Expanding 'Alternative Protein' Market... How Far Has South Korea Come?

Alternative Protein Market Outlook. [Data provided by Korea Bio Association]

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[Asia Economy Reporter Lee Gwan-ju] As the 'alternative protein' market centered on plant-based meat substitutes grows following the COVID-19 pandemic, voices are emerging that continuous research and development and regulatory improvements are necessary to foster the domestic industry.

According to the Korea Bio Association's 'Will Alternative Foods Using Plant-Based Protein Become Mainstream?' issue briefing on the 23rd, alternative protein foods accounted for 2% of the animal protein food market composed of meat and dairy products as of 2020, indicating an early-stage market, but it is expected to expand to 11% by 2035.

In particular, recently, the mung bean protein from the U.S. company 'EAT JUST' received formal approval from the European Food Safety Authority (EFSA), marking regulatory certification. The company's 'Just Egg' discovered a protein that replicates the texture of eggs from mung bean seeds, and following EFSA's core ingredient safety approval in October last year, it received final market approval on the 5th of this month. The mung bean protein is isolated from dried mung bean seeds, with the final composition consisting of about 85% protein, 3-4% fat, and 3.5% moisture, and contains no cholesterol.

While various plant-based protein alternative foods aimed at replicating the texture, taste, and flavor of actual foods are being launched overseas, domestically, only a limited protein material accounting for about 2% of the 150 plant species available in the market is used, resulting in a lack of diverse products. Due to the low vegetarian population and lack of production infrastructure, most products are directly imported and consumed. However, recently, domestic food conglomerates have begun actively targeting the alternative food market using plant-based proteins as the main ingredient. Companies such as Daesang and CJ CheilJedang have signed agreements with bio-venture firms possessing cultured meat technology and are engaging in research and development to expand their business.

Domestic food companies are also actively considering expanding their alternative food businesses to secure a future mega market and to transition to ESG (Environmental, Social, and Governance), according to the report. Cultured meat is expected to contribute to reducing soil pollution and greenhouse gas emissions compared to conventional food production.

However, for the expansion of the domestic alternative food market, regulatory improvements related to the food industry and marketing using alternative new materials are deemed essential. While technology development to compete with existing foods, establishment of large-scale fermentation facilities, and efforts to reduce costs are the responsibility of companies, the government is responsible for preparing safety evaluation and approval guidelines to support the creation of new food markets. In fact, in the United States, the Food and Drug Administration (FDA) and the Food Safety and Inspection Service (FSIS) have divided roles, with the FDA regulating cell acquisition, proliferation, and differentiation, and FSIS handling production and labeling from cell harvesting onward.

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