SEOUL, Oct. 24 (Korea Bizwire) – The government of South Korea has made the strategic decision to foster the development of a plant-based food industry within the country. Plant-based substitutes, consisting of ingredients like soybeans, are being promoted as alternatives to animal protein.
On Monday, the Ministry of Agriculture, Food, and Rural Affairs unveiled its comprehensive plan to invigorate the plant-based alternative food sector, with a scheduled launch planned for December.
This plan encompasses various initiatives, including the establishment of a dedicated research center for alternative foods and support for the export of related products. Additionally, it outlines steps to expand the utilization of domestic agricultural products in the production of plant-based substitutes.
Plant-based alternatives have gained significant recognition among Korean consumers, particularly those in their 20s and 30s, and the industry is poised to capitalize on this as a new growth engine.
According to the Korea Institute of Rural Economics, the domestic plant-based substitute market is expected to gradually expand and reach 280 billion won by 2026, while the global market is projected to reach $17.8 billion by 2025.
In response to the growing demand for alternative foods, domestic companies have been actively introducing related products.
For instance, CJ CheilJedang has launched its plant-based food brand Plantable, offering products like vegan dumplings and tteok-galbi. Fulmu Food is also introducing a range of plant-based items through its Jigu Sikdan brand, including alternative meat and tofu noodles.
Jigu Sikdan has generated substantial sales, reaching 43 billion won in just one year, offering both animal substitutes like grilled bulgogi and plant-based nutritional foods like tofu noodles.
Dongwon F&B has joined the movement by introducing a plant-based alternative food brand, My Plant featuring products such as vegan tuna and dumplings. MyPlant Original is crafted from 100 percent plant-based ingredients, boasting zero cholesterol and the lowest calorie content (175㎉) among plant-based canned goods in Korea.
Ashley Song (firstname.lastname@example.org)