Global Konjac Market Expected to Reach USD 3,771 Million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Konjac Market by Product Types, By Functions, By Applications and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 2,069 Million in 2019 and is expected to grow at a growth rate of 8.3% by the year 2027. The global Konjac market is anticipated to grow owing to surge in the rise in demand for nutritional foods, which contributes for the growth of the market. The rising adoption of new cuisines has led to the rise in demand for the konjac based products, thereby boosting the growth of the market.

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The global konjac market is fragmented based on product types, by functions, by applications and region. Based on product types, the konjac market is segmented into konjac flour, dietary fibers, gum and gels, and others. Based on functions, the konjac market is segmented into gelling agents, thickener, film former, emulsifier, stabilizer and others. Based on application, the market is classified as food products, pharmaceuticals, chemicals, and others. Based on region, the global konjac market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as US, and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa (MEA).

In the year 2020, the konjac market is expected to witness the sluggish growth due to COVID 19 pandemic. In year 2020, The market is expected to grow at year-on-year growth rate of 4.1% between 2019 and 2020 owing to Covid-19 situation and slowdown in the economic activities. The shutdown of production activities, restrictions on transportation activities, are some of the prime reasons responsible for this market trend. However, the market is expected to grow at a slow pace in future. Increase in manufacturing and processing companies along with increasing demand for dietary supplements and low-calorie food products around the world boosts the demand for the product.

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As per GMR industry analyst Akshay Udavant and Akshata Ahire, “The Global Konjac market is anticipated to witness significant growth during forecast period 2020-2027 driven by driven by growth of the e-commerce industry which provides opportunities for the local players to expand their presence through the warehouses and distribution facilities globally, which has resulted in a significant increase in the demand for konjac in the food industry. Moreover, the growth of the retail store and supermarket chains is creating opportunities for local players in the market.”.

Key Takeaways from the Study:

• APAC accounts for a significant of the market, followed by North America. The market in APAC is projected to expand at fastest CAGR during the forecast period.
• In terms of value, the food products segment is projected to increase at a substantial CAGR during the forecast timeline. Konjac is used in several food products, which contributes to the segmental growth.

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Report Scope:

Target Audience:

• Supply-side: Konjac manufacturers, raw material suppliers, primary respondents, and distributors.
• Demand Side: Adults, Millennials, Teenagers, etc.
• Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
• Associations and Industry Bodies: Commercial research & development (R&D) institutions, Food Safety and Standards Authority of India, Food and Drug Administration, European Commission, and other regulatory bodies

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