The global market for glucomannan is expected to depict massive gains over the span of 2021-2027 owing to its use as a thickening agent in the trillion-dollar food industry. The product is generally used in weight management supplements, which is apparently driving the market share. It is thus quite evident that the growing prevalence of obesity and subsequent need for weight management is expected to impel the demand for glucomannan. OurWorldinData reports that obesity is responsible for 4.7 million premature deaths every year.
Glucomannan helps in enhancing blood sugar levels in diabetic people while also aiding in reducing cholesterol levels and resolving health issues. However, excessive consumption of glucomannan laced food products is anticipated to cause GI problems. This is expected to pose threat to the overall growth of the product market in the upcoming years. For instance, the Canadian Health Authorities advised that the products containing glucomannan should not be taken before going to sleep. There are chances that it could cause blockage or choking of throat, intestine or esophagus. This apparently resulted in different social media campaigns that spoke against the consumption of glucomannan, hindering the growth of the market.
Glucomannan is generally present in flour or powdered form. Although, it has been observed that the product is largely consumed in powdered form. Reports claim that 35% of total glucomannan products available in the market are in powdered form.
Considering the application spectrum, glucomannan is being largely used in food and beverage industry, followed by the pharmaceutical industry to make medicines. Across the F&B industry, the product is used as an emulsifying and thickening agent in various food items. These include sweets like gummies, jellies, candies; beverages such as fiber drinks, soft drinks, and other bakery products. Increased consumption of these products is expected to escalate the growth statistics of glucomannan market across the food sector.
Geographically, North America is slated to account for major gains in the overall glucomannan industry. This can be attributed to the increased preference for organic and natural food products, an upsurge in cases of obesity, and augmenting need for supplementary food products. Also, rising consumption of canned meat products is expected to propel the demand for glucomannan in the North American economies like the United States and Canada, amongst others. According to the data put forth by NHCS, 213.4 million Americans consumed canned food products in 2020. Moreover, the count is estimated to surge to 218.7 million by 2024.
Elevating cases of diabetes in the Asia Pacific economies including India, China, Japan, and others, is projected to have a significant impact on the regional glucomannan market growth statistics in the near future.
Some of the prominent players partaking in the global glucomannan market space are Precision Nutrition Inc., Green Fresh Group, FMC Biopolymer, Baoji Konjac Chemicals Company Ltd, TIC Gums Inc., AuNutra Industries Inc., Kowa India Pvt. Ltd., and Konjac Foods, amongst various others. These players have been engaged in various marketing gimmicks and industry strategies like acquisitions, mergers, and collaborations, that help them stand at a prominent stance in the overall market.
Impact of coronavirus pandemic on glucomannan market
One of the biggest health crises of recent times, the novel coronavirus pandemic has had a fundamental impact on glucomannan market. With people being highly conscious of their diet and looking forward to being healthy and fit amidst the ongoing pandemic phase, the demand for glucomannan is projected to reach new levels worldwide. This is owing to its ability to lower down blood sugar levels and keep the heart healthy.