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Konjac Market

Konjac Market

by Nature (Gum, Flour, Dietary Fiber, and Sponge), End Use Industry (Food & Beverages, Pharmaceutical, and Cosmetics), and Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Online Channels, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A05404
Pages: 245
Mar 2022 | 6257 Views
Author(s) : Ganesh Roman, Sumesh Kumar , Roshan Deshmukh
Tables: 119
Charts: 59
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COVID-19

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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.

Konjac-Market

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.

Konjac Market
By Product Type

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The Flour is the fastest growing segment.

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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.

Konjac Market
By End Use Industry

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The Pharmaceuticals segment was the fastest growing segment

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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.

Konjac Market
By Distribution Channel

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The online channels segment was the fastest growing segment.

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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

Konjac Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific was the most prominent regional segment.

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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

Aspects Details
By Product Type
  • Gum
  • Flour
  • Dietary Fiber
  • Sponge
By End Use Industry
  • Food & Beverages
  • Pharmaceutical
  • Cosmetics
By Distribution Channels
  • Hypermarkets/Supermarkets
  • Specialty Stores
  • Online Channels
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Indonesia, Thailand, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
 

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According to CXO, rising health-conscious consumers, as well as an increase in consumption of low-calorie and carbohydrate products such as shirataki noodles, are the primary factors driving the konjac market outlook. Amorphophallus konjac flour is also gaining popularity as a gluten-free bread thickening. Konjac sponges are increasingly being employed in the beauty sector to meet the growing demand for natural-based products. Furthermore, the increasing usage of konjac powder as a gentle face cleanser will help to industry growth in the near future.

The food industry has been one of the market's major end-uses in recent years, and this trend is projected to continue in the next years due to its numerous applications as a thickener, additive, and food ingredient.

Because of specific qualities that provide health benefits such as strengthened immune system, pharmaceuticals have emerged as the most important end-use. 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.

Because of its numerous health benefits, konjac is in high demand in the healthcare industry. It has been shown to be effective in lowering cholesterol levels in humans. Konjac has fat-burning effects. As a result, it is frequently utilized to reduce the dangers of obesity. As a result, it is safe to predict that the growing number of people suffering from obesity and other health problems will fuel the expansion of the worldwide konjac market in the coming years. According to a Harris Poll National Survey conducted in 2015, over 8 million people in the United States have become vegan, offering a profitable opportunity for important players to add Konjac as an alternative to a seafood diet.

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FREQUENTLY ASKED QUESTIONS?

A. The global konjac market was valued at $922.5 million in 2020, and is projected to reach $1,800.0 million by 2030.

A. The global Konjac Market registered a CAGR of 7.1%.

A. Raise the query and paste the link of the specific report and our sales executive will revert you back with the sample.

A. The forecasted period mentioned in the report is from 2021-2030.

A. 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

A. The Konjac Market report has 3 segments. The segments are by product type, by end use industry, and by distribution channel.

A. Most emerging countries are China with CAGR 9.4%, Japan with CAGR 8.8%., and US with CAGR 7.2%

A. Asia-Pacific will dominate the Konjac market by the end of 2030.

A. As restrictions and lockdown measures are eased and the economy begins to revive, the result will be that economic recovery will be rapid, supply-chain disruptions will persist, and consumer demand will recover gradually.

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