Texturized Vegetable Protein Market in Korea 2023 to 2033

Analytical Study of Texturized Vegetable Protein in Korea (2023 to 2033)

Sales of texturized vegetable protein in Korea are poised to surge at a 6.2% CAGR through 2033.The demand for texturized vegetable protein in Korea is expected to steadily increase, reaching a value of USD 20.4 million in 2023. Sales projections for texturized vegetable protein in Korea suggest a potential value of USD 37.4 million by 2033.

Key Trends Bolstering Revenues:

• Korea’s texturized vegetable protein industry is expanding with new items such as texturized vegetable protein-based snacks, seafood alternatives, and meal packages, which are satisfying changing customer needs for variety and convenience.
• Companies are capitalizing on the Asian flavor preference trend by developing texturized vegetable protein products that resemble famous Korean and Asian cuisines.
• To leverage texturized vegetable protein's multidimensional utility, companies are carefully expanding into areas other than food, such as pet nutrition, baking, sports nutrition, and cosmetics.
• Texturized vegetable protein product customization and personalization trends are gaining popularity, allowing customers to personalize their experiences to their tastes, whether in terms of flavor, texture, or nutritional focus.
• Texturized vegetable protein is becoming an important feature of health and sustainability activities in school lunch programs, harmonizing with wider societal aims while providing nutritional, plant-based protein to younger consumers.
• Clean labels and natural ingredient preferences are urging texturized vegetable protein makers to give label clarity and avoid artificial additions.
• Sustainability and ethical sourcing are top priorities, with a focus on ecologically friendly and ethically made texturized vegetable protein goods.

Attributes	Details
Industry Size in Korea in 2023	USD 20.4 million
Expected Industry Size of Korea by 2033	USD 37.4 million
Forecasted CAGR between 2023 to 2033	6.2%

Key Insights - Highlights on the Emerging Opportunities in the Texturized Vegetable Protein Industry in Korea

• Investing in biotechnology research to increase the sustainability and nutritional profile of texturized vegetable protein provides an advantage in an industry with high sustainability expectations.
• Production of texturized vegetable protein-based goods that are compatible swiftly with modern kitchen appliances and meal preparation applications, catering to tech-savvy consumers.
• Diversifying income sources and growing market presence by becoming a texturized vegetable protein ingredient supplier to Korean food producers and processors.
• Investing in R&D to design texturized vegetable protein packaging solutions that reduce waste and comply with Korea's environmental goals.
• Creating texturized vegetable protein-based functional foods that address specific health issues or dietary requirements, such as products for digestive health, immunity, or weight loss.
• Entrepreneurs should consider exploring franchising strategies for texturized vegetable protein-focused fast-food or quick-service restaurant concepts to capitalize on the increased demand for plant-based fast-food choices.
• Creating sustainable and eye-catching packaging for texturized vegetable protein goods has the potential to improve brand perception and appeal to environmentally conscious consumers.

Category-wise insights

Soy Protein’s Wide Acceptance in Korea Leads to its Dominance

The demand outlook for texturized vegetable protein in Korea suggests soy protein is widely preferred, and it acquires 68.1% of industry shares in 2023.

Leading Product Type for Texturized Vegetable Protein in Korea	Soy Protein
Total Value Share (2023)	68.1%

Given the established supply chains and economies of scale, the soy protein is produced efficiently, allowing for competitive pricing strategies. Consumers in Korea, who frequently prioritize pricing when making purchases, are attracted by this cost-effectiveness.

Continuous developments in soy protein processing technology have enabled producers to offer diverse soy-based texturized vegetable protein products. This assortment includes everything from classic soy chunks to more complex meat analogs, catering to a wide range of customer tastes and culinary uses.

Granules Dominate as the Leading Form of Texturized Vegetable Protein

The demand outlook for texturized vegetable protein in Korea signifies granules are a highly sought form in the industry, and it currently capture 31.9% of industry shares in 2023.

Leading Form for Texturized Vegetable Protein in Korea	Granules
Total Value Share (2023)	31.9%

Texturized vegetable protein granules' size and texture are capable of being readily adjusted by manufacturers to meet individual recipe needs and consumer preferences, providing a customized gourmet experience. Granules are space-efficient and cost-effective to package, lowering storage and shipping costs for both producers and merchants.

Granular forms are well-suited for retail shelves because they provide various packaging options, portion control, and ease of usage, appealing to a wide range of consumer demands. While embracing the plant-based movement, Korean customers choose texturized vegetable protein granules to prepare traditional foods such as bulgogi, dakgalbi, or sundubu jjigae, strengthening their market dominance.

Competitive Landscape

A dynamic interaction between domestic and foreign competitors, each pushing for supremacy in the industry and consumer attention, best describes the competitive landscape of the texturized vegetable protein industry in Korea. As the demand for plant-based protein substitutes grows, competition heats up as businesses strategically position themselves to target this expanding consumer base.

Within this environment, intuitive alliances and partnerships are frequent. Businesses frequently form partnerships with well-known chefs, culinary influencers, and local eateries to develop distinctive texturized vegetable protein-based dishes and spread awareness of their goods. These partnerships provide a level of authenticity and gourmet appeal that draws customers looking for unique culinary experiences.

