The global konjac market has been witnessing strong growth over the past few years on account of increasing demand from food & beverage industry and the trend is expected to continue over the forecast period. Strong demand for konjac as a thickener, ingredient and additive in food & beverage industry is one of the key factor to augment the market growth over the projected period. Increasing demand for thickening, gelling and stabilizing agents is further expected to complement the market growth over the next seven years. Konjac is also used in decreasing cholesterol levels and obesity risks in human body owing to its fat reducing properties. Increasing obesity cases and rising health concerns have been driving the market growth over the past few years. Development of health function in konjac foods have resulted in strong demand for konjac flour from healthy foods, pharmaceuticals, food additives and pet feeds in European and American countries, which is expected to surge the market growth over the next seven years. Konjac products demand is also increasing on account of its prebiotic properties which help in improving intestine functioning, integrity and immune system. However, increasing prices of konjac products owing to increasing production cost is expected to affect the profit margin of market players, which in turn is expected to restrain the market growth in near future.
Based on product type, konjac market can be segmented into konjac powder, gum, flour and dietary fiber among others. Konjac flour is expected to witness strong growth over the forecast period on account of increasing application scope in food & beverages and pharmaceutical industries.
Based on end-use industries, konjac market can be segmented into foods, agriculture, medical & pharmaceutical. Other industries include chemical, petroleum and printing and dyeing industries. Foods industry is one of the major end-use of the market over the past few years and trend is expected to continue over the next seven years owing to its widespread applications base in this industry as thickener, additive and food ingredient. Pharmaceutical emerged as the major end-use owing to special properties providing health benefits such as improved immune system. In addition, strong support from government bodies such as FDA supporting the use of konjac in various foods and drugs, is further expected to support the growth prospects of the market.
Asia Pacific was the largest regional market in 2013. Asia Pacific is anticipated to remain as the largest market over the next seven years on account of increasing demand from Japan. Japanese people have the habit of eating konjac foods daily which is the key factor to drive the market in this region. However, konjac gel food sales have been declining owing to increasing prices. FMC Corporation had successfully developed additive, made from Konjac flour which has been promoting konjac products in Europe and North American markets especially in U.S.
Key players in konjac market include Shaanxi Jintai Konjac Industrial Development Co., Ltd, FMC Corporation, Shanghai Brilliant Gum Co. Ltd., Henan Xin Industry Co. Ltd., Hubei Yizhi Konjac Biotechnology Co. Ltd and The Konjac Sponge Company.
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Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for Covid19 as a key market contributor.