Company & brand efforts
Small to middle-sized companies account for the largest share of plant-based companies in the South Korean meat substitute food market. However, well-established major food companies such as Dongwon F&B, CJ Cheiljedang, Shinsegae Foods, and more are also participating in the plant-based food trend by launching new products in the growing meat substitute market. Pulmuone, a soy-based food product manufacturer, has opened a plant-based restaurant and continues to develop soy-based meat alternatives, which currently make up the majority of the meat alternative market. Other large food and beverage companies like Nongshim did the same by introducing plant-based meat and vegan sauces-only restaurants and vegetarian brands like Veggie Garden. To highlight various brands and products, there were even vegan pop-up store events held in major department stores. Not only domestic manufacturers are interested in establishing themselves in the South Korean market, however. Next to domestic brands like No Brand and Bibigo, which are developing and launching their own vegetarian and vegan products, international competitors like Impossible Meat or Oatly have also entered the South Korean market and are highly sought after by consumers.What is the future of plant-based foods in South Korea?
Amidst the increasing demand for meat alternative products, investments in meat substitute research and development are focusing on other areas outside of plant-based alternatives. Next to edible insects, another notable field is lab-cultured meat. When producing cultured meat, greenhouse gas emissions would highly decrease compared to traditional animal farming. Additionally, as it would not deal with a live animal, the ethical questions regarding meat consumption are not a factor when consuming this form of “traditional meat.” This could resolve the usual drawbacks about the taste and textures of alternative products cited by consumers. As an example of such endeavors, the domestic company Space F, which develops cultured meat, received an investment of seven billion South Korean won from stakeholders that included Daesang and Lotte Ventures in 2021. According to the Korean International Trading Agency (KITA), plant-based substitutes will lead the South Korean meat market in 2040, surpassing the market share of animal-derived meat products by then.
