Shinsegae Food Targets US Alternative Meat Market... Establishes Subsidiary 'Better Foods'

Shinsegae Food 'Better Foods' logo. Photo by Shinsegae Food

[Asia Economy Reporter Song Seung-yoon] Shinsegae Food announced on the 21st that it will establish a specialized alternative meat subsidiary in the United States called 'Better Foods Inc.'

Through a public disclosure on the same day, Shinsegae Food stated that it will establish a 100% subsidiary, Better Foods, with a capital investment of 6 million USD in the United States. The establishment and investment are expected to take place in August. Depending on future investment and funding needs, an additional 4 million USD is planned to be raised in the first half of 2023.

Shinsegae Food decided to establish the Better Foods U.S. corporation to strengthen global competitiveness and expand the market by advancing the alternative meat brand 'Better Meat,' which it is nurturing as a future growth engine. Through Better Foods, Shinsegae Food plans to proactively introduce advanced R&D technology from the largest alternative meat market, the U.S., and focus on building local production infrastructure for future global market expansion. In particular, starting with the North American region, it plans to pioneer various online and offline sales channels to target the global alternative meat market.

A Shinsegae Food official said, "We will accelerate the alternative meat business, which we consider a future growth engine, through Better Foods," adding, "We plan to carry out various activities to develop Better Meat into a leading alternative meat brand in the global market beyond Korea."

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