POSCO International partners with food tech firms for alternative meat marketing

Lim Chang-won Reporter() | Posted : June 17, 2021, 14:46 | Updated : June 17, 2021, 14:46

[Courtesy of POSCO International]

SEOUL -- POSCO International, a trading arm of South Korea's steel group, jumped into the market for meat alternatives to support the development and global marketing of products from two domestic food tech companies, as concerns over animal welfare and food security spur the global demand for meat alternatives.

POSCO International said it has signed a business agreement with Gikuin Company and HN Novatech to support the global marketing and product development of alternative meats. Gikuin produces a meat alternative called "Unlimeat," made mainly from brown rice, oats and nuts, that mimics the taste of animal-based meat.

HN Novatech manufactures alternative meat by using heme molecules extracted from seaweed and fish meat. Heme defines a family of proteins known as hemoproteins.

Because of their similarity to meats, meat analogues are frequently used in dishes and food practices similar to meat. The target market includes vegetarians, vegans, non-vegetarians seeking to reduce their meat consumption and people following religious dietary laws.

"The importance of food businesses is growing, with concerns raised about Agflation" "We will expand cooperation with domestic and foreign food tech companies that have excellent technology for sustainable growth," an unnamed POSCO International said. Agflation describes the phenomenon when food prices rise more rapidly than the prices of other goods and services, due to the growing demand for crops as food and biofuels.

The steel group has diversified its business portfolio into grain trading. In February 2019, POSCO International acquired a controlling 75-percent stake in a grain terminal run by Orexim Group, a leading transshipment and exporting company in Ukraine.
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