Pulmuone said in a statement that the company gained around 43 billion won through the Vegetable Earth Diet brand. The brand also includes an alternative meat-based canned ham product with textured vegetable protein extracted from soybeans. The food company unveiled its plan to record annual sales of 100 billion won through the vegan meat brand.
The domestic vegan meat market has experienced significant growth due to the rising demand from approximately 2 million vegans. According to data provided by the Korea Agro-Fisheries & Food Trade Corporation, the South Korean vegan meat market that stood at 25.7 billion won in 2022 is projected to reach 29.5 billion won by 2025.
Targeting the global market, Pulmuone partnered with the South Korean office of International Flavors & Fragrances, a United States-based food and beverage ingredient developer, in 2021. The South Korean firm is also supplying its vegan meat products to 18 American universities including the University of Massachusetts Amherst.
Vegan meat is known for its low-carbon characteristics. Data released by the Food and Agriculture Organization of the United Nations (FAO) showed that greenhouse gases emitted by the livestock industry account for some 15 percent of the world's total greenhouse gas emissions. By reducing the consumption of meat and dairy products, the total amount of emissions from animal-based food can be significantly reduced.
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