Konjac Market size is likely to grow substantially between 2023 and 2032, driven by its escalating utilization as a novel substrate for improving the stability and viability of probiotics. Glucomannan, a sugar made from konjac root, has been widely used as medicine globally. Powder, capsules, and tablets made from this plant root are consumed to treat constipation and type 2 diabetes and lower weight, cholesterol, and blood sugar levels, thus promoting industry demand.
Konjac is an herb grown in Asia and known for its starchy corm, a rich source of soluble dietary fiber. This herb is also used for multiple purposes, including as an alternative to gelatin, in traditional Chinese medicine and as a dietary supplement for cholesterol management and weight loss.
Amorphophallus konjac flour is also gaining prominence as a thickener in gluten-free bread. In the cosmetic industry, konjac sponges are increasingly used to cater to the robust demand for natural-based products. Furthermore, the growing adoption of konjac powder as a gentle skin cleanser will further contribute to the industry growth in the foreseeable future.
The major trends impelling the konjac market outlook are mounting health-consciousness among consumers and rising consumption of low-calorie and carbohydrate products like shirataki noodles. According to credible reports, around two out of three U.S. adults are overweight or obese (69 percent), and one out of three is obese (36 percent).
Based on product type, the flour segment is projected to hold a considerable market share during the estimated timeframe. Konjac flour is widely used in the food and medicinal industries. The product boasts of unique properties such as excellent water-binding capabilities, a longer shelf life, the ability to slow crystal development and the ability to inhibit syneresis.
Based on the end-users, the konjac market share from the pharmaceutical segment is poised to hold a considerable valuation by 2032. The growth can be attributed to the increasing use of konjac glucomannan in drug delivery and biomedical applications, alongside its potential to treat diabetes and obesity.
Asia Pacific konjac market will witness a notable growth trajectory through 2032, owing to the strong presence of konjac product exporters in the region, including Indonesia International Konjac. The industry expansion can further be credited to the growing popularity of Japanese foods like shirataki or konjac noodles, given a paradigm consumer shift toward healthy eating habits.
Some of the leading companies involved in the konjac market include Shaanxi Jintai Konjac Industrial Development, Shanghai Brilliant Gum, The Konjac Sponge Company, Henan Xinchun Food Industry, Hubei Yizhi Konjac Biotechnology and FMC Corporation. These companies are focusing on varied strategies like innovative product launches and mergers and acquisitions to diversify their product portfolio and gain a competitive edge over rivals in the global market.
For instance, in 2022, FMC Corporation, an agricultural sciences company, announced the acquisition of BioPhero ApS, a Denmark-based pheromone research and production company.
In recent years, the konjac industry has seen a significant increase in demand and usage across several important applications and end-use sectors. However, the Russia-Ukraine war, rising inflation, and rising interest rates are predicted to cause the slow economic growth. Besides, the high cost of products and the presence of alternatives are expected to act as a significant barrier, negatively impacting the konjac industry and the overall market potential.