India’s home and household market to hit US$ 237 bn by 2030

The report ‘Powering Consumption Growth-India’s Home and House Market’, by Deloitte states that India’s home and household market is expected to reach US$ 237 billion by 2030, growing at a CAGR of over 10 %. It said that the home and household market is witnessing strong a demand particularly in tier 2 and tier 3 cities that are emerging as growth hubs.

India’s home and household market is projected to reach US$ 237 billion by 2030, growing at a compounded annual growth rate (CAGR) of over 10%, according to a Deloitte report. 

The report, Powering Consumption Growth-India’s Home and House Market (2024), noted that this growth is driven by rising disposable incomes, evolving consumer preferences, and a heightened focus on comfort and convenience. The demand is particularly strong in tier 2 and tier 3 cities, which are emerging as key growth hubs.

Key drivers include increased disposable incomes, the rise of digital platforms, accessible credit, and a younger demographic seeking modern designs, home renovations, and personalized products. However, challenges such as after-sales support, warranty issues, and the need for a comprehensive omnichannel strategy remain.

According to Mr. Anand Ramanathan, Partner for consumer products and retail sector leader at Deloitte India, the market is increasingly favoring premium and branded products. Businesses are prioritizing consumer experiences and design-led innovations, leveraging social media and advanced technologies to better engage with their audiences.

He noted, “India’s home and household market is witnessing a remarkable evolution, where consumers are gravitating towards premium and branded products, with businesses increasingly adopting a consumer-first approach. There is a deeper focus on consumer experiences and design-led product innovation.”

Sustainability is gaining traction, with consumers demanding energy-efficient and eco-friendly products. Manufacturers are responding by investing in water-saving fixtures, sustainable kitchen solutions, and energy-efficient technologies. Government initiatives like the PLI scheme and Pradhan Mantri Awas Yojana are also boosting demand and attracting investments.

To remain competitive, companies need to adopt emerging trends such as quick commerce, reassess their operating models, and infuse innovation throughout the entire value chain, from product development to post-sales support, as per the report.