"Delicious Even Without Meat"... Battle for the 24 Trillion Won Alternative Food Market

Shinsegae Food Strengthens Better Meat and You What You Eat Lineup
Pulmuone Earth Diet Targets Annual Sales of 100 Billion KRW
CJ CheilJedang Sees Increased 'Plantable' Performance Domestically and Abroad
Dongwon F&B Joins Competition with MyPlant

The domestic food industry is targeting the global alternative food market, which is expected to grow to a scale of 24 trillion won. As the importance of eco-friendliness and consumers' interest in health increase, companies are accelerating the development of alternative foods accordingly.

According to the industry on the 9th, Shinsegae Food plans to expand the product line of its plant-based alternative food brand 'You Are What You Eat' (Yuawhatyoueat) home meal replacement (HMR) products beyond the existing three types: luncheon kimchi rice bowl, Bolognese lasagna, and ragu rigatoni. Since launching the Yuawhatyoueat brand in September last year, the plant-based alternative food restaurant set up as an offline store at COEX in Samseong-dong, Gangnam-gu, Seoul, has seen a steady number of visitors. Offering about 20 menu items made with 100% plant-based ingredients, such as jajangmyeon, ham poke bowl, hamburger steak, futomaki, menchi katsu curry rice, and tantanmen, the store surpassed 10,000 visitors within one month of opening and has been attracting more than 300 visitors daily on average as of the end of last year.

Shinsegae Food Yooa What You Eat COEX Branch Menu
[Photo by Shinsegae Food]

The scope of use for the alternative meat brand 'Better Meat,' which the company first introduced in 2021, is also expanding. Better Meat, which uses plant-based ingredients to mimic the taste and texture of meat or ham, is used in various sectors such as dining out, school meals, bakeries, and HMR products. Representative examples include plant-based meatballs, hamburger patties, sandwiches, salads, pizza bread, and toast made with alternative meat.

Pulmuone, which launched the alternative food brand 'Pulmuone Earth Diet' in August 2022, is also actively expanding its presence. Within one year of launch, the number of product items increased by about 30%, achieving cumulative sales of approximately 43 billion won. Key products include plant-based luncheon meat, Silky soy milk noodles, Sot-sot rice balls, and light burritos. Pulmuone plans to strengthen the Pulmuone Earth Diet brand this year in celebration of the company's 40th anniversary.

The company has set a goal to achieve annual sales of 100 billion won by 2026 and to raise sustainable foods to account for 65% of the company's total food sales. As a first step toward this goal, Pulmuone has appointed singer Lee Hyori as the exclusive model for the Pulmuone Earth Diet brand to promote the brand and its products. Additionally, it operates the plant-based restaurant 'Plantude,' offering plant-based alternative food menus such as pasta, tteokbokki, and stew for sale.

In addition, CJ CheilJedang entered the market at the end of 2021 with its plant-based food specialty brand 'Plantable,' and Dongwon F&B joined the competition last March with its plant-based alternative food brand 'My Plant.' Plantable recently strengthened its product lineup by introducing three new products?soup dishes, canned ham, and nuggets?in addition to the existing six items (dumplings, tteokgalbi, meatballs, hamburger steak, rice balls, kimchi).

Since the brand launch, cumulative product sales have exceeded 8 million units, and domestic and international sales increased by 66% year-on-year as of October last year. Overseas, CJ CheilJedang exports plant-based foods under its flagship Bibigo brand to more than 40 countries, including Germany, the UK, Australia, the United Arab Emirates (UAE), Singapore, and Malaysia. 'Dongwon Tuna My Plant,' made with 100% plant-based ingredients from My Plant, also achieved sales of over 200,000 cans within six months of launch.

An industry insider said, "Plant-based alternative foods provide satisfaction comparable to conventional products not only in taste but also in nutrition, and as opportunities to experience these products increase, awareness is rising. With growing consumer interest in environmental issues and animal welfare, and food companies focusing on new businesses, the alternative food market has great growth potential."

According to a report released in the second half of last year by Samil PwC Management Research Institute, the global alternative food market size is expected to grow from $9.62 billion (approximately 12.94 trillion won) in 2019 to $17.86 billion (approximately 24.02 trillion won) by 2025, growing at an average annual rate of 9.5%.

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