The global konjac market has been witnessing strong growth over the past few years on account of increasing demand from the 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 the food & beverage industry is one of the key factors to augment 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 the human body owing to its fat reducing properties. Increasing obesity cases and rising health concerns have been driving market growth over the past few years. Development of health function in konjac foods has 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 costs are expected to affect the profit margin of market players, which in turn is expected to restrain the market growth in the near future.
Based on product type, the 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. The food 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 a 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 the 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 the U.S.
Key players in the 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.