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:
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% |
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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.
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.
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
Recent Developments Observed in Texturized Vegetable Protein in Korea
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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 |
The expected CAGR until 2033 stands at a modest rate of 6.2%.
Anticipated demand for texturized vegetable protein in Korea is projected to reach USD 37.4 million by 2033.
The rising clean labeling and sustainability trends influence demand in Korea.
Texturized vegetable protein manufacturers emphasize product innovation for emerging niches.
Soy protein is highly preferred in the texturized vegetable protein industry in Korea.
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. Danisco A/S 18.7. Vestkron A/S 18.8. Cargill Inc. 18.9. FUJI OIL CO., LTD. 18.10. Puris Proteins, LLC. 18.11. Ingredion Inc. 19. Assumptions & Acronyms Used 20. Research Methodology
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