Konjac Market Outlook
The global konjac market size was valued at USD 2,069 Million in 2019 and is projected to reach USD 3,711 Million by 2027, expanding at a CAGR of 8.3% during the forecast period, 2020-2027. Konjac is obtained from the plant Amorphophallus konjac. The konjac plant consists 40% glucomannan, which is extracted from the tubers.
Konjac is a popular plant in parts of Japan, South Korea, and China. Glucomannan is composed of long-chain carbohydrates, and are considered as fibers, which are difficult to digest. Glucomannan helps reduce cholesterol and blood pressure. Konjac plant is a tuber. The tuber finds its application in food preparation, including pasta, noodles, and flours.
Additionally, Konjac is used as a thickening agent in the food industry and several traditional medicines. Rising awareness among consumers regarding the health benefits of dietary fibers has led to the rise in the adoption of konjac as a dietary supplement, which is one of the significant applications of the konjac plants.
These plants are used for the manufacturing of several medicines, including the supplements for dietary fiber, capsules, gels, and others. The adoption of konjac has grown in food such as pastas, noodles, and ice creams. Konjac reduces cholesterol, which is a significant advantage of using konjac.
The konjac provides the essential nutritional balance in food, and is used for stabilizing blood sugar. It is used as a prebiotic. Konjac promotes the growth of the healthy gut bacteria, which improves digestion and functions of the intestine and boosts immunity.
Konjac Market Dynamics
The market is driven by factors such as increasing health consciousness among consumers, growing demand for digestive supplements, rising demand for weight loss supplements, and surging research & development. Conversely, risks/side-effects associated with konjac hinder the growth of the market.
Consumers are conscious about their health, which has led to the adoption of healthy food options. Konjac absorbs large amount of water and facilitates in the removal of toxic materials, which helps in improving digestive system. Moreover, konjac is a nutritious food with low calories and does not increase fats, which is a significant advantage of using konjac.
Increase in prevalence of gastro intestinal diseases and rise in obesity due to high consumption of junk food and sedentary lifestyle has led to the rise in awareness among the consumers. People are cautious of improper diet, thereby increasing awareness of konjac-based food products. Increasing prevalence of obesity has led to the rise in the adoption of the weight loss supplements.
According to the World Health Organization (WHO), in 2016, more than 1.9 billion adults, aged 18 years and above were overweight. Konjac is used as laxative, which helps in the elimination of toxic materials from the intestine, which facilitates weight loss. This has led to the rise in the adoption of the konjac-based weight loss supplements, thereby driving the growth of the konjac-based supplements.
Rising inclination of consumers toward digestive supplements owing to their health benefits drives the demand for the konjac market. In the UK, over 13 million users of digestive problems. Konjac is used in the manufacturing of supplements to improve the quality of intestinal microflora and helps in the removal of bulk of roughage and removing toxins from alcohol and red meat, which boosts the growth of the market.
The rise in demand for the dietary supplements are also some of the factors, which contributes for the growth of the market. Konjac has all the essential fibers which helps in the removal of toxic materials and reduces the hunger. This reduces the appetite of the consumers, thereby boosting the demand for the konjac market.
The rising demand for loss of weight is also one of the major factors, which has led to the rise in the adoption of the konjac as a weight loss supplement is also one of the major factors, which boost the growth of the market. The rising popularity of konjac based noodles has also led to the rise in the adoption of the konjac in several food products, which contributes to the growth of the market.
Konjac Market Segment Insights
Product Segment Analysis
On the basis of product, the market is segmented into flour, dietary fibers, gum and gels, and others. The flour segment accounted for 44.2% share of the market in 2019. Rising demand for konjac based food products has led to the adoption of konjac flour, thus boosting segment growth.
Functions Segment Analysis
In terms of functions, the konjac market is segregated into gelling agent, thickener, film former, emulsifier, stabilizer and others. The thickener segment is anticipated to expand at a CAGR of 9.0% during the forecast period. Rise in demand for thickener for thickening agent in several food products has led to the adoption of thickeners, thereby boosting the segment.
Application Segment Analysis
In terms of application, the konjac market is classified as food products, pharmaceuticals, chemical and others. The pharmaceutical segment is anticipated to expand at a CAGR of 9.1% during the forecast period, as demand for the dietary supplements and weight loss supplements has increased, which drives the growth of the segment.
Regional Outlook
In terms of regions, the global Konjac Market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific constituted market share of 43.2% in 2020. The market in the APAC region is projected to expand at a CAGR of 9.1% during the forecast period. Increasing demand for konjac based products and rise in presence of several manufacturers, is thereby boosting the growth of the konjac market in Asia Pacifica.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Konjac Market
- Historical, Current and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Konjac Market Performance
Segments
Products
- Konjac Flour
- Purified Konjac Flour
- Ordinary Konjac Flour
- Dietary Fibers
- Gums and Gels
- Others
Function
- Gelling Agent
- Thickener
- Film Former
- Emulsifier
- Stabilizer
- Others
Application
- Food Products
- Noodles and Pasta
- Flour Fruit Jelly
- Others
- Pharmaceuticals
- Chemicals
- Others
Region
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Russia
- Rest of the Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
Key Market Players Profiled in the Report
- Hubei Yizhi Konjac Biotechnology Co., Ltd
- Zeroodle
- Miracle Noodles
- NAH Foods
- Shanghai Brilliant Gum Co.,Ltd
- Henan Xin Industry Co.,Ltd
- Boston Scientific Corporation
- Baoji Konjac Chemicals Co., Ltd
- NOW Foods
- FMC Corporation
- Shaanxi Jintai Konjac Industrial Development Co., Ltd.
- The Konjac Sponge Company
Competitive Landscape
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Key players in the market include Aunutra Industries Inc., Baoji Konjac Chemical Co., Ltd and others. These companies are considered manufacturers of nitinol-based medical devices based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
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The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the nitinol-based medical devices is added in the company’s capacity.
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Aunutra Industries Inc. is focusing to maintaining good relations with customers by providing them free pre sales samples and aggressive discounts on products, at competitive prices.
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Baoji Konjac Chemical Co., Ltd is focusing on adapting strategies to develop efficient supply chain by building good rapport with delivery express companies such as FedEx, UPS, DHL, and EMS.