Shinsegae to set up U.S. subsidiary for plant-based meat alternatives

SEOUL, July 21 (Yonhap) -- Shinsegae Food, a food business arm of South Korea's Shinsegae Group, said Thursday it will set up a U.S. subsidiary next month in the latest move to boost its competiveness in plant-based meat alternatives.

Shinsegae Food said it will spend US$6 million on setting up Better Foods Inc., a wholly owned U.S. subsidiary, by next month, with the injection of an additional $4 million set for the first half of 2023.

The move comes as Shinsegae launched Better Meat, which makes sliced ham and meatballs from plant-based ingredients, this month.

The U.S. business will serve as a bridgehead in research and development and the global expansion of its Better Meat brand, Shinsegae said.

"We plan to create momentum in expanding our alternative meat business, which is our new growth engine," a Shinsegae Food official said. "We will also carry out various activities to grow our Better Meat brand as a leading protein replacement in South Korea and abroad."

fairydust@yna.co.kr
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