中金《秒懂研报》 | 低卡零食市场崛起！魔芋成为“解压新宠”

Core Viewpoint - The konjac industry is experiencing significant growth, with the market for konjac snacks projected to reach 172-192 billion yuan by 2024, driven by its low-calorie, versatile, and appealing characteristics [4][13][32]. Group 1: Konjac Industry Chain - Konjac, also known as konnyaku, is primarily composed of glucomannan, a high-quality soluble dietary fiber that expands significantly when hydrated, providing a jelly-like texture [8][9]. - The main downstream applications of konjac include konjac gel foods, food additives, healthcare products, and industrial materials, with the largest market still being food [12][11]. - The estimated market sizes for konjac snacks in 2024 are 80-100 billion yuan for konjac ready-to-eat products, 47 billion yuan for konjac jelly, and 45 billion yuan for instant konjac noodles [13][12]. Group 2: Supply and Demand Dynamics - The cultivation of konjac is challenging, requiring specific environmental conditions and crop rotation, leading to a decline in planting area in recent years [14][16]. - The demand for konjac is recovering in 2024, but adverse weather conditions have resulted in a significant decrease in planting area and yield, causing prices to rise [16][18]. - The supply of konjac is expected to remain constrained in the short term, with high prices likely to persist until 2026 [18]. Group 3: Comparison with Other Snacks - The konjac snack market is positioned for rapid growth, with potential to surpass the market for spicy strips, which is projected to grow at a compound annual growth rate of only 3.6% over the next five years [25][26]. - Konjac snacks offer a wider variety of flavors and forms compared to spicy strips, appealing to a broader consumer base, including health-conscious individuals [26][22]. - The konjac jelly market is also expected to grow significantly, with projections of reaching 182 billion yuan by 2029, driven by its health benefits and popularity among younger consumers [30][29]. Group 4: Future Outlook - The consumption of konjac in China is expected to continue rising, with the potential to exceed current consumption levels in Japan, where konjac has been a staple for centuries [20][21]. - The innovation in flavor and health trends is likely to drive the expansion of konjac products beyond traditional uses, establishing it as a symbol of new Chinese snacks and healthy lifestyles [32][32].