10 Oct
Table of Contents
Introduction
There are a lot of wholesale business ideas that might draw out profit from the market. Although, which wholesale business idea will offer a stable and consistent income, is the question.
Are you thinking of starting a lucrative wholesale business?
Are you wondering which is the best wholesale business to start in 2023?
The global wholesale market is predicted to grow in 2023, giving wholesalers the best opportunity to start a wholesale trading business. All they have to do is to smartly choose the best wholesale among a plethora of wholesale business ideas.
You will need to create a robust business plan if you want to build a profitable wholesale business. To do so, understanding the products and the market is vital.
In this article, have a glimpse at a top 30 wholesale businesses list by List Trader. These best profitable wholesale business ideas and products suggested by List Trader are predicted to be extremely profitable in 2023-2024.
Wholesale business Ideas for 2023
“What is the most profitable wholesale business for 2023?” is the question most traders are asking right now.
But don’t worry!
Here is a list of 30 most profitable wholesale businesses to start in 2023. Choose a wholesale product that you have knowledge about or you feel you can excel doing business with and kickstart your wholesale journey.
1. Textile wholesale business
What are good products to wholesale?
Textile products!
The textile industry is one of the oldest industries across the globe. It has a huge wholesale market. It constitutes products such as clothes, sewing machines, threads, fabric yarns, dye, etc. The variety in products in any industry offers more profit-making opportunities.
The Governments across the world have created many schemes designed to help textile manufacturers including the funds required to start this business. The output ultimately depends on your way of doing business, decisions you make & the level of business scalability you want.
The print-on-demand business in the textile industry is one of the latest and most profitable wholesale business ideas with low investment.
2. Agro-Chemical wholesale business
There is a huge demand for Agrochemical products all around the world. Products like insecticides, fungicides, herbicides, for agricultural output are in need.
Agrochemicals have a huge demand in a variety of fields such as horticulture, dairy farming, poultry, crop shifting, commercial planting, etc.
3. Organic Food wholesale business
With a growing awareness of eating healthy food, the demand for Organic food has inclined. This inclining market provides huge global opportunities. With rising demands, manufacturers are searching for wholesalers who have better network and supply channels.
4. Jewelry wholesale business
Jewelry is profitable and always in high demand. Be it any festival, wedding, or even personal occasions such as birthdays and wedding anniversaries, Indians find their way to the jewelry store.
This business needs credibility as it is a capital intensive business. You need experience and a good sense to differentiate between good and bad products which will help you make a network of retailers.
This industry is a major contributor to the GDP. You can have your own shop or take a franchise of any reputable jeweler. Usually huge capital is required to build the jewelry business but the returns are huge too.
5. Ayurveda Products, other medicines and equipment
The demand for Ayurvedic and other herbal products is increasing globally because they are made of natural ingredients and have negligible or no harmful side effects.
Moreover, you don’t need a license to distribute Ayurvedic medicines or products. This makes it easier to trade it domestically or even internationally. This is the right time to tap the potential of these products for wholesalers who want to profit from it.
The demand for medical equipment has inclined as well and is considered to be one of the most profitable businesses.
6. Stationery & Books wholesale business
Stationery and Paper has been a multi-billion-dollar industry since a while. It offers a variety of products perfect for your wholesale business.
Some of the most potential items are notebooks, pens, pencils, erasers, textbooks, geometry boxes, color papers, gift wrappers, art papers, calculators etc. This business is suitable for any target place and is completely recession proof with a high success rate.
7. Kitchen utensils wholesale business
Evidently, Kitchen Utensils are not going out of demand anytime soon as cooking food without them is impossible. This profitable wholesale business has a lot of scope to have profit leveraged from whether it is utensils for domestic kitchens, or hotels and restaurants.
8. FMCG wholesale business
Fast Moving Consumer Goods (FMCG) are everyday products that you see at your home. FMCG has always been a trending choice for a lot of beginners. The FMCG market across the world grew at a significant rate in 2021. E-commerce platforms and a rise in rural income are few factors that boosted this growth.
The profitability in FMCG business relies entirely on volume as the price is low, leading to less profit. Conducting research on the local market and making a detailed business plan is vital to start this business.
9. Furniture wholesale business
Another common item where you could start a wholesale business is Furniture. The sector contributes 0.5% to the GDP and is presently valued at USD 8 billion.
The industry provides you with an opportunity to work with real estate companies, hotels, hospitals, and more. This product has good potential for cross border trade.
10. Art & Crafts Supplies wholesale business
Art and Craft supplies are trending in the international market. The industry lets you choose from countless different raw materials and finished craftworks.
For example: paint, paint brushes, palettes, paper, canvas board, Woodwares, paintings, metal art, embroidered goods, etc. You have a great opportunity to fill this gap as a wholesaler.
