CJ Sees Plant-Based Foods as Next Growth Engine, Aims for $200 Billion in Sales by 2025


SEOUL, July 18 (Yonhap) — South Korean food conglomerate CJ Cheiljedang said Monday it has made plant-based foods its new growth engine, with a sales target of 200 billion won ($151.9 million). dollars) by 2025.

Its main focus is overseas markets, CJ said, and it aims to generate 70% of its sales outside of Korea.

“As these three trends – health and wellness, sustainability and animal welfare – merge, plants are becoming a global mega-trend. We expect the global plant-based food market to grow to $35 trillion. won over the next 10 years,” Jung Hyun-hak, head of CJ’s plant-based food business, said at a press conference in central Seoul.

Plant-based foods use plant-derived ingredients instead of animal proteins, such as eggs, fish, and red meat.

The global plant-based food market is estimated at 2.64 trillion won and has seen double-digit growth every year, according to CJ. Domestically, the market is around 14.1 billion won this year, up 104.3 percent from 2018.

Aiming to target the growing vegan market inside and outside South Korea, CJ launched vegan dumplings and kimchi under its independent plant-based food brand PlanTable last December. .

This month, CJ expanded the product offering under the brand using Texture Vegetable Protein (TVP), a plant-based protein substitute developed by the company using soybeans and peas, launched with “tteokgalbi” without meat, grilled short rib patties and other proteins. some products.

PlanTable products have been sold in 20 countries around the world, including the United States, Japan and Australia, since their launch six months ago.

The food maker is also increasing production capacity and has built a separate production line at its No. 2 plant in Incheon, about 30 kilometers west of Seoul. The new line has an annual production capacity of 1,000 tons, CJ said.

A plan to add another vegan production facility for its growing global business is under consideration, he said.

Its main target is the US and European markets, Jung explained, given the large number of vegans and mature markets for plant-based alternatives.

CJ also plans to bolster its internal business investments, while actively acquiring global food tech startups with related technologies.

Recently, it invested in Green Rebel, an Indonesian food tech startup, to develop halal foods using K-food ingredients, as well as Miyoko’s Creamery, a California-based alternative dairy startup, last year to test various products. herbal. butter and cream.

Along with these ventures, startups in Southeast Asia and Singapore are also being considered, Jung added.

In the area of ​​research and development, CJ plans to continue to advance its TVP products to resemble the texture and taste of real meat, while continuing research into cultured meat, which uses sources of protein other than soy, such as mycelium extracted from mushrooms and fermented proteins.

“Through our plant-based foods, we will achieve our goal of globalization of Korean food culture by expanding our operations in developed global markets, such as the United States and Europe,” a company official said. .

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