SK Inc. invests an additional 65 billion KRW in 'Perfect Day' to lead the alternative food market

SPC Samlip Signs Business Agreement for Alternative Food Investment

[Asia Economy Reporter Hwang Yoon-joo] Investment specialist SK Inc. will make an additional investment of approximately 65 billion KRW (55 million USD) in Perfect Day, a leading alternative protein company in the United States. The company plans to lead the Asian alternative food market by signing a memorandum of understanding (MOU) with SPC Samlip to enter the domestic alternative food market.

SK Inc. announced on the 1st that it, together with Stick Investment, will make an additional investment of 65 billion KRW in Perfect Day and has secured a seat on the board of directors. Previously, last year, it entered the alternative food market by investing about 54 billion KRW in Perfect Day.

According to global consulting firm Kearney, the share of alternative meat in the global meat market is expected to grow from 10% (approximately 143 trillion KRW market) in 2025 to 45% by 2035, expanding to about an 850 trillion KRW market.

Perfect Day is a global leading fermented protein unicorn company that achieved the world’s first production of fermented dairy protein using protein genes extracted from cows in 2019. It has been recognized for its firm technological superiority and commercial success with a corporate value exceeding 1 trillion KRW.

In 2020, Perfect Day successfully launched its own ice cream brand called Brave Robot, receiving favorable reviews and currently selling products in more than 5,000 stores across the United States. The company also launched a new brand called Modern Kitchen and plans to expand its product line with various ingredients including cream cheese. It is rapidly expanding partnerships with major U.S. F&B companies, raising expectations for fast growth.

Meanwhile, SK Inc. signed an MOU with SPC Samlip to explore various investment opportunities in the alternative food business for domestic market entry. SK Inc. will lead the search for investment opportunities in global leading alternative food companies and the introduction of technology to Korea, while SPC Samlip will proceed with business feasibility and joint investments with SK Inc. based on its food production, distribution, and R&D infrastructure. As their first collaboration, the two companies are reviewing an alternative food business customized for the Korean market by introducing the technologies of Perfect Day, invested in by SK Inc., and Meatless Farm, a UK-based alternative meat company.

SK Inc. also invested about 29 billion KRW this year in Nature’s Fynd, another unicorn company in the alternative protein field in the U.S., and plans to accelerate the discovery of promising alternative food and food tech startups in China through a 100 billion KRW fund established with Joyvio Group, a leading Chinese F&B company, in July.

Kim Moo-hwan, head of the Green Investment Center, stated, "We will strengthen our global position as an ESG alternative food investor by expanding global business opportunities using SK Inc.’s unique strengths in global investment capabilities and diverse networks. Through collaboration with Korea’s SPC Samlip and China’s Joyvio Group, we will support the growth of global alternative food companies in the Asian market."

This content was produced with the assistance of AI translation services.