Konjac Market

The global konjac market size was valued at $922.5 million in 2020, and is projected to reach $1,800.0 million by 2030, registering a CAGR of 7.1%. The flour segment was the highest contributor to the market, with $475.1 million in 2020, and is estimated to reach $991.2 million by 2030, at a CAGR of 7.8% during the forecast period. North America was the highest revenue contributor, accounting for $321.0 million in 2020, and is estimated to reach $621.0 million by 2030, with a CAGR of 7.0%. Asia-Pacific is estimated to reach $615.6 million by 2030, at a significant CAGR of 8.1%. North America and Asia-Pacific collectively accounted for around 66.0% share in 2020, with the former constituting around 34.8% konjac market share.

Konjac is a root vegetable that looks like an oddly shaped potato. The plant's bulb — the underground section of the plant – contains glucomannan, a soluble fiber. Soluble fiber absorbs water to produce a gel-like substance, which inhibits digestion. It can aid in the reduction of blood cholesterol and glucose levels. Oats, beans, apples, citrus fruits, carrots, and psyllium all contain soluble fiber.

The konjac market is being pushed by factors such as increased consumer health consciousness, rise in demand for digestive supplements, surge in demand for weight loss supplements, and brisk R&D.

Consumers are concerned about their health, which has resulted in the rise of healthy eating options. Konjac absorbs a high amount of water and aids in the removal of poisonous chemicals, which aids in improvement of the digestive system. Furthermore, konjac is a nutritious food with low calories that does not raise fat levels, which is a big benefit of eating konjac. The rise in the prevalence of gastro intestinal disorders and obesity as a result of more junk food consumption & sedentary lifestyle has raised consumer awareness. Such surged awareness among consumers drives the growth of konjac industry.

According to the World Health Organization (WHO), more than 1.9 billion persons aged 18 years and above were overweight in 2016. Konjac is used as a laxative, which aids in the evacuation of toxins from the colon and so aids in weight loss. This has resulted in an increase in the acceptance of konjac-based weight reduction pills, fueling the konjac market growth in further supplements segments. 

The rise in konjac market trend such as demand for dietary supplements is one of the reasons that contribute to the market's growth. Konjac contains all of the vital fibers, which aid in the removal of toxins and the reduction of hunger. This diminishes customer appetite, hence increases demand in the konjac market. Such growth and developments in konjac products is expected to drive the growth in the konjac market during the forecast period.

The coronavirus pandemic had a negative impact on the entire agricultural environment around the world. Trade restrictions, border closures, and confinement measures have made it difficult for farmers to reach the market to acquire inputs and sell produce. These concerns have disturbed worldwide domestic food supply chains, which resulted in less availability of nutritious, diverse, and safe nutritional options such as konjac.

The pandemic has increased the hazards for adults who are overweight, as persons who are overweight have a higher risk of hospitalization and serious disease. Owing to these elevated hazards, there is an increased global market for dietary supplements for weight loss. To accomplish long-term weight loss, health experts advocate reduced calorie intake and maintain a balanced dietary pattern. During the crisis, there was a high level of awareness about lifestyle modifications and healthier eating choices, which may help the konjac business gain traction in the coming years.

For the sake of the study, the konjac market analysis is segmented on the basis of product type, end use industry, distribution channel, and region. By product type the market is classified into gum, flour, dietary fiber, and sponge. By end use industry, the market is categorized into food, pharmaceutical, and cosmetic. By distribution channel, the market is divided into hypermarkets/supermarkets, specialty stores, online channels, and others. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Based on konjac market forecast by product type, the flour segment accounted for the highest share in 2020. Konjac flour has a variety of applications in the food and medicinal industries. It possesses unique properties such as a longer shelf life, excellent water binding capabilities, the ability to inhibit syneresis, and the ability to slow crystal development. Konjac flour is predicted to rise fast during the forecast period due to its expansion in application breadth in the food & beverage and medicinal industries.

On the basis of end use industry, food & beverages industry accounted for the largest portion of the konjac market share in 2020, and the pharmaceutical industry is expected to dominate the market throughout the forecast period. Owing to specific qualities that provide health benefits such as strengthened immune system, pharmaceuticals have emerged as the most important end-use industry. Furthermore, significant support from regulatory authorities, such as the FDA, for the use of konjac in various foods and medications is projected to boost the market's growth prospects.

Depending on konjac market analysis by distribution channels, the hypermarkets/supermarkets segment accounted for the highest share in 2020. Hypermarkets/supermarkets provide consumers with the ease of shopping for a range of things under one roof. Customers benefit from hypermarkets/supermarkets by having access to a vast choice of products, product discounts, sales person assistance, and speedy checkouts. Advantages are projected to propel hypermarket/supermarket growth in the predicted term.

Region wise, Asia-Pacific is expected to be the fastest growing regional segment throughout forecast period, followed by Europe. North America held the highest share in base year. China and the U.S. were the most prominent countries accounting for a sizeable share in the global market.

Key players in the konjac market have relied on product launch as their key strategic move to stay relevant in the global market. The key players in the konjac industry profiled in the report are Hubei Yizhi Konjac Biotechnology Co. Ltd, Shanghai Brilliant Gum Co. Ltd, Ishibashiya Konjac Company, Baoji Konjac Chemical Co. Ltd., NOW Foods, Slendier, Andi-Johnson Group, The Konjac Sponge Company, NAH Foods Ltd, and Zeroodle

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the current konjac market trends, estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing opportunities.
• Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the market size and segmentation assists to determine the prevailing konjac market opportunities.
• The major countries in each region are mapped according to their revenue contribution to the market. 
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.

 Konjac Market Report Highlights