‘Alternative Food Global Forum’ Held in Pohang... 150 Companies and Experts Attend

Market Size of 11 Trillion Won, Annual Growth of 14%

Do you know about the ‘Alternative Food Forum’?

Due to abnormal climate conditions occurring worldwide, concerns about the future food supply of the global community are deepening. Alternative foods are emerging as a solution that can capture both health and environmental benefits.

Alternative foods refer to foods that replace animal protein and are categorized into five types: plant-based alternative foods, insect protein alternative foods, cultured meat, and others. Gyeongbuk Province has devoted efforts to developing healthy future food sources and fostering the alternative food industry by creating a unique platform for discussion with experts.

Promotional Material Announcing the Alternative Food Global Forum

On the 1st, Gyeongbuk Province held the ‘Building Alternative Food Industry Ecosystem Global Forum (BAFE)’ at the POSCO Change-up Ground Event Hall in Pohang City. BAFE stands for Building Alternative Food Industry Ecosystem Global Forum.

Hosted by Gyeongbuk Province, Pohang City, and the Gyeongbuk Economic Promotion Agency, the forum was attended by about 150 participants, including experts from B?hler, one of the world’s top three alternative food equipment companies based in Switzerland, experts from GFI (Good Food Institute), an international non-profit organization related to alternative proteins, and startups in the related industry.

The global plant-based alternative market was approximately $7.9 billion (11 trillion KRW) in 2022. It is expected to grow at an average annual rate of 14.7%, reaching about $15.7 billion (21 trillion KRW) by 2027.

Most of the currently commercialized alternative foods belong to the plant-based category, which contains lower saturated fat compared to conventional meat, benefiting personal health and having an environmentally friendly production process.

Additionally, among domestic consumers, plant-based alternative foods are recognized as ‘value consumption,’ especially among those in their 20s and 30s, leading the industry to view this market as a ‘new growth engine.’

Accordingly, Gyeongbuk Province plans to accelerate expansion in the plant-based alternative food sector, following last year’s nationwide first initiative of the K-Kitchen Project, which secured leadership in the domestic food tech field (smart manufacturing).

The forum began with a business agreement signing and launch ceremony among Gyeongbuk Province, Pohang City, B?hler, and research institutions, followed by keynote speeches by GFI and B?hler experts on the necessity and present and future of alternative foods, a panel discussion among industry, academia, and government experts on establishing a global alternative food industry ecosystem, and concluded with a startup pitching competition and awards for alternative food startups.

The agreement involves five organizations?Gyeongbuk Province, Pohang City, B?hler, Gyeongbuk Economic Promotion Agency, and others?collaborating to promote the K-Kitchen Project and foster alternative foods, jointly researching alternative protein food processing technologies and program development, advising and sharing information on new technologies and global trends in food tech, and providing administrative and technical support to build a global alternative food industry ecosystem.

In the keynote speeches following the proclamation ceremony, “Food Solutions in the Era of Climate Crisis” (Apana Venkatesh, Head of Innovation at B?hler) and “The Necessity of Alternative Foods” (Manasa Ravikuma, GFI expert) were presented to inform attendees about the realities of the climate crisis and propose ways to overcome food shortages.

Especially, a blind test of alternative meat was conducted for attendees, including students from related departments, to break preconceived notions about existing alternative meats and confirm the potential and marketability of alternative foods.

In the afternoon, an IR pitching competition was held for six promising alternative food startups nationwide, awarding certificates to the top three companies and providing opportunities for investment attraction.

IR (Investor Relations) pitching refers to the process where startups persuade investors through presentations with the goal of attracting investment.

Kim Hak-hong, Deputy Governor of Gyeongbuk Province, stated, “In the era of climate crisis, considering sustainable futures that protect food sovereignty and the environment is no longer optional but essential,” adding, “Through the 1st BAFE, Gyeongbuk Province will take the lead in proactively opening the alternative food investment market in Korea and establishing a global ecosystem.”

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