Global Konjac Market Is Expected to Reach $1.8 Billion by 2030: Allied Market Research
Allied Market Research
4 min read
Allied Market Research
Increased consumer health consciousness, rise in demand for digestive supplements, surge in demand for weight loss supplements, and increase in R&D activities drive the growth of the global konjac market. During the COVID-19 pandemic, there was a high level of awareness about lifestyle modifications and healthier eating choices, which may help the konjac business gain traction in the coming years.
Portland, OR, June 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global konjac market generated $922.5 million in 2020, and is projected to reach $1.80 billion by 2030, witnessing a CAGR of 7.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increased consumer health consciousness, rise in demand for digestive supplements, surge in demand for weight loss supplements, and increase in R&D activities drive the growth of the global konjac market. Moreover, growth and developments in konjac products present new opportunities in the upcoming years.
The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of manufacturing facilities of konjac products. This, in turn, the overall growth of the global konjac market.
The lockdown further disrupted the whole supply chain, leading to difficulty in supply of raw materials and hampered the market demand.
On the other hand, the pandemic increased the hazards for adults who are overweight, as people who are overweight have a higher risk of hospitalization and serious disease. Also, there was a high level of awareness about lifestyle modifications and healthier eating choices, which may help the konjac businesses gain traction in the coming years.
The report offers detailed segmentation of the global konjac market based on product type, end use, distribution channel, and region.
Based on end use, the food & beverages segment held the highest market share in 2020, holding around two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the pharmaceuticals segment is estimated to register the highest CAGR of 7.8% from 2021 to 2030.
Based on distribution channel, the hypermarkets/supermarkets segment held the largest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. However, the online channels segment is projected to register the highest CAGR of 8.9% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 8.1% during the forecast period.
Leading players of the global konjac market analyzed in the research include Hubei Yizhi Konjac Biotechnology Co. Ltd, Shanghai Brilliant Gum Co. Ltd, Ishibashiya Konjac Company, Baoji Konjac Chemical Co. Ltd., NOW Foods, Slendier, Andi-Johnson Group, The Konjac Sponge Company, NAH Foods Ltd, and Zeroodle.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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