South Korean Plant Protein Market Size, Share, Opportunities, And Trends By Source (Pea, Rapeseed, Soy, Hempseed, Others), By Form (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Application (Dietary Supplement, Food, And Beverages, Pharmaceuticals, Animal Feed), And By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The South Korean plant protein market is projected to grow at a CAGR of 4.63%, from US$25.495 million in 2020 to US$35.003 million in 2027.

Increased vegan population in the country

Recent environmental-friendly trends are tipping the scales of food consumption towards healthier options, and people are embracing meat alternatives to fulfil their daily protein intake requirements. The vegetarian population in Korea has increased from 1-1.5 million in 2018 from just 150,000 in 2008, approximately 10 times more, according to the data by the Korean Vegetarian Union. Around 500,000 of the reported number are vegans, which has resulted in the number of vegan restaurants increasing from 150 in 2010 to around 350 in 2018. Therefore, people’s awareness is rising towards consuming more plant proteins, leading to increased demand and causing a surge in the market’s growth.

Furthermore, effective techniques are being used increasingly by different market players, such as partnership agreements, to facilitate their market share to shoot up and bolster the market growth over the forecast period.  The purpose of this partnership agreement is to launch a vegan egg product, which is an egg alternative made using mung bean protein, in order to cater to vegan activists in South Korea. Additionally, SPC is also involved in targeting the B2B (business-to-business market) by distributing JUST products through its franchises such as Paris Baguette, which is involved in the production of bakery items and vegan products.

The increasing popularity of soy protein in food and beverages

By application, the market has been segmented on the basis of dietary supplements, food and beverages, pharmaceuticals, and animal feed. The Food and beverage industry is projected to hold a considerable share in the market on account of the fact that the popularity of soy-based foods and soy protein drinks is increasing in South Korea among the population in a bid to consume a balanced protein-rich diet. Consequently, the burgeoning demand for soy and other plant protein products is encouraging the market players to offer wholesome items to cater to the preferences of people. For example, Firstbean sells a product called the “Firstbean Red Bean Flavoured Diet Shake”, which contains approximately 7.7% roasted red bean protein powder and protein.

In addition, Pure Bar sells their product called the “Pure Bar Cacao Flavored Protein Bar”, which has been made using cacao beans sourced using natural practices, almonds, walnuts, dates, soy, and milk proteins. Lastly, the “Calcium Black Bean Soy Milk” by Maeil, is a plant protein product that is enriched with about 100mg of calcium per 100 ml serving, to aid in improving bone health and is rich in vitamin D, in order to meet the daily recommended value to help with faster absorption of calcium.

The growing number of plant-based foods is bound to propel market growth. 

Exploiting the growing demand for meat alternatives, many market players are launching innovative plant-based offerings. In June 2022, for instance, Korea-based UNLIMEAT launched five alternative offerings: Beef Mandu (Dumplings) Original and Hot Chilli, Pulled Pork Original, Gochujang, and Sweet & Smoky. To mimic the texture of beef and pork, UNLIMEAT products process soy and pea proteins using a patented extrusion method. Rice flour, cacao powder, and coconut oil are additional ingredients. On a similar note, several popular food brands are also foraying into the plant-based alternatives segment. In April 2021, South Korea-based Pulmuone, a popular Tofu brand, launched its first-ever plant-based meat line. The firm employs soy-based textured protein in developing its offerings. Such surging demand number of plant-based offerings is bound to boost the consumption of proteins in the country proportionally.

Product offerings in the market

• Roquette's Nutralys T series is a textured plant protein sourced from fava beans and peas. This gluten-free and easy-to-use range of proteins is best used in cereal bars and plant-based meat. Each product in this range has its own special attributes, catering to the requirements of a wide range of manufacturers. It's Nutralys TP70G, for instance, offers well-balanced juiciness and firmness to the plant-based alternatives, while its chunk-shaped Nutralys TP-C provides tender and fibrous texture to the plant-based alternatives.
• ADM offers a versatile range of pea proteins to facilitate the formulators to efficiently develop nutritious and delicious pea protein-based nutritious beverages and food. These light-coloured proteins are neutral in taste and clean to enhance the end product's taste, texture, and nutritional profile. The group offers four protein offerings under Profam and Acron series: PEA 580, PEA 570, and T 513, T 514, respectively. In addition to pea proteins, the group also offers various types of soy and wheat proteins.

COVID-19 Insights

COVID-19 had a significant impact on the South Korean plant-based protein market. The pandemic's emergence sparked a paradigm shift in consumer behaviour, making them more health and hygiene sensitive, leading them to adopt a diet high in protein. This development raised the demand for plant-based protein. However, the nationwide lockdown and border restrictions also resulted in a supply-chain slowdown.

Segmentation

• By Source
  • Pea
  • Rapeseed
  • Soy
  • Hempseed
  • Others
• By Form
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Distribution Channel
  • Online
  • Offline