[Fake Meat is Coming Part 1] Flood of Alternative Meat... Bigger than Real Meat by 2040

More than 10 Companies Enter Alternative Meat Business This Year
All Pilot Products Sold Out Early
Fierce Competition to Secure Market Lead

[Asia Economy Reporter Seungjin Lee] Future food source alternative meat has stepped closer to the dining table. Recently, as domestic companies have actively entered the alternative meat business, products that go beyond the old ‘soy meat’ to alternative meats that look more real than the real thing are pouring out. With the vegetarian population and the MZ generation (Millennials + Generation Z) responding to these products, the alternative meat market is expected to grow rapidly in the future.

Fierce Competition to Secure the Alternative Meat Market

According to the industry on the 30th, alternative meat has recently emerged as a solution to environmental problems and is gaining attention worldwide as a sustainable business. Accordingly, domestic companies have begun to enter the alternative meat business one after another, intensifying the competition to secure the market. The domestic alternative meat market is estimated to be about 20 billion KRW. However, with more than 10 companies newly starting alternative meat businesses this year alone, the related market is growing rapidly.

Nongshim launched the alternative meat brand ‘Vegigarden’ in January. It is a brand that applied plant-based alternative meat manufacturing technology, developed through research and development by Nongshim Research Institute and Taekyung Nongsan, an affiliate of the Nongshim Group since 2017, to convenience foods. Nongshim aims to grow Vegigarden’s annual sales to about 100 billion KRW in the mid to long term.

In July, Shinsegae Food launched the alternative meat brand ‘Better Meat’ developed with proprietary technology. Shinsegae Food judged that pork, which accounts for the largest share of actual consumer meat consumption, has the highest growth potential and introduced pork alternative meat ham cold cuts (sliced ham) as its first product. This is the result of five years of research on alternative meat since 2016.

CJ CheilJedang is conducting cultured meat research at its research center located in Gwanggyo, Suwon, and is also focusing on seeking collaboration opportunities and securing technology through external investments. This year alone, it invested in Singapore cultured meat technology company Shiok Meats and Israeli cultured meat specialist Aleph Farms. It also launched the ‘Frontier Labs’ program to discover and nurture food industry startups, selecting and supporting startups with technologies and ideas related to alternative proteins.

Investment in alternative meat is continuing beyond the food industry. Mirae Asset Group is considering an additional investment of 300 billion KRW in ‘Impossible Foods,’ one of the most notable companies in the U.S. alternative meat market. Mirae Asset Group has already invested 180 billion KRW in this company, focusing on its future growth potential.

60 Billion Dollar Market in 2023

Alternative meat has emerged as an alternative to environmental pollution and animal ethics issues pointed out in livestock farming, as well as the increase in meat consumption due to population growth, and the market is rapidly growing worldwide. According to Global Market Data, the global alternative meat market size is expected to grow from 4.7 billion USD (about 5.2664 trillion KRW) in 2019 to 6 billion USD (about 6.7 trillion KRW) in 2023.

Even non-vegetarians are increasingly valuing health and environmental concerns, and interest in alternative meat continues to grow. In the U.S. market, sales of alternative meat increased by an average of 31% annually from 2018 to 2020. According to the Korea International Trade Association’s International Trade and Commerce Research Institute, alternative meat is expected to account for 60% of the global meat market by 2040, surpassing conventional meat.

A food industry official explained, "Recently, alternative meat products introduced on a trial basis in the industry have all sold out early, showing growing consumer interest," and added, "Competition to secure the market in the industry is expected to become even fiercer."