South Korea Plant Protein Market almost Doubles Its Size to Touch USD 1.3 Billion by 2031

Published | 20 December 2024

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.

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Opportunities - Increasing Demand for Functional Foods

A surging demand for functional foods across the country offers a 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.

Soy Is Leading Source in South Korea Plant Protein Market

The soy segment accounts for a significant market share of South Korea Plant Protein Market by source. Market dominance of protein sourced from soy is driven by its exceptional nutritional profile, cost-effectiveness, and versatility in plant-based food applications. Its widespread use in meat alternatives, dairy substitutes, and protein supplements has solidified its popularity among both manufacturers and consumers. Soy protein's ability to replicate the texture and taste of animal proteins has significantly boosted its demand in the burgeoning plant-based food industry. Coupled with its established market presence and consumer familiarity, soy protein's dominance is further reinforced by the growing health consciousness and the increasing preference for sustainable protein sources. As a result, soy protein outperforms other sources like wheat, pea, and emerging alternatives such as rice and canola proteins.

Impact of Escalating Geopolitical Tensions on South Korea Plant Protein Market

Intensifying geopolitical tensions could have a multifaceted impact on South Korea Plant Protein Market. Trade disruptions, tariffs, and supply chain bottlenecks can drive up costs, limiting market growth. Additionally, reduced consumer spending power and uncertainty in the global economy may hinder the adoption of plant-based products.

Competitive Landscape

South Korea Plant Protein Market is highly fragmented, with numerous players serving the market. Major companies dominating the market include CJ CheilJedang, Pulmuone, Hyosung, Lotte, Dongwon Industries, CJ Bio, Nongshim, Orion, and SPC Group. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge over their competitors in South Korea Plant Protein Market .

Don’t miss the business opportunity of South Korea Plant Protein Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and South Korea Plant Protein Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Korea Plant Protein Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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