To Survive, One Must Think About the Environment... Waning Trend of Alternative Meat Amid Economic Downturn

Once hailed as a future food source, the alternative meat market has failed to achieve expected growth. Amid persistent inflation and slowing growth, the food industry is shifting focus from traditional meat substitutes to next-generation protein solutions like plant-based proteins and cultured meat. According to industry data, South Korea's alternative meat market remains in its early stages, with a market size of around 300 billion won. While it grew 28.3% from 165 billion won in 2021 to 212 billion won in 2022, growth has since stalled. Major companies like Nongshim, Shinsegae Food, and Dongwon Food have scaled back or exited alternative meat ventures due to challenges including price competitiveness, taste, and low repeat purchases. Industry insiders note that while alternative meat gained traction during the pandemic due to heightened environmental and health concerns, current economic conditions prioritize survival over sustainability.