South Korean beef breeding will decrease in 2024

The Korea Rural