Strategies for Key Players to Tap into Potential Growth Opportunities

• Develop collaborations with industries outside the food sector, such as cosmetics or pet nutrition, to broaden texturized vegetable protein uses and enter new verticals.
• Customize texturized vegetable protein products to Korean preferences and partner with local influencers for real marketing.
• Acquire raw materials from environmentally friendly providers, emphasizing the environmental benefits of texturized vegetable protein production.
• Participate in government lobbying to promote regulations and incentives that encourage sustainable and plant-based food production, contributing to a positive economic climate.
• Collaborate with health companies and fitness influencers to advertise texturized vegetable protein as a health-focused product and to create customized product lines to meet the demands of individual consumers.

Recent Developments Observed in Texturized Vegetable Protein in Korea

• In August 2023, UNLIMEAT, a Korean meat replacement manufacturer, co-created a plant-based kimbap product with JUST Egg, an Eat Just Inc. brand. The 100% Plant Protein Bomb Kimbap, like traditional kimbap meals, includes a seaweed roll, various veggies, JUST Egg's folded egg substitutes, and UNLIMEAT's plant-based cheese and sausage. This development is a result of an ongoing race to gain a competitive edge in the niche meat-free, plant-based food & beverage industry.
• In January 2023, Lotteria, a South Korean fast food business owned by Lotte GRS, introduced the 'Ria Miracle Burger II' which has 100% plant-based patties made with soy protein. With such innovations, soy protein is likely to gain prominence in several emerging niches, such as the meat-free burger industry.

Some of the Key Players in Texturized Vegetable Protein in Korea

• UNLIMEAT
• Pulmuone
• CJ CheilJedang
• Ottogi
• Nongshim
• Dongwon F&B
• Samjin Globalnet
• Harvest Corporation
• Harim
• Daesang
• Cheil Foods

Scope of the Report

Attribute	Details
Estimated Industry Size in 2023	USD 20.4 million
Projected Industry Size in 2033	USD 37.4 million
Anticipated CAGR between 2023 to 2033	6.2% CAGR
Historical Analysis of Demand for Texturized Vegetable Protein in Korea	2018 to 2022
Demand Forecast for Texturized Vegetable Protein in Korea	2023 to 2033
Report Coverage	Industry Size, Industry Trends, Analysis of key factors influencing Texturized Vegetable Protein Adoption in Korea, Insights on Industry Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korean Manufacturers
Key Cities Analyzed While Studying Opportunities in Texturized Vegetable Protein in Korea	South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled	UNLIMEAT; Pulmuone; CJ CheilJedang; Ottogi; Nongshim; Dongwon F&B; Samjin Globalnet; Harvest Corporation; Harim; Daesang; Cheil Foods

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
• 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Nature
  • 5.1. Organic
  • 5.2. Conventional
• 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Product Type
  • 6.1. Soy Protein
    • 6.1.1. 10-40% Protein
    • 6.1.2. 40-50% Protein
    • 6.1.3. 50-65% Protein
    • 6.1.4. 70-90% Protein
  • 6.2. Wheat Protein
    • 6.2.1. 10-40% Protein
    • 6.2.2. 40-50% Protein
    • 6.2.3. 50-65% Protein
    • 6.2.4. 70-90% Protein
  • 6.3. Pea Protein
    • 6.3.1. 10-40% Protein
    • 6.3.2. 40-50% Protein
    • 6.3.3. 50-65% Protein
    • 6.3.4. 70-90% Protein
  • 6.4. Rice Protein
  • 6.5. Faba Bean Protein
  • 6.6. Lentil Protein
  • 6.7. Flax Protein
  • 6.8. Chia Protein
  • 6.9. Corn Protein
• 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Form
  • 7.1. Chunks
  • 7.2. Slices
  • 7.3. Flakes
  • 7.4. Granules
• 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End-Use
  • 8.1. Household
  • 8.2. Industrial
    • 8.2.1. Bakery
    • 8.2.2. Snacks
    • 8.2.3. Ready Meals
    • 8.2.4. Sports Nutrition
    • 8.2.5. Clinical Nutrition
    • 8.2.6. Baby Food
    • 8.2.7. Meat Analogues
    • 8.2.8. Others
    • 8.2.9. Animal Feed & Pet Food
  • 8.3. Commercial
• 9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Process Type
  • 9.1. Dry TVP
  • 9.2. Wet TVP
• 10. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel
  • 10.1. Direct
  • 10.2. Indirect
    • 10.2.1. Store Based Retailing
    • 10.2.2. Hypermarkets/Supermarkets
    • 10.2.3. Convenience Stores
    • 10.2.4. Traditional Grocery Retailers
    • 10.2.5. Food & Drink Specialty
    • 10.2.6. Online Retail
• 11. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 11.1. South Gyeongsang
  • 11.2. North Jeolla
  • 11.3. South Jeolla
  • 11.4. Jeju
  • 11.5. Rest of Korea
• 12. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 13. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 14. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 15. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 16. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 17. Market Structure Analysis
• 18. Competition Analysis
  • 18.1. CJ CheilJedang
  • 18.2. Archer Daniels Midland Company
  • 18.3. CHS Inc.
  • 18.4. Roquette Frères
  • 18.5. Beneo GmbH
  • 18.6. Cargill Inc.
  • 18.7. FUJI OIL CO., LTD.
  • 18.8. Puris Proteins, LLC.
  • 18.9. Ingredion Inc.
  • 18.10. Danisco A/S
  • 18.11. Vestkron A/S
• 19. Assumptions & Acronyms Used
• 20. Research Methodology