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Shinsegae Food Inc. revealed it would be investing $6 million into Better Foods for the production of plant-based food items. The latter is said to be the company’s US-based subsidiary.
According to Korea Joongang Daily, Shinsegae Food will put in money in August, and its Better Food subsidiary will be launched soon afterward, in the same month. Aside from the $6 million, the South Korean food company will also add another $4 million in funding to Better Foods within the first half of 2023. This second investment will be added by issuing new shares.
The company is expecting its new American subsidiary firm to help with the expansion of its plant-based meat business overseas. In South Korea, the brand is being sold domestically under Better Meat. The brand offers plant-based patties and sliced ham, and these are mostly supplied to Starbucks, which is an affiliate of Shinsegae.
Shinsegae is aiming to enter boost its presence in the global plant-based meat market through its new Better Foods subsidiary. The company believes that the “meat-less” market will grow by 19.3% on year on average from this year to reach $24.8 billion by 2030.
After Better Foods is established in the United States, Shinsegae Food’s next step is to construct production plants outside of Korea. For now, Better Foods will focus on making Better Meat products known by being present in retail stores and global online markets. Shinsegae Food is hoping to capitalize on the fast-growing plant-based business trend, which is one reason why it is setting up Better Foods.
“We plan to create momentum in expanding our alternative meat business with Better Foods,” the company’s spokesman said in a statement. “We will participate in various activities to make our Better Meat brand into an alternative meat provider that leads not only to the local market but also to markets abroad.”
Finally, Yonhap News Agency reported that this investment move came after Shinsegae established its Better Meat plant-based food products earlier this month. Better Foods will be serving as the company’s research and development (R&D), as well as a base for its expansion in the international space.
