On July 18, CJ CheilJedang announced plans to bolster its plant-based food business as a future growth engine and will increase the business’s revenue to 200 billion KRW (about 151 million USD) by 2025. Specifically, the company plans to make 70% of its revenue from the global market.
Last December, CJ CheilJedang launched new vegan dumplings and kimchi under its plant-based food brand PlanTable. Within six months of its launch, the products were exported to over 20 countries, including the United States, Japan, and Australia. Due to the positive response from the local customers, CJ CheilJedang is expanding the PlanTable product line in the United States and Singapore.
In an effort to continue expanding its product lineup, CJ CheilJedang launched plant-based tteok-galbi (Korean-Style grilled short rib patties), Hamburg steak and two types of rice balls this month. Despite containing no meat, the four new products are rich in flavor. Also, all of the products are vegan certified(V-Label) to provide a reliable guide to consumers promoting transparency and clarity.
CJ CheilJedang’s textured vegetable protein (TVP), a plant-based ingredient that replaces meat, was developed using the company’s own technology. The substance is a plant-based protein that is made by mixing soybeans and peas using a special method. The substance, developed using CJ’s unique manufacturing technology, tightens protein tissue binding, creating a texture and juiciness similar to real meat. It can be applied in creating various recipes and menu CJ CheilJedang is looking forward to creating innovative products using its proprietary technology in the future.
In order to optimize the development of plant-based products, the company also constructed a 1,000-ton production line in Incheon-2 Plant. CJ CheilJedang also plans to expand its production line in the future based on its global and domestic businesses’ needs.
What is Plant-based Food?
Plant-based foods are foods that are consisted of plant-based ingredients excluding meat, fish, eggs, and dairy products. According to Euromonitor, the global plant-based food market is estimated to be valued at 26.4 trillion KRW (about 20 billion USD) and is rapidly growing at an average rate of over 10% every year. More than 38% of the global population is vegetarian for religious and ethical reasons. Additionally, plant-based diets are becoming a trend, as values such as health, nutrition and eco-friendliness are considered increasingly important.
CJ CheilJedang sees plant-based food technology as a game changer within the global food industry.
“Marking our plant-based products as a culmination of CJ CheilJedang’s food business knowledge and expertise over decades, CJ CheilJedang will expand into the global market, including the United States and Europe,” stated an official from CJ CheilJedang.
