Overall processed meat, seafood and alternatives to meat is expected to continue its upwards retail volume trajectory in 2023; however, it is set to turn to slight decline in the remaining years of the forecast period. Significantly, those products that are mainly consumed as ingredients for home cooking, such as shelf-stable processed red meat, chilled processed red meat and chilled processed seafood, are likely to decrease or stagnate throughout the forecast period, as cooking at home from scratch naturally decreases.
Tofu, which has long been an ingredient widely used in traditional meals in South Korea, is likely to lose its presence in the marketplace, because more consumers are shifting to ready meals, and fewer people are cooking from scratch due to the desire for convenience. This trend is a lot stronger amongst the younger generation.
Meat and seafood substitutes in South Korea are focusing on increasing sales by providing positive experiences to consumers who have yet to become familiar with their concept. Food conglomerates such as Nongshim and Shinsegae Food have developed and released their own meat substitutes, and the common strategy has been to launch vegan restaurants using their own meat substitutes on the menu.
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Processed Meat, Seafood and Alternatives to Meat
This is the aggregation of processed meat, processed seafood and meat and seafood substitutes.See All of Our Definitions
This report originates from Passport, our Processed Meat, Seafood and Alternatives to Meat research and analysis database.
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