INTERVIEW Startup founders seek to ignite boom for vegan meat substitutes

Food tech startup DEVOTIONFOODS makes non-genetically-modified, gluten-free plant-based meat substitutes from textured vegetable protein. Courtesy of DEVOTIONFOODS

By Lee Gyu-lee

• Published May 6, 2021 2:27 PM KST
• Updated May 6, 2021 4:38 PM KST

By Lee Gyu-lee

Although debuted in the 1960s as an alternative source of protein for vegans, substitute meat made from fermented soy wallowed in obscurity for decades. It was only recently that the plant-based protein market has emerged as a healthier, eco-responsible dietary alternative for conscious consumers.

And with key players like Impossible Foods and Beyond Meat continuing to evolve to make their plant-based proteins taste, smell and look more like real meat, the substitute meat business is on the rise; the global plant-based meat market is expected to reach $450 billion by 2040, according to the consulting firm Kearney.

The co-founders of food-tech startup DEVOTIONFOODS ― CEO Park Hyung-su and CTO Lee Yong-min ― seek to become game-changers in the food industry as the food-tech market is just beginning to take off in Korea.

“Like Impossible Foods took the plant-based market by storm in the U.S, we aimed to introduce plant-based products made with high-end technology to Korea's market,” Park said in an interview with The Korea Times, in central Seoul, Tuesday.

Founded in 2018, DEVOTIONFOODS developed non-genetically-modified, gluten-free vegan substitute meat from textured vegetable protein. Last November it successfully raised 5 billion won ($4.44 million) in a series A funding round from companies like Kakao Investment and Samsung Venture Investment. Its founders have also landed in this year's Forbes' 30 Under 30 Asia.

The company is set to begin manufacturing products at its plant by early July and is already in talks with several food companies to supply them, before selling directly to consumers.

Park and Lee said their experiences with Impossible Food's patties, while working as chefs de partie at separate Michelin-starred restaurants in Chicago in 2016, gave them the idea to use their backgrounds in molecular gastronomy to develop their own plant-based meat.

“Impossible Foods worked with fine-dining restaurants to supply their products, so we had first-hand chances to sample them,” said Park, who has been in the culinary industry since age 15. “And after sampling them, we came to think we might be able to improve upon the product using our skills.”

Lee expressed that he had also felt a sense of regret after working at a fine-dining restaurant. “The reason I studied culinary arts and started working in this field was to provide quality meals to people. But fine-dining restaurants are designed for the top one percent of the population,” he said.

“So I felt making our own product might be the way to offer food, with the quality I want, to the wider population.”

Park said he was motivated to explore the vegan meat substitutes business as his personal response to environmental degradation. “When I started taking interest in alternative meat, it was the year when pollution and zoonotic diseases surfaced as important issues… I felt the need for sustainable food to reduce pollution and that I could create a system where consumers can contribute to protecting the environment just by consumption,” he said.

In 2016, avian influenza swept across Korea, leading to the culling millions of chickens and ducks.

“Producing one kilogram of beef results in 13 kilograms of carbon dioxide emissions and 100,000 liters of water use,” he said. “But with DEVOTIONFOODS's alternative meat, we can save 90 percent of air pollution and 88 percent of water…and we can also free ourselves from animal-transmitted diseases.”

So they started developing a prototype while working in the U.S. until they decided to come back to Korea and start the business.

Quality, the resemblance to actual meat, and the nutrition of the product were key in the development to appeal not only to vegetarians but also to those who might not be familiar with plant-based meat-like food products.

“As of right now, veganism and vegetarianism are not as prevalent in Korea so few would find the need to consume plant-based food instead of real meat,” Park said. “So we tried to give a message on why they should eat our product emphasizing better nutrition ― cholesterol-free, high in protein and lower in calories.”

The co-founders noted that they set the U.S. brands as their standard for developing their product to set themselves apart from the already existing plant-based meat substitute market players, whose products revolve around soy protein meat products.

“Until now, plant-based products in Korea derived from soy protein meat, which failed to grow its market due to its texture and taste,” Lee said. “It might be hard to tell the difference visually, but consumers will be able to tell the difference from the texture.”

They differentiated their product from existing local plant-based meat substitute brands and emerging startups by implementing their own technology to make the red meat turn brown when cooking and extracting plant-based fats to provide a meat-like texture.

The company also took in the drawbacks of the plant-based meat substitutes from the U.S brands to better suit the tastes of local consumers. “Plant-based proteins have distinctive flavors, so to cover that up, the U.S. brands often use additives to give sausage-like flavor which many suggested might taste unpleasant to Koreans,” Park said. “Since exploring flavors is our specialty, we searched for natural sources to give a meat flavor.”

Through a series of tastings, the company finally reached almost 80 percent of resemblance to meat-based food.

After the launch of its first product, the company plans to release different lines to eventually lower the price of plant-based meat alternative products and make them more accessible. “We plan to divide segments to release lower-priced lines and increase the consumers' understanding of plant-based protein,” Park said.

The co-founders have a bigger mission in the business than introducing quality plant-based meat alternatives to the Korean market: taking part to help solve the problem of food security.

“We started our company with the mission to provide the food we made to more people, but our ultimate goal is that we grow the business to the extent that our product can help increase food security,” Park said.

He added that they designed the business with a vision to provide a sustainable system, from growing the resources to processing them into food in countries that lack food security. “A small startup like us can't make that happen overnight, but we are steering ourselves in that direction,” he said.