 15% in the course of the previous three years. According to a study, this market was projected to grow to over $2.5 billion by FY 2021. And Nivito India is one of the leading kitchen faucet companies.
The market is principally sectioned into two classes - kitchen faucet and washroom faucet, where the latter involves a significant portion of the overall industry. As indicated by India Faucets Market Forecast and Opportunities in 2018, the southern district of India is the highest income generator for the general faucet market revenues in India. That was possible because a large portion of the IT firms is situated in the area, creating more interest for the faucet from the business section.
Also, the public housing policy for provincial regions, foreign investment in the industrial sector, low housing credits, and development in the metropolitan populace are expected to create interest for more faucets in the northern and western areas within the next five years. Urban areas like Delhi, Mumbai, Bangalore, and Pune are projected to be the most noteworthy revenue generators within the 5 years because of the launch of economic zones, shopping centers, and private ventures. The demand for a steel water tap, sink tap kitchen, and showers are high here.
Things to Consider Before Launching a Kitchen Faucet Business in India
To start a home and industrial layout business today has become easier than ever before. However, to be successful at your faucet business in India, you need to consider the following.
Study your niche
What niche are you targeting, home-use or commercial faucets? Will you be selling entry-level or designed faucets? Will your customers be individuals or companies and what kind will you be targeting? Find answers to these questions regarding the kitchen faucets.
The right location
Study the location where your business is likely to get more clients - be it online or offline, or both.
Areas that are more likely to be cost-related to using more space will be a good target. You will be able to work with several local builders and firms.
You also need to sketch out how to finance your kitchen faucet business. The marketing budget needs to also be planned out. All other expenses such as rentals need to be highlighted too. Map all necessary aspects of finances out before you launch your faucet business.
The market for kitchen sinks and faucets is viable in India. Whether you want to stock some brass water tap, steel water tap, or classic bathroom taps, always choose the right location before launching your business.
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