GLOBALDATA PLC The demand for meat substitutes in South Korea is set to expand at a healthy pace in the coming years, stimulated by growing health, ethical, environmental, and financial concerns among consumers. New product launches customized for local palates are also catalyzing the demand for meat alternatives. Against this backdrop, the South Korean meat substitute market is projected to grow to KRW 29.1 billion ($25.9 million) by 2026, registering a compound annual growth rate (CAGR) of 6.2% over 2021-26, says GlobalData, a leading data and analytics company.
GlobalData's report, 'South Korea Meat Substitutes - Market Assessment and Forecasts to 2026' reveals that the soy-based category will register the fastest growth over the forecast period, followed by vegetable/plant-based proteins category.
Suneera Joseph, Consumer Analyst at GlobalData, says: "South Koreans are cutting back on meat consumption due to increasing health consciousness, environmental awareness, and animal welfare concerns, accentuated by the COVID-19 pandemic. To capitalize on this trend, multinational corporations and domestic conglomerates, and food-tech startups are striving to launch innovative meat substitutes that closely mimic the color, taste, aroma, fat content, and versatility of genuine animal meat. The availability of products in formats customized for local dishes is encouraging retail shoppers and foodservice operators to experiment with meat alternatives."
The per capita expenditure (PCE) on meat substitutes in South Korea increased from $0.1 in 2016 to $0.18 in 2021, lagging the regional average of $0.19, and the global average of $0.51. South Korea's PCE on meat substitutes is expected to increase to $0.25 by 2026.
Veggus Food, Loving Hut International, and Unilever were the top three companies in the South Korean meat substitute market in value terms in 2021, while Vegefood and Loving hut were the leading brands. Hypermarkets & supermarkets was the leading distribution channel, followed by eRetailers and convenience stores.
Joseph concludes: "Going forward, young consumers in South Korea are expected to make meat alternatives a regular addition to their diets, spurred by the availability of healthy and sustainable products with improved flavor and texture that can satisfy their meat cravings. Moreover, rising meat prices amid spiraling inflation will stimulate consumer interest in meat substitutes, particularly affordable soy-based products.
"However, plant-based meat alternatives will face increasing competition from single-cell protein and cultured meat, which have a lower carbon footprint than livestock meat. Manufacturers will also face challenges as the South Korean government rolls out new guidelines and standards to regulate the growing meat substitutes industry."
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GlobalData plc published this content on 04 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2023 07:17:03 UTC.
