Pohang City Holds Forum to Establish Global Ecosystem for Alternative Food Industry

World Vegan Day (November 1) 'Alternative Food Industry Global Forum (BAFE)' Held

Swiss B?hler, Global Food Innovation (GFI) and Other Domestic and International Experts Participate

On the 1st, Pohang City held the ‘Alternative Food Industry Ecosystem Building Global Forum (BAFE)’ at POSCO Changeup Ground in Pohang.

Pohang City held a forum to establish a global ecosystem for the alternative food industry.

Hosted by the city, Gyeongbuk Province, and the Gyeongbuk Economic Promotion Agency, the forum was attended by over 200 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 from the related industry.

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

The business agreement involved five organizations including Gyeongbuk Province, Pohang City, and B?hler, agreeing to establish a mutual cooperation system for ▲promoting the K-Kitchen project and fostering alternative foods ▲joint research on alternative protein food processing technologies and program development ▲consultation and information sharing on new technologies and global trends in the food tech sector ▲administrative and technical support for building a global alternative food industry ecosystem.

The global plant-based alternative meat market formed a scale of approximately $7.9 billion (11 trillion KRW) as of 2022, and 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 plant-based alternatives, which have lower saturated fat content compared to conventional meat, benefiting personal health and drawing attention as a future ‘new growth engine’ to respond to global warming and food crises.

Accordingly, Pohang City, together with Gyeongbuk Province, launched the K-Kitchen project nationwide for the first time last year, securing leadership in the domestic food tech sector (smart manufacturing), and is expected to accelerate expansion into the plant-based alternative food sector.

In the keynote speeches at the forum, “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 respectively, informing attendees about the realities of the climate crisis and suggesting ways to overcome food shortages.

Especially, for attendees including students from related departments, Chef Kim Rakhoon, Pohang’s food globalization ambassador, conducted a K-Food exhibition and a blind test of alternative meats, breaking preconceptions about existing alternative meats and confirming the potential and marketability of alternative foods.

In the afternoon, an IR pitching competition was held for six promising startups related to alternative foods nationwide, awarding certificates to three companies with outstanding results and providing opportunities for investment attraction.

IR (Investor Relations) pitching refers to the process where startups persuade investors through presentations aiming to attract investment.

Deputy Mayor Kim Nam-il said, “In the era of climate crisis, thinking about a sustainable future that protects food sovereignty and the environment is no longer a choice but a necessity,” adding, “With this event, we will focus administrative power not only on smart manufacturing but also on fostering alternative foods so that Pohang can leap forward as a central city of the food tech industry.”

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