Press Release
Press Release
According to a new report by EMR titled, ‘The South Korea Vegan Food Market Report and Forecast 2024-2032’, the market is estimated to grow at a CAGR of 6% during 2024-2032. The growing instance of lactose intolerance and the rising preference for sustainable foods are anticipated to lead the alternative meat market in the country.
The growing adoption of vegetarianism and veganism especially by millennials and GenZ is driving the South Korea vegan food market. In South Korea, lactose intolerance is highly prevalent due to a phenomenon known as "gene-culture co-evolution". Individuals who lack the lactase enzyme experience digestive issues such as bloating, flatulence, and diarrhoea upon consuming dairy products. However, over 75% of the South Korean population is lactose intolerant, which contributes to the growth of the vegan food market in the country. Further, about 28.1% of total food allergies among children are due to cow milk.
In addition, increased awareness of animal cruelty and sustainability is aiding the market growth. Milk-producing animals, as reported by PETA, are administered antibiotics and hormones to fulfil consumer demand. The growing empathy towards animals is a significant factor driving the vegan food trend.
As a result, companies are increasingly focusing on developing plant-based substitutes for dairy items. In February 2024, New York-based startup Pureture partnered with South Korean dairy giant Namyang Dairy Products to introduce vegan casein products ahead of a USD 12 million seed funding round. Pureture's plant-based casein, made through liquid fermentation, offers a cleaner alternative to traditional dairy products, eliminating the need for starches and emulsifiers. This collaboration marks a new direction for Namyang, which aims to revitalise its image and gain consumer trust. Pureture is also close to finalising its seed funding round, which will be utilized for manufacturing facilities and further sustainability efforts in disrupting the casein market alongside other innovative players.
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The major players in the South Korea vegan food market are CJ CheilJedang Corp., Phyto Corporation, The PlantEat Inc., and Zikooin Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Distribution Channels |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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