Why is the Meat Substitute Market Growing in Korea?

Why Is the Market Growing?

It is predicted that the consumption ratio of traditional meat and alternative meat will reverse from 9:1 in 2025 to 4:6 in 2040.

The main factors contributing to the change in consumption rate are sustainability and the spread of food security issues due to the climate crisis.

Here Are Some Key Players in Korea

Nongshim, Shinsegae Food, Pulmuone, Lotte Wellfood and Dongwon F&B are the key players in the industry in Korea.

• Nongshim – Launched a vegan restaurant named ‘Forest Kitchen’
• Shinsegae Food – Launched Korea’s first ever plant-based deli brand, ‘Better Meat’
• Pulmuone – Launched plant-based bulgogi
• Lotte Wellfood – Launched the plant-based brand ‘Zero Meat’
• Dongwon F&B – Introduced ‘Beyond Meat’ to the Korean market

New Player in Korea – OurHome

Ourhome, a global food business group famous for catering services, plans to launch plant-based meatballs and hamburg steaks in the B2B market.

This is the first time that Ourhome is introducing a substitute meat product from the manufacturing of its own.

Ourhome plans to focus on producing large-capacity substitutes meat products. As the company is already supplying food materials to over 2,000 places nationwide, including hospitals and nursing facilities

as well as schools, daycare centers, and specialty restaurants, and this will be a way to utilize its existing distribution network as a sales channel.

The Global Meat Substitues Market (Data from Custom Market Insights)

• Forecast CAGR : 11.11%

• 2029 Value Projection : USD 12.3 Billion
• Market in 2022 : USD 5.88 Billion
• Major Players :
  • Beyond Meat (U.S.)
  • Impossible Foods (U.S.)
  • Kellogg Company (U.S.)
  • Tyson Foods (U.S.)
  • JBS SA (Brazil)
  • Conagra Brands, Inc. (U.S.)
  • Hain Celestial Group (U.S.)
  • Unilever Group (U.K.)
  • Nestle S.A. (Switzerland)
  • Sunfed (New Zealand)