South Korea Plant Protein Market: Trends, Growth, and Future Opportunities
BlueWeave Consulting
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South Korea Plant Protein Market is booming primarily due to a surge in the number of health-conscious consumers, a growing vegan and vegetarian population, and increasing environmental awareness.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Korea Plant Protein Market size by value at USD 674 million in 2024. During the forecast period between 2025 and 2031, BlueWeave expects South Korea Plant Protein Market size to boom at a robust CAGR of 10.8% reaching a value of USD 1,252.4 million by 2031. The growth of Plant Protein Market in South Korea is propelled by a surge in consumer interest in plant-based and flexitarian diets. Younger generations, especially those in their 20s and 30s, are increasingly embracing sustainable and ethical food choices. The government's support for the plant-based industry, including the establishment of a dedicated research center and the promotion of local ingredient usage, further accelerates market growth. With a growing number of vegans and flexitarians, coupled with innovative product launches from key players, the South Korean plant protein market is well-positioned for continued expansion.
Growth Drivers
Rising Health Awareness and Growing Vegan Population
South Korea Plant Protein Market is rapidly growing due to rising health consciousness and a growing vegan and vegetarian population. As consumers seek healthier, environmentally friendly alternatives to traditional meat, the market is seeing an increasing demand for plant-based proteins. According to a 2020 report, nearly one in five South Koreans reduced their meat consumption, with the vegan industry tripling over the last decade. Major food manufacturers, such as CJ CheilJedang, are capitalizing on this trend, with plans to generate over USD 150 million in sales by 2025. The South Korean government also supports the sector, having introduced official guidance for alternative proteins in 2022. As a result, plant-based brands like Nongshim's Veggie Garden and UNLIMEAT are expanding, offering products like vegan dumplings and kimbap. With health and sustainability driving demand, South Korea’s plant protein market is poised for continued growth in the coming years.
Challenges
Higher Cost
The high cost of plant-based proteins remains a significant restraint on the growth of South Korea market. Production of plant protein products, especially those resembling meat, requires advanced technologies and high-quality ingredients, which often result in higher prices compared to traditional animal-based products. This price disparity makes plant-based options less affordable for a large portion of the population. Additionally, limited economies of scale and relatively low market penetration further hinder price reduction. As a result, consumers may opt for cheaper, conventional protein sources, slowing the widespread adoption of plant-based alternatives in the South Korean market.
Opportunities - Increasing Demand for Functional Foods
A surging demand for functional foods across the country offers significant growth opportunities the companies in South Korea Plant Protein Market in the coming years. With the nation’s aging population and the growing health awareness among younger consumers, particularly the MZ Generation, there has been a noticeable shift toward preventive wellness. Functional foods, including plant-based protein products, are becoming integral parts of daily diets as South Koreans look for ways to improve their health, boost immunity, and manage their overall well-being. This trend is further fueled by the rising popularity of products like probiotics, vitamins, and protein supplements, which are now mainstream, even among younger adults who prioritize balanced nutrition. As the plant-based food sector grows in response to these demands, the plant protein market stands to benefit greatly, driven by the increasing consumer preference for healthier, sustainable, and functional food options that align with South Korea's evolving dietary trends.
Competitive Landscape
Major South Korea Plant Protein Market players include CJ CheilJedang, Pulmuone, Hyosung, Lotte, Dongwon Industries, CJ Bio, Nongshim, Orion, and SPC Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Recent Developments
Scope of the Report:
By Type
By Source
By Form
By Nature
By Application
Frequently Asked Questions (FAQs):
1. What is the current market size of South Korea Plant Protein Market?
Ans: South Korea Plant Protein Market size by value was estimated at USD 674 million in 2024.
2. What is the expected growth rate of South Korea Plant Protein Market by value during the forecast period?
Ans: South Korea Plant Protein Market is expected to grow at CAGR of 10.8% period between 2025 and 2031.
3. What is the forecast value of South Korea Plant Protein Market size by 2031?
Ans: By 2031, South Korea Plant Protein Market size is forecast to reach USD 1,252.4 million.
4. What are the major factors driving the growth of South Korea Plant Protein Market?
Ans: The growth of South Korea Plant Protein Market is primarily driven by the rising health consciousness, growing vegan and vegetarian population, and environmental concerns.
5. Name the key players in South Korea Plant Protein Market.
Ans: Key players in South Korea Plant Protein Market include CJ CheilJedang, Pulmuone, Hyosung, Lotte, Dongwon Industries, CJ Bio, Nongshim, Orion, and SPC Group.
6. Which is the fastest growing source segment in South Korea Plant Protein Market?
Ans: The soy segment is expected to grow at the fastest CAGR in South Korea Plant Protein Market during the forecast period between 2025 and 2031.
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