Report Overview

South Korea Plant Protein Market – Industry Trends & Forecast Report, 2031

South Korea Plant Protein Market size was estimated at USD 674 million in 2024. During the forecast period between 2025 and 2031, South Korea Plant Protein Market size is projected to grow at a CAGR of 10.8% reaching a value of USD 1,252.4 million by 2031. Prominent drivers of the market include the country’s increasing focus on plant-based food production, as evidenced by the recent announcement of a national strategy aimed at boosting local plant-based industries and promoting alternative protein consumption. The South Korean government’s plan includes initiatives such as the establishment of a dedicated research center for alternative proteins, the expansion of export potential, and the use of locally produced ingredients in plant-based meat and dairy alternatives. These efforts are expected to support the growing demand for plant-based products among younger generations, especially those in their 20s and 30s, who are increasingly adopting plant-based and flexitarian diets. Furthermore, South Korea’s plant protein market benefits from a growing consumer base, with the Korea Institute of Rural Economics forecasting the vegan substitute market to reach approximately USD 207.4 million by 2026. The rising number of vegans and flexitarians, along with increased innovation from key players in the sector such as Unlimeat and CJ CheilJedang, further bolsters the market. South Korea's expanding plant-based sector is also in line with broader global trends, with other countries such as Denmark and the European Union introducing national action plans to increase plant-based food production, signaling a shift toward sustainable, plant-powered diets. This favorable regulatory and market landscape is expected to continue driving growth in South Korea's plant protein sector.

Plant Protein – Overview

Plant protein refers to protein derived from plant sources, such as vegetables, legumes, grains, nuts, and seeds. Unlike animal-based proteins, which come from meat, dairy, and eggs, plant proteins are typically lower in saturated fat and cholesterol while offering a variety of essential nutrients, including fiber, vitamins, and minerals. Common plant protein sources include lentils, beans, peas, tofu, tempeh, quinoa, chia seeds, and nuts. Plant proteins are considered beneficial for overall health and are often incorporated into vegetarian, vegan, and flexitarian diets as a sustainable, ethical, and eco-friendly alternative to animal-derived proteins.

South Korea Plant Protein Market

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.

Impact of Escalating Geopolitical Tensions on South Korea Plant Protein Market

Escalating geopolitical tensions could significantly impact South Korea Plant Protein Market by disrupting global supply chains and increasing the cost of raw materials. Trade restrictions, tariffs, and diplomatic strains may limit access to key ingredients or technologies used in plant-based protein production, driving up costs. Additionally, political instability can result in decreased consumer confidence and lower spending on non-essential products, including plant-based alternatives. As a result, manufacturers may face challenges in maintaining stable production and distribution, potentially slowing market growth. The uncertainty could also affect foreign investments in the plant protein sector, further hindering market development.

South Korea Plant Protein Market

Segmental Coverage

South Korea Plant Protein Market – By Type

Based on type, South Korea Plant Protein Market is divided into Concentrates, Isolates, and Textured segments.

South Korea Plant Protein Market – By Source

South Korea Plant Protein Market by source is divided into Soy, Wheat, Pea, and other sources (canola protein, rice protein, potato protein, and beans & seeds) segments. The soy segment holds the largest share of South Korea Plant Protein Market by source, due to soy’s high nutritional value, cost-effectiveness, and versatility in plant-based food production. Soy protein is widely used in meat analogs, dairy alternatives, and protein supplements, making it a preferred choice among manufacturers and consumers. Its ability to replicate the texture and taste of animal proteins has bolstered its popularity in the growing plant-based food sector. Moreover, soy's well-established presence in the market, coupled with consumer familiarity, supports its leading position. Rising health consciousness and the demand for sustainable protein sources further drive the adoption of soy protein, ensuring its dominance over other sources like wheat, pea, and emerging alternatives, such as rice and canola proteins.

South Korea Plant Protein Market – By Form

Based on form, South Korea Plant Protein Market is bifurcated into Dry and Liquid segments.

South Korea Plant Protein Market – By Nature

On the basis of nature, South Korea Plant Protein Market is split into Conventional and Organic segments.

South Korea Plant Protein Market – By Application

By application, South Korea Plant Protein Market is bifurcated into Food & Beverages and Feed segments. The food & beverages segment holds a larger share of South Korea Plant Protein Market by application. It can be attributed to the growing popularity of soy-based foods and protein-rich drinks among health-conscious consumers. The rising demand for balanced, plant-based diets has encouraged market players to introduce innovative products. For instance, Firstbean offers the “Red Bean Flavored Diet Shake” with 7.7% roasted red bean protein, while Pure Bar’s “Cacao Flavored Protein Bar” combines natural cacao beans, almonds, walnuts, and soy protein. Additionally, Maeil's “Calcium Black Bean Soy Milk” is fortified with 100mg of calcium and vitamin D per serving, promoting bone health and enhancing calcium absorption. These offerings highlight the segment’s role in meeting diverse nutritional preferences.

