Are you confused which manufacturing business to start? A lot of entrepreneurs procrastinate the process of starting business by searching for most profitable manufacturing business to start.
A manufacturing business demands considerable investment in the beginning. But once it is established, it starts giving you consistent profits. There are several trending business ideas that one can rely on. However, if you are looking for most profitable manufacturing business to start in India, then read on.
Here Are Some Of The Most Profitable Manufacturing Business To Start in India:
1. Ready to Eat Foods:
India as a country loves food. It is with time that our life has become so fast-paced that there is no time to stop and prepare a full-fledged meal for ourselves. It is even not possible for those who are living away from their homes working or studying. The savior for all these people is ready-to-eat foods. This market is huge and there is a big profit on this. Indians spending on frozen food has doubled in the last decade that has created opportunities for entrepreneurs to start frozen food business. Ready to Eat foods is undoubtedly one of the best manufacturing business in India.
Nutraceuticals refer to products that are derived from herbal products, minerals, vitamins, and dietary substances which are consumed to boost immunity against diseases. An increase in health awareness and change in lifestyle of people are increasing the demand for nutraceuticals products. Hence nutraceutical products business is considered as one of the most profitable manufacturing business to start in India.
3. Plant Based Proteins and Millet Based Foods:
The changing consumer preferences have showcased a growing consumer shift towards adapting to a more nutritional diet centered towards sustainable lifestyle and lower dependency on animal proteins. Plant based proteins is definitely one of the most profitable manufacturing business to start.
Another major segment is millet-based foods. With an annual global output of 25 million tons, millet has been one of the basic nutrients of humans.
4. Home Care FMCG Products:
One of the major factors which is responsible to drive the growth of the global FMCG market is increase in population. An increase in population is directly proportional to the increase in consumption of consumer goods. One of the major segments in the FMCG sector is home care products. Due to all these factors, manufacturing of FMCG products is considered as one of the best manufacturing business in India.
5. Personal Care and Baby Care Products:
Personal grooming is a giant market in India. grooming products for men, women, and babies are high in demand in India. An increase in income and rapid urbanization are the major reasons for increase in demand for personal care products.
6. Cosmetic Products:
In recent times, demand for makeup and skincare products has surged dramatically. Both men and women use it to enhance their overall appearance. The increasing demand for anti-aging creams and serums is attracting consumers that has made cosmetics products manufacturing as one of the most profitable manufacturing business to start.
7. Alternatives to Plastic Products:
The global biodegradable plastics market size is projected to grow from USD 7.7 billion in 2021 to USD 23.3 billion by 2026, at a CAGR of 24.9% between 2021 and 2026. Government policies to ban single-use plastics are offering immense opportunities for manufacturing sector.
8. Biodegradable Bags and Packaging Materials:
After the government has induced a law not to use plastic bags, the popularity of using biodegradable bags has increased drastically. Many shops, malls, retail shops, and Kirana stores are using biodegradable bags. As this segment covers variety of products, entrepreneurs can explore various biodegradable products business ideas.
9. Zero Waste and Carbon Neutral Products:
Zero waste is a strategy that ensures the materials which are discarded are a resource for someone else to use and where nothing is burned, buried, or discharged into the environment. In view of the importance of the environment and its protection, consumers have shifted towards carbon-neutral products.
10. Speciality, Bulk, and Pharma Chemicals:
Specialty chemicals constitute 22% of the total chemicals and petrochemicals market in India. The demand for specialty chemicals grew at a 12% CAGR in 2019-2022.
Bulk chemicals are also known as “commodity chemicals”. These chemicals are manufactured on a large scale thus providing a margin to the manufacturers to formulate pricing of the chemicals to drive sales.
11. Agro and Food Chemicals:
Agrochemicals comprise all chemical compounds used in agriculture, including pesticides, mineral fertilizers, growth regulators, and adjuvants. As agriculture is the backbone of India, there is a huge market for agro chemicals. Entrepreneurs should have a complete checklist and roadmap to start manufacturing business.
12. Construction Chemicals:
Government initiatives such as smart city and housing for all, expansion of infrastructure and commercial construction activities have increased the demand for construction chemicals drastically. The Indian chemicals manufacturing sector is projected to reach a market value of US $21.6 Bn in 2031.
13. Consumer Electronics and Mobile Accessories:
Consumer electronics are part of our daily lives, and hard to imagine a world without them. Some of the products included in consumer electronics are computers, laptops, smartphones, TV, tablets, gaming consoles, etc.
India’s consumer digital economy is projected to reach US$800 billion by 2030, from US$85-90 billion in CY20, driven by an increase in online shopping. Consumer electronics is undoubtedly one of the most profitable manufacturing business to start.
14. Renewable Energy, Solar and Electric Vehicles:
Rising fuel prices, threats to energy security, and worsening climate have made the government to give maximum support to renewable energy. Renewable energy offers a critical solution to India’s energy demand challenges. Hence entrepreneurs can start solar panel manufacturing business.
The EV market in India has gained significant momentum after the implementation of the FAME India scheme with its aim of shifting toward e-mobility in the wake of growing international policy commitments and environmental challenges.
15. Pharma and Medical Disposable Products:
An increasing number of surgical procedures, rising incidence of hospital acquired infections (HAIs), growing prevalence of chronic diseases leading to increase in use of medical disposable products. As there will be constant demand for medical disposable products, this is considered as one of the best manufacturing business in India.
Manufacturing business in India is a fast growing sector that has been gaining huge momentum by the introduction of atmanirbhar bharat and ban of some china products.It is projected to reach a value of USD 1 trillion by 2025 and has the potential to account for 25-30% of the nations GDP. Before starting any business, it is extremely important to do market research. With so many trending business ideas in manufacturing sector, it can be hard to figure out which are worth pursuing. Market research will help you to explore opportunities in the market, estimate the risks involved, foresee the upcoming trends, etc. SolutionBuggy helps you to identify most profitable manufacturing business to start in India by conducting product identification and market survey.
Are You Looking to Start Profitable Manufacturing Business?
Many businesses start off as an idea in the mind of an aspiring entrepreneur or business owner. Turning these ideas into viable business propositions is the major challenge. Register to SolutionBuggy and get all the services required to start profitable manufacturing business. Being India’s largest platform in manufacturing sector, we provide services to wide range of industries such as food, chemical, FMCG, pharma, textile, packaging, electronics, etc. SolutionBuggy with the network of more than 10,000 manufacturing consultants will provide solutions to all your business challenges.
Yes, SolutionBuggy help in identifying a profitable manufacturing business that suits your budget, location and interest.
SolutionBuggy provides all the services required to start and scale up any manufacturing business.
The minimum investment required to start a manufacturing business is 25 lakhs.
To start a manufacturing business, first you need to do product identification and market research. Then you can go for plant setup. It is advisable to seek help from manufacturing consultant to start the manufacturing business.