11. Gifts & Handicrafts wholesale business
A great wholesale business idea evolved from the Art & Craft industry. Gifts and Handicrafts are highly profitable. Handicrafts include paper craft, woodcrafts, needlework, tribal paintings, and other regional handmade art forms.
Artisans who produce these products usually do not have the knowledge or means to distribute their products to their target locations. This industry promises a huge scope for profit and a good demand for handicrafts is seen in international markets.
12. Bakery & Readymade Snacks wholesale business
Bakeries have a good presence worldwide. You would find a bakery in almost every street anywhere in the world. Bakery items, readymade snacks, dairy products, jam, jelly, beverages, snacks, etc, are always in-demand since they are perishable products.
Building a wholesale business in this field is highly profitable. This business is safer to be executed domestically because of the rotting nature of any such food product that was meant to be stored properly and to be consumed within a few days.
13. Building & Construction items wholesale business
Raw materials required for construction processes are definitely some of the best wholesale business products available. This includes items such as paint, bricks, iron beams, cement etc. Most of these items are distributed by wholesalers to end consumers making it more profitable as it increases the profit margin. These products cater to “Shelter”, one of the basic human needs, and is considered to be recession proof.
14. Safety & Security items wholesale business
Increasing demand for Safety and Security products across industries has been seen rising recently. This field is broadly classified into fire safety, electronic security, and cyberspace security.
The field will allow you to work with a variety of companies such as aviation companies, hotels, intelligence agencies etc. making your portfolio diverse. If you want to start small, you may start supplying CCTV cameras and basic fire safety equipment to homeowners, factories and offices.
15. Electrical Appliances wholesale business
Want to know what an evergreen business is? Dealing in Electrical Appliances!
If you have knowledge and experience in this field, then you can perform well as a wholesaler for these goods. Providing quality electrical appliances at reasonable prices would help you expand your business.
16. PC, Laptops, mobile phones and computer peripherals
The profitability of this field doesn’t need any explanation. Laptops, Mobile Phones and Computer Peripherals now account for a significant share in the electronics product segment.
Starting a wholesale business in this segment demands big capital investment but also promises to show profits. You must have good funding, financial planning and the right people to succeed in this business.
17. Beauty & Personal Care wholesale products
Contrary to the early days, people now are more concerned about their personal wellbeing and beauty than before. Many companies have managed to fill in this gap by creating demand and launching appropriate Beauty and Personal Care products.
This includes products related to perfumes and fragrances, hair care, bathing products, male shaving products, etc. The segment is witnessing good growth recently.
18. Automobile Parts wholesale business
Global Automobile Components segment is expanding eventually. This is undoubtedly a good time to set up your wholesale business in this field. Automobile spare parts industry is currently valued in billions. The demand for automobile components is rising with a rise in popularity of electric vehicles. You can supply, for instance, bike and car batteries, spare parts, high-end accessories, tyres, etc. Second hand car parts also show promising demand. These parts are a lot cheaper and offer a good profit margin.
19. Sports Items wholesale business
A wholesale business in Sports items opens a big market for you since sports is enjoyed in each and every corner of the world. You can either become a wholesale dealer in one sport equipment or cater to all kinds.
20. Gym Equipment wholesale business
The fitness trend has been on its peak lately. The demand for better gyms having state-of-the-art gym equipment and home workout instruments is increasing.
As a wholesaler you can provide leading and new gyms and individuals access to quality Gym Equipment to help them achieve a fit and healthy lifestyle!
21. Rubber and Latex wholesale business
The whole world is in demand of Natural Rubber. Surprisingly, Natural rubber is an essential raw material and there are more than 40,000 products derived from it such as medical devices, surgical gloves, aircraft and car tires, pacifiers, clothes, toys, etc. This offers a huge market for any wholesaler dealing in the rubber industry.
22. Grains & Seeds wholesale business
A demand for quality Grains and Seeds has undoubtedly increased with growth in the agricultural segment and organic farming. This provides a good opportunity to commence a wholesale business around this segment. Wholesalers can source grains and seeds from farmers and get it distributed in the market. This business is an evergreen business and is going to have demand until agriculture exists.
23. Office items wholesale business
Office products include stationery products, electronic products, and a bunch of other kinds of products. It has a demand for products like paper, diary, clips, files, notebooks, staplers, pens, pencils, etc.
Customized or print of demand products too, are always trending. You must make a network of clients and distributors who purchase such office products in bulk.
24. Leather wholesale business
The leather industry is important as well as extremely profitable. Leather products have domestic and industrial applications too.
Fashion industry is one of the most prominent buyers of leather products. Popular leather items such as handbags, footwear, belts, garments, gloves, etc. are fancied by common people. Corporate gifts made of leather are also trending these days.
25. Tea and Coffee wholesale business
The Coffee and Tea market size is expected to grow globally, beyond $112.03 billion till 2023 at a compound annual growth rate of 11.2% (estimate for 2021-2022).