Competitive Landscape

Major players operating in South Korea Plant Protein Market 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

• In August 2024 - SUJIS LINK, a South Korea-based food technology company, secured a KRW 3-billion investment from Samyang Foods to advance its plant-based meat technology. Leveraging High Moisture Extrusion (HME) technology, SUJIS LINK produces plant-based meats with enhanced taste and texture, launching products under its Veself brand. The collaboration aims to expand product offerings domestically and internationally, utilizing Samyang Foods’ extensive global network.

• In April 2024 - CJ CheilJedang, a leading South Korea food company, introduced its vegan Bibigo dumplings to US military bases in South Korea. Bibigo dumplings are made from plant-based proteins like soy and wheat gluten. By leveraging its innovative plant protein ingredient, TasteNrich, the company aims to expand its plant-based product offerings.

Scope of the Report

By Type

• Concentrates

• Isolates

• Textured

By Source

• Soy

• Wheat

• Pea

• Other Sources (Canola Protein, Rice Protein, Potato Protein, Beans & Seeds)

By Form

• Dry

• Liquid

By Nature

• Conventional

• Organic

By Application

• Food & Beverages

• Feed

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. South Korea Plant Protein Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Health Consciousness
         2. Growing Vegan and Vegetarian Population
         3. Environmental Concerns
      2. Restraints
         1. Higher Cost
         2. Limited Taste and Texture
      3. Opportunities
         1. Food Allergies and Intolerances
         2. Increasing Demand for Functional Foods
      4. Challenges
         1. Nutritional Concerns
         2. Limited Availability and Variety
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. South Korea Plant Protein Market: Marketing Strategies
5. South Korea Plant Protein Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Concentrates
         2. Isolates
         3. Textured
      2. By Source
         1. Soy
         2. Wheat
         3. Pea
         4. Other Sources (Canola Protein, Rice Protein, Potato Protein, Beans & Seeds)
      3. By Form
         1. Dry
         2. Liquid
      4. By Nature
         1. Conventional
         2. Organic
      5. By Application
         1. Food & Beverages
         2. Feed
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. South Korea Plant Protein Company Market Share Analysis, 2024
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
7. Impact of Escalating Geopolitical Tensions on South Korea Plant Protein Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. CJ CheilJedang
   2. Pulmuone
   3. Hyosung
   4. Lotte
   5. Dongwon Industries
   6. CJ Bio
   7. Nongshim
   8. Orion
   9. SPC Group
   10. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1. Qualitative Research
       1.   Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.   Secondary Research
       2.   Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       South Korea Plant Protein  Segmentation

Figure 2       South Korea Plant Protein  Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2024

Figure 4       South Korea Plant Protein  Market Size, By Value (USD Million), 2019–2031

Figure 5       South Korea Plant Protein  Market Share, By Type ,  By Value, 2019–2031

Figure 6       South Korea Plant Protein  Market Share, By Sources, By Value, 2019–2031

Figure 7       South Korea Plant Protein  Market Share, By Form,  By Value, 2019–2031

Figure 8       South Korea Plant Protein  Market Share, By Nature, By Value, 2019–2031

Figure 9       South Korea Plant Protein  Market Share, By Application, By Value, 2019–2031

List of Tables

Table 1        South Korea Plant Protein  Market Size, By Value (USD Million), 2019–2031

Table 2        South Korea Plant Protein  Market Size, By Type ,  By Value, 2019–2031

Table 3        South Korea Plant Protein  Market Size, By Sources, By Value, 2019–2031

Table 4        South Korea Plant Protein  Market Size, By Form,  By Value, 2019–2031

Table 5        South Korea Plant Protein  Market Size, By Nature, By Value, 2019–2031

Table 6        South Korea Plant Protein  Market Size, By Application, By Value, 2019–2031

Table 7        CJ CheilJedang Company Overview

Table 8        CJ CheilJedang Financial Overview

Table 9        Pulmuone Company Overview

Table 10      Pulmuone Financial Overview

Table 11      Hyosung Company Overview

Table 12      Hyosung Financial Overview

Table 13      Lotte Company Overview

Table 14      Lotte Financial Overview

Table 15      Dongwon Industries Company Overview

Table 16      Dongwon Industries Financial Overview

Table 17      CJ Bio Company Overview

Table 18      CJ Bio Financial Overview

Table 19      Nongshim Company Overview

Table 20      Nongshim Financial Overview

Table 21      Orion Company Overview

Table 22      Orion Financial Overview

Table 23      SPC Group Company Overview

Table 24      SPC Group Financial Overview