Meat substitute market size South Korea 2016-2025

In 2020, the meat substitute market value in South Korea stood at around 17.4 million U.S. dollars. Figures have steadily grown since 2016 and are expected to continue rising into 2025 and reach around 22.6 million U.S. dollars. Soy-based products accounted for the majority of plant-based alternatives in 2020 and were forecast to grow further.

What are South Korean consumers' reasons for eating meat alternatives?

While there was growing interest in vegetarian and vegan diets, as seen in the rapid growth of the South Korean vegan population, most consumers were interested in plant-based products for health benefits and helping them lose weight. Among consumers of the MZ generation (Millennials and Gen Z), concerns about the environment and animal welfare were the leading reasons for choosing meat substitutes.

 Consumption behavior

The plant-based substitute food products consumers have tried the most in South Korea were mainly products that were originally consumed as dairy products, with milk alternatives being far ahead of all other products. According to a survey, only around one in four people has tried meat substitutes. If people were consuming plant-based products, they were doing so rather frequently, as more than half of all respondents stated they consumed such food at least several times a month. Another survey identified that on average people spent around ten thousand South Korean won on vegan food products per purchase.