Maeil Dairies to Collaborate with SK and Perfect Day on Alternative Milk Protein Business

(From left) Muhwan Kim, Head of SK Green Investment Center, Ryan Pandya, CEO of Perfect Day, and Inki Lee, Head of Planning at Maeil Dairies, are taking a commemorative photo after signing the MOU.

[Asia Economy Reporter Eunmo Koo] Maeil Dairies announced on the 24th that it has signed a memorandum of understanding (MOU) with SK and the U.S.-based alternative dairy protein company Perfect Day to promote the alternative dairy protein business, and is currently discussing the establishment of a tripartite joint venture.

Based on SK's strategic investment capabilities, the three companies plan to jointly start business operations in Korea by combining Maeil Dairies' product development, distribution, and sales capabilities with Perfect Day's alternative dairy protein development and manufacturing expertise.

The tripartite joint venture plans to import raw materials produced by Perfect Day into Korea, with Maeil Dairies responsible for finished product manufacturing, distribution, and sales.

Perfect Day, in which SK has invested approximately 120 billion KRW, is the world’s first company to successfully produce protein by combining microorganisms with protein-producing genes through fermentation. It supplies milk proteins needed to make ice cream, chocolate, cream cheese, protein powders, smoothies, and more to various food companies.

Maeil Dairies’ strategy is to respond to the diversifying customer needs by sequentially developing products such as ice cream, adult nutrition foods, and dairy beverages using precision fermentation-based alternative dairy proteins, thereby pioneering the animal-free market.