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Article
- Revitalization and Awareness of Domestic and International Food Upcycling Industries†
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MinJoo Kim
, JiHyun Choi - IGEE Proc. 2024;1(1):56-64. Published online September 30, 2024
- DOI: https://doi.org/10.69841/igee.2024.009
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Abstract
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AbstractFood upcycling refers to the process of reprocessing food by-products generated in the food production process into new products with higher added value. This study aims to achieve a sustainable food system by promoting consumer awareness of food upcycling and revitalizing the domestic food upcycling industry in alignment with UN-SDGs 17 and 2. We utilized the 5 Forces Model and SWOT Analysis to evaluate the domestic market and analyzed financial statements from CRETOP for food upcycling companies. Additionally, we conducted interviews with industry CEOs to understand trends and consumer perceptions. The market analysis indicates that while the industry faces initial profitability challenges, its growth potential is strong, driven by increasing sales and positive market conditions. The analysis highlights the need for consumer awareness and producer sustainability. Through consumer surveys and corporate interviews, we identified a rejection and prejudice towards "food upcycling" and "upcycling jam," as well as effective marketing strategies. South Korea's food upcycling industry shows promise despite its smaller scale compared to North America and Europe. Positive market conditions and consumer responses suggest significant growth potential through in-ternational benchmarking and private investments. Government support and corporate involvement are crucial for sustaining operations and achieving long-term economic, nutritional, and environmental benefits. The government can facilitate a long-term sustainable food system through policies that boost private investments and enhance funding to ensure product safety and reliability. Establishing food upcycling certification systems and legal proposals will be essential in this process.
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