Konjac Market size is likely to grow substantially over 2021-2027, driven by the escalating utilization as a novel substrate for improving probiotics’ stability and viability. Glucomannan, a sugar made from konjac root, has been gaining widespread adoption for use as medicine globally. Powder, capsules, and tablets made from this plant root are consumed to treat constipation and type 2 diabetes as well as lower weight, cholesterol, and blood sugar levels, thus promoting industry growth over the years ahead.
Konjac refers to an herb grown in Asia and is known for its starchy corm, which acts as a rich source of soluble dietary fiber. This herb is used for multiple purposes, as an alternative to gelatin, in traditional Chinese medicine and as a dietary supplement for cholesterol management and weight loss.
Mounting health-conscious consumers and the rise in consumption of low-calorie and carbohydrate products like shirataki noodles are the major trends impelling the konjac market outlook. Amorphophallus konjac flour is also gaining prominence for use as a thickener in gluten-free bread. In the cosmetic industry, konjac sponges are becoming increasingly used to cater to the robust demand for natural-based products. Furthermore, the growing adoption of konjac powder for use as a gentle skin cleanser will further contribute to the industry growth over the foreseeable future.
On the basis of the end-users, konjac market share from pharmaceutical segment is poised to hold a considerable share by 2027. This is attributable to the increasing use of konjac glucomannan in drug delivery and biomedical applications, alongside its potential as a treatment for diabetes and obesity. However, limitations associated with its intake, including esophageal and gastric obstruction, may obstruct segmental growth to a certain extent over the estimated timeline.
Regionally, the Asia Pacific konjac industry will witness a remarkable growth rate through 2027, owing to the strong presence of konjac product exporters in the region, including Indonesia International Konjac. The regional industry expansion can further be credited to the growing popularity of Japanese foods like shirataki or konjac noodles. This is since consumers are starting to embrace healthy eating and looking beyond traditional dining choices.
Key players operating 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, among others. These market players 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 November 2020, Hubei Yizhi Konjac Biotechnology introduced its low-calorie konjac crystal ball, designed to produce an elastic and crispy taste than the common konjac powder in the food industry.
In the wake of the coronavirus pandemic, the entire food ecosystem has been adversely affected across the globe. Trade restrictions, border closures, and confinement measures have been preventing farmers from gaining access to the market to buy inputs and sell produce. These issues have disrupted the international and domestic food supply chains and led to reduced access to healthy, diverse, and safe dietary options such as konjac foods.
The COVID-19 crisis has been posing greater risks to adults with excess weight, as people who are overweight are at high chances of hospitalization and severe illness. These increased risks have resulted in the growing demand for dietary supplements for weight loss worldwide. Health experts are recommending the reduction of calorie intake and maintenance of a healthy dietary pattern to achieve long-term weight loss. This strong awareness about lifestyle changes and healthy dietary choices during the crisis may help the konjac industry gain momentum over the forthcoming years.