Retailers compete in growing plant-based meat market

Linda McCartney Foods‘ Vegetarian Tomato & Basil Meatballs

South Korean retailers are aggressively introducing plant-based meat alternatives to consumers, aiming to dominate the burgeoning market. Plant-based products are designed to mimic the taste and texture of meat without any animal ingredients.

According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the global market for plant-based meat alternatives, which was valued at $6.07 billion in 2020, is projected to soar to $11.03 billion by 2025. Among the most active companies in this sector is the Shinsegae Group, which is taking comprehensive steps to secure a foothold in the plant-based meat market. The group is taking a holistic approach across its subsidiaries spanning its online shopping platform, SSG.com, to its manufacturing arm, Shinsegae Food.

SSG.com announced on Sunday that it would start selling four products from the British plant-based meat brand ‘Linda McCartney.’ McCartney, the late wife of Beatle Paul McCartney and a renowned vegetarian activist, launched her eponymous brand in 1991, which has since become a trusted name in the global vegetarian market.

[Courtesy of SSG.com]

The products offered by SSG.com include Vegetarian Fish Fingers, Vegetarian Quarter Pounders, Vegetarian Tomato & Basil Meatballs, and Vegetarian Pastry Sausage Rolls. These items have received the 100 percent vegan certification from the United Kingdom’s Vegetarian Society.

Shinsegae Food established a U.S. subsidiary, ‘Better Foods,’ in 2022 to target the global market for plant-based meat alternatives. The company launched its plant-based alternative food brand, ‘You Are What You Eat,’ in September of the same year that included a plant-based sauce, cheese, and oat milk developed using proprietary technology.

Other major players such as CJ CheilJedang, Dongwon F&B, and Pulmuone are also vying for a slice of the market by introducing their own plant-based meat brands.

Industry insiders say that the Korean plant-based meat market has been growing steadily. With the country facing severe low birth rates and an aging population, the ‘Healthy Pleasure’ trend that pursues enjoyment in eating while managing health is expected to continue. The food industry is consequently keen to capitalize on the plant-based meat market and cater to this growing consumer trend.