The global coffee and tea market size is expected to grow to $165.88 billion in 2026 at a CAGR of 10.3%. This industry is a thriving one and is bound to give returns if you are a wholesaler in this business.
26. Footwear wholesale business
Getting into the Footwear industry is an excellent wholesale business idea. A variety of footwear are produced and sold to different segments of target audience.
As a wholesaler you can use this variety of footwear by purchasing different varieties of shoes from the manufacturers, both renowned and local, and selling them to your network of retailers. Online wholesale business for this product has also proven to be a profitable option.
27. Grocery wholesale business
We all need Grocery items everyday. Grocery wholesale business is a stable as well as profitable business. You will need to decide on the types of items you will stock, like, cereals, edible oils, spices, etc. Have a stock of products that have good demand locally.
28. Pet Food wholesale business
There are a plethora of pet-lovers who have pets at their home. Pets need utmost care and it becomes a necessity to buy quality pet food and products as they are prone to a lot of diseases.
The Pet Food business is a good wholesale business idea that you can earn high profits from. A variety of pet food is available in the market. Store abundant stock of pet food products and offer discounts and good offers for better sales figures.
Your customers will include pet shops, vet clinics, and even individual customers. Selling this product on an online wholesale business platform will prove to be extremely effective.
29. Dry Fruits wholesale business
According to the latest market research, the trade-in of dry fruits is huge internationally and the profit made by wholesalers is seen to be increasing.
Dry Fruits such as cashew nuts, walnuts, almonds, raisins, dates etc., are fast expanding.
30. Plastic Items wholesale business
The demand for Plastic products is rising in the international market. Plastic products are lightweight, durable, and usually seen to be used in houses, offices, and industries. This business requires less investment if you have the right retail network.
Conclusion
There are countless other products that could thrive in the booming wholesale market such as Mineral or Tonic water etc. Choose a product, the demand for which products is usually high round the year. Wholesale trading for seasonal goods such as fruits or some vegetables can be done as a part-time thing.
You will require a strong and trusted network of suppliers, manufacturers and retailers to progress in this business.
Skills such as negotiation, networking, marketing, maintaining seamless communication across the supply chain and inventory and stock management are vital to succeed in this field. Think of starting a wholesale business in which you have some experience or knowledge and can perform well in the market.
FAQs (Frequently Asked Questions):
Q1. What is a Wholesale Business?
Ans. In a nutshell, Wholesale means distributing a manufacturers’ products to the retailers who then sell these products to end consumers. This business model strengthens the supply chain network. A wholesale business is an immensely profitable option and needs comparatively less investment than manufacturing.
Q2. Is wholesale business profitable?
Ans. Yes. Wholesale business is highly profitable, if you choose a wholesale product that is always in demand by the target consumers. There should also be a lot of easy-to-approach target customers in the market.
Q3. How much profit does a wholesale business make?
Ans. The profit for any wholesale business depends on a variety of factors. One of the main factors is the demand of the product in the market. The easiest way to find out about the demand in the market is by doing basic online research about the product and the market.
Q4. How do you make money selling wholesale?
Ans. Wholesalers purchase goods from manufacturers/producers for a low price and sell these goods to retailers, other wholesalers and distributors and even end-customers for a higher price.
Q5. How to start a successful wholesale business?
Ans. To start a wholesale business follow these steps:
- Identify and study a well-performing profitable product. You can start by picking up one from the above list.
- Study the market and relevant manufacturers who would sell you for the lowest cost.
- Identify expenses; product cost, godown rent, distribution cost, etc.
- Identify and study the appropriate distribution channels.
- Find your target areas and network with retailers.
- Source your funding and hire the right people.
- Create a business plan based on the gathered data and historical data.
- Implement competitive pricing to make a good profit.
Q6. How much does it cost to start a wholesale business?
Ans. You will need some capital investment at the beginning but it won’t be a burden if the business generates significant profits. You can take a loan or any other financial service to gather the required funding.
Q7. Which is more profitable wholesale or retail?
Ans. A wholesaler makes more money than a retailer, simply because a wholesaler buys bulk products at a low price and sells them in a huge quantity. A retailer sells one product at a time making less profit. A retailer also sells at a higher price making it more difficult to sell.
Q8. Is Inventory System Important in wholesale business?
Ans. Inventory management is a vital aspect of any wholesaling business. A robust distribution business won’t work if you lack an efficient inventory management system.
Q9. How important is a supply chain in a wholesale business?
Ans. The entire wholesaling and retailing eco-system depends on a healthy supply chain. The wholesaler should have a deep study of the supply chain and should maintain good relationships with both manufacturers and retailers.
Q10. What should be the market condition to start a wholesale business?
Ans. The market should be large and the product should have adequate demand. Although, it’s suggested to start small as it will help test the product and market. Identification of the target audience is important for each product.
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