Shinsegae Food anticipates growth in alternative meat industry

[Source: Shinsegae Food Inc.]

Shinsegae Food Inc. foresees growth in South Korea’s alternative food market, just like how electric vehicles and electronic cigarettes have become more common than in the past, according to its Chief Executive Officer Song Hyun-suk.

“Existing companies felt discomfort about electric cars and electronic cigarettes in the early stages of the market but they eventually followed suit,” Song said, during a seminar on alternative food development directions in Seoul on Monday. “Alternative foods market will also be flooded with major food companies such as Nestle, CJ, and Unilever.”

During the event, Shinsegae Food showcased a range of plant-based products developed through in-house research, including plant-based milk and lattes, a plant-based cheese platter, and alternative meat made from ingredients such as oats and rice.

One standout creation that drew attention was the “You are What you Eat” plant-based stir-fried Sundae, developed in collaboration with Sundae Silrok, after six months of joint research.

The plant-based Sundae utilizes soy protein, sweet potato noodles, cabbage, carrots, onions, and other plant-based ingredients to recreate the chewy texture of traditional Sundae.

Shinsegae Food‘s Better Meat. [Source: Shinsegae Food Inc.]

To achieve the distinct color of Sundae, the product incorporates cocoa powder. Additionally, the dish includes the seasoning and vegetables from Sundae Silrok’s signature stir-fried Sundae Gopchang Bokkeum, allowing customers to enjoy the unique flavor of stir-fried Sundae.

Menu items using plant-based Sundae, such as Sundae Jjim and Sundae Guk, feature 100 percent plant-based ingredients, from the broth to the seasoning.

Shinsegae Food initiated alternative food research and development (R&D) in 2016 and launched the Better Meat brand, focusing on alternative meat, in 2021.

Plant-based proteins are projected to occupy 18 percent of the entire global protein market by 2030 and cultured meat 10 percent, according to the company.

Animal-based proteins, on the other hand, are expected to account for 72 percent, down from the current 90 percent.