[The Public = Daniel Park] Amid growing interest in the environment and health, the alternative meat market is growing rapidly as prices rise due to disruptions in meat supply due to the spread of the novel coronavirus infection (COVID-19).
The leader in substitute meat is the so-called 'Kong-gogi(Textured Vegetable Protein)’. Initially, it was made using plant proteins such as soybeans, and then edible insects were used as a substitute for meat. Recently, cultured meat made by culturing actual animal cells has also appeared.
The trend of alternative food consumption is rapidly spreading centering on the MZ generation, which has emerged as a powerful consumer class. The Bank of England Barclays estimated the size of the global meat substitute market to be $14 billion (about 17.2 trillion won) in 2019. It is expected to grow tenfold to $140 billion by 2029. Since 2010, the global meat market has grown only at an average annual rate of 1-2%. The alternative meat market, which grew at an average annual rate of 78.6% from 2017 to 2020, is a ‘blue ocean’.
It is estimated that there are 1.5 million vegetarians in Korea. According to investment industry sources, the size of the Korean alternative meat market is estimated to be between 170 billion won and 350 billion won per year. Although it is increasing every year, it is evaluated that the future growth potential is higher. In fact, the number of 'flexitarians' (flexible + vegetarians) who intermittently consume substitute meat to reduce the proportion of meat consumption is also on the rise. It is predicted that by 2040, substitute meat and cultured meat will account for 60% of the total meat market. An official from Shinsegae Food said, “Compared to the traditional large-scale livestock industry, alternative meat emits less greenhouse gas and is relatively free from ethical issues such as factory-style slaughter, which is growing antipathy. As the taste and aroma improve, the demand for alternative foods is increasing even if you are not a vegetarian.”
Since the meat substitute market is in its infancy, it has been formed around startups.
In addition to Devotion Food, which was selected as one of the 'Global Food Tech 500 Companies' by Forward Pudding in the UK, Earthin Company, which has attracted consumers with its fast marketing and taste beyond expectations, Wemit, which introduces an alternative meat made with king oyster mushroom, has been updated in the last two to three years. More than 50 food tech companies have been created. In the United States, EatJust, famous for its vegetable egg 'Just Egg', Beyond Meat, an alternative meat company, and Impossible Foods have already entered local supermarkets with price competitiveness similar to that of regular eggs and meat.
However, with the recent surge in demand, food companies are moving quickly.
Nongshim started a vegan food brand called ‘Vegegarden’ last year. Independently developed plant-based alternative meat manufacturing technology was applied to convenience foods. In May, 'Forest Kitchen', which provides only food made with 100% plant-based ingredients, will be introduced at Lotte World Mall in Jamsil, Seoul. ‘Our Home’ has been supplying steaks made with alternative meat, charcoal-flavored tteokgalbi, yukgaejang, mushroom veggie burger with mushroom patties, and dumplings made only with vegetables to cafeterias since December last year. Dongwon F&B imported products from 'Beyond Meat', a representative US alternative meat company, in 2019 and is distributing substitute meat sausages to marts and department stores.
In the case of Shinsegae Food, since launching ‘Better Meat’ in July of last year, it has been supplying sliced ham for pork substitutes developed by SK Telecom and SK Hynix to corporate cafeterias and Starbucks.
The industry believes that the competition for meat substitutes has entered the “war of taste” phase. At one time, the taste of meat was so different that it was called ‘Kong-gogi’, but now it is precisely the taste of meat that it aims for. CJ CheilJedang’s first plant-based dumplings, ‘Plantable’, introduced at the end of December last year, surpassed the target by selling about 35,000 bags at three large supermarkets and CJ The Market within three weeks of launch. Nongshim, which launched ‘Vegegarden’, a vegetable substitute meat brand in January last year, is acclaimed for producing a taste and texture similar to that of real meat with its independently developed HMMA (High Moisture Alternative Meat Manufacturing Technology) method. The product line currently on sale has been increased to 40, including chicken and dumplings.
Recently, alternative meat products have been expanding to include sandwiches and fast food, as well as home meal replacements (HMR). Shinsegae Food is expanding the business area of Better Meat, a brand specializing in meat substitutes, which has supplied ham substitutes to cafes and restaurants in the form of B2B (business-to-business), to B2C (business-to-consumer trade) and various alternative meat ham products in the second half of this year. Pulmuone Foods, which launched two HMR alternative meat HMR products, ‘Vegetable Direct Fire Bulgogi Donbap Sauce’ and ‘Vegetable Bulgogi Teppanyaki Fried Rice,’ is also planning to introduce a new HMR substitute. To this end, a brand specializing in plant materials will be introduced within this year.
CJ CheilJedang, which captivated the domestic and overseas markets with five kinds of 100% plant-based ‘Bibigo Plan Table Wang Gyoja’ dumplings containing alternative meat instead of pork, will expand its HMR product lineup of substitute meat to include tteokgalbi and rice balls within this year. Plan Table is a vegetarian brand of CJ CheilJedang. Nongshim's Veggie Garden is selling 18 types of HMR products, the most in the industry, with a goal of generating 100 billion won in annual sales.
Convenience stores, such as CU, GS25, and E-Mart 24, are expanding the range of alternative meat convenience foods with main products such as gimbap and rice balls. Franchise cafes are also diversifying meal replacement bakery products using alternative meat . Since July of last year, Starbucks, which has been gaining popularity as a meat substitute, has sold 700,000 cumulative sales of four types of meat substitute products.
[Image by Unsplash]
The Public / Daniel Park webmaster@thepublic.kr
더퍼블릭 / Daniel Park webmaster@thepublic.kr