South Korea Plant-based Food Market Research Report, 2028

The South Korean plant-based food industry is experiencing a remarkable surge in growth and popularity, driven by a convergence of factors that reflect shifting consumer preferences and global food trends. With a rich culinary heritage deeply rooted in a diverse range of traditional dishes, South Korea has embraced plant-based foods, aligning with the growing demand for sustainable, healthier, and environmentally friendly dietary choices. As a nation that has embraced modernization and technological advancements, South Korea is now witnessing a remarkable transformation in its food landscape, with a focus on innovative plant-based alternatives to cater to a new generation of health-conscious and socially aware consumers. From vibrant cities to remote countryside areas, the plant-based food movement is permeating various segments of South Korean society, bringing a fresh and exciting array of plant-based products, restaurants, and food options to the forefront of the culinary scene. This burgeoning industry presents a compelling narrative of how South Korea is embracing its rich cultural heritage while embracing global trends, making it a significant player in the thriving international plant-based food market. South Korean cuisine, known as "hansik," is centred on a diverse array of vegetables, grains, and fermented foods. While meat and seafood have historically played essential roles in traditional dishes, many plant-based elements, such as kimchi (fermented vegetables), tofu, and a variety of banchan (side dishes), are integral components of the Korean dining experience. This existing foundation of plant-based elements in traditional cuisine has contributed to a receptive attitude towards plant-based foods. According to the research report "South Korea Plant Based Food Market Research Report, 2028," published by Actual Market Research, the South Korea Plant Based Food Market is expected to grow at an above 13% CAGR rate from 2023 to 2028. South Korea's popular culture, particularly the Hallyu (Korean Wave) phenomenon, has a significant global following. As Korean celebrities and influencers adopt plant-based lifestyles and promote ethical choices, their influence extends to the plant-based food market, encouraging consumer adoption and awareness through social media and other platforms. South Koreans are increasingly health-conscious, with a growing awareness of the impact of diet on overall well-being. Plant-based diets are perceived as healthier alternatives to traditional diets due to their lower saturated fat and cholesterol content as well as their potential health benefits, such as improved heart health and weight management. As a result, there is a rising demand for plant-based food products to support a balanced and health-conscious lifestyle. Based on the products types includes the Plant-based Meat and Seafood, Plant-based Cheese, Plant-based Desserts, Plant-based Ice Cream, Plant-based Yoghurt, Plant-based Butter, Plant-based Bars, Plant-based Bakery Snacks and Confectionery, Plant-based Creamer, Plant Based Mayonnaise and Salad Dressing and other. In South Korea, plant-based milk will lead the market in 2022, with plant-based Ice cream and plant-based deserts also growing segments. South Korea is influenced by global food trends, and the rise of plant-based diets and veganism worldwide has also impacted the local food culture. As consumers become more aware of the environmental and ethical implications of food choices, plant-based desserts have become a more appealing option. Further, plant-based cakes, cupcakes, and pastries made with alternative ingredients such as almond flour, coconut cream, and vegan butter are gaining popularity as dessert options for celebrations and special occasions. Plant-based ice cream brands in South Korea have been introducing a wide range of flavours to cater to diverse consumer tastes. While classic flavours like chocolate and vanilla remain popular, there is a growing demand for unique and innovative flavours that incorporate traditional Korean ingredients and flavours. Examples include green tea (matcha), black sesame, red bean, sweet potato, and honey citron, providing consumers with a taste of Korean culinary heritage in their plant-based ice cream choices.

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South Korea's plant-based food market was witnessing the emergence of several innovative start-ups that were making a significant impact on the industry. These start-ups were capitalising on the growing demand for plant-based products in the country and catering to health-conscious consumers, vegans, and those seeking more sustainable food options. The Green Vegan is a start-up that specialises in plant-based ice creams and desserts. They offer a variety of flavours made with natural and organic ingredients, appealing to health-conscious consumers seeking dairy-free indulgence. Zesto is a plant-based beverage start-up that produces a range of plant-based milk alternatives, such as almond milk, soy milk, and oat milk. They focus on providing a creamy and nutritious alternative to traditional dairy milk. Further, Veggie Planet is a plant-based food start-up that offers a diverse menu of vegan dishes, including plant-based burgers, sandwiches, and wraps. They are known for their creative and flavorful plant-based options. Based on the distribution channel, it includes hypermarkets and Supermarkets, Convenience Stores, E-commerce, and others. Among them, the hypermarket and supermarket are leading the market, and further, convenience stores are growing the market. There are several convenience stores that offer plant-based food in the country, including the GS25, CU, 7 Eleven, Mini Shop, Emart 24, and more. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea Plant-based Food with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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By Product Type • Plant-based Milk • Plant-based Meat and Seafood (Tofu, Quorn, Seitan, Fish, TVP, Burger Patties, Tempeh, Hot Dogs and Sausages, Meatballs, Ground Meat, Nuggets, Crumbles, Shreds, Crab, shrimp, Others) • Plant-based Cheese • Plant-based Desserts (Cakes, Pastries, Custard, Pudding, etc.) • Plant-based Ice Cream • Plant-based Yogurt • Plant-based Butter • Plant-based Bars (Protein Bars, Energy Bars, Cereal Bars, Fruit & Nut Bars, etc.) • Plant-based Bakery Snacks and Confectionery (Biscuit and Cookies, Bread and Rolls, Chocolate, etc.) • Plant-based Creamer • Plant Based Mayonnaise and Salad Dressing • Others By Distribution Channel • Hypermarkets and Supermarkets • Convenience Stores • E-Commerce • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

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Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the Plant-based Food industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.