SEOUL, Dec. 16 (Korea Bizwire) — The size of South Korea’s meat substitute market is forecast to exceed 20 billion won (US$15.2 million) this year, an industry tracker said Thursday.
According to a report from Euromonitor International, the size of the nation’s alternative meat market is expected to reach $16.9 million this year, up 28 percent from a year ago.
This growth is attributable to the increase in the number of local consumers who selectively opt for a vegetarian diet due to concerns about health, environmental issues and animal welfare.
Euromonitor suggested that the meat substitute market has succeeded in attracting consumer curiosity at restaurants but needs to provide a wider variety of high-quality options in the retail market to become more mature.
According to a Euromonitor consumer survey, 29 percent of respondents said that they were trying to consume less meat, up more than 10 percentage points from 18 percent a year ago.
“As local food companies release alternative meat brands and restaurant brands at the same time, consumer exposure to meat substitutes is increasing,” said Park Yun-jin, a research analyst at Euromonitor International.
Ashley Song (firstname.lastname@example.org)