Press Release

South Korea Vegan Food Market to Grow at a CAGR of 6% During 2024-2032, Aided by the Increasing Popularity of Vegan Diets

South Korea Vegan Food Market

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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Market Breakup by Product Type, and Distribution Channel:

  • The market is segmented based on product type into dairy alternatives, meat substitutes, egg alternatives, vegan bakery, confectionery, and plant-based snacks, among others.
  • Based on distribution channel, the market can be divided into hypermarkets and supermarkets, convenience stores, specialty stores, and online, among others.

 

Key Findings of the Report:

  • The high prevalence of lactose intolerance in South Korea (over 75% of the population) is driving the growth of the vegan food market in the country. Around 28.1% of food allergies among South Korean children are due to cow milk.
  • Rising awareness of animal cruelty and sustainability issues further boost the demand for vegan food.
  • Further, the increasing popularity of vegan diets among millennials and GenZ is supporting the market for meat alternatives.
  • Key market players are investing in the development of plant-based dairy substitutes, aiding the market growth.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the South Korea vegan food market for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product type and distribution channel of the vegan food market.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

 

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.

 

Key Highlights of the Report

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:

  • Product Type
  • Distribution Channels
Breakup by Product Type
  • Dairy Alternatives
  • Meat Substitutes
  • Egg Alternatives
  • Vegan Bakery
  • Confectionery
  • Plant-Based Snacks
  • Others
Breakup by Distribution Channels
  • Hypermarkets and Supermarkets
  • Convenience Stores
  • Specialty Stores
  • Online
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • CJ CheilJedang Corp.
  • Phyto Corporation
  • The PlantEat Inc
  • Zikooin Company
  • Others

 

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

 

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

 

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