[Asia Economy Reporter Myunghwan Lee] S&D is on the rise as of the morning of the 22nd. This is interpreted as highlighting the fact that it is a food ingredient industry, as the food industry is strengthening its alternative meat business.
As of 11:05 AM today, S&D is trading at 23,350 KRW, up 3.55% (800 KRW) from the previous trading day.
This is attributed to the recent increase in investments by the food industry for the alternative meat business. S&D, a specialized food ingredient company, extracts food additives in powder form from agricultural and livestock products and animal-based raw materials, so benefits are expected.
Recently, the food industry has been entering the alternative meat product development market. According to the "2021 Processed Food Submarket Status and Vegan Food" report by the Korea Agro-Fisheries & Food Trade Corporation, 286 foods received new vegan certification from the Korea Vegan Certification Institute last year, a 44% increase compared to the previous year. The domestic plant-based alternative meat market is expected by the industry to grow to $22.6 million (approximately 28.1 billion KRW) by 2025.
The distribution industry is also continuously launching new alternative meat products in the market. SPC Group's bakery brand Paris Baguette released three new products last month, including sandwiches, burgers, and salads using Pulmuone's tofu and plant-based alternative meat products. Convenience store GS25 also introduced six alternative meat ready meals, such as sweet potato hamburger steak, steak burger, and veggie ball pasta, in February in collaboration with Taekyung Nongsan.
Additionally, Lotte Food's alternative meat brand "Zero Meat" and Pulmuone's vegan ramen "Jeongmyeon" and "Jeong Bibimmyun" are currently distributed in the market.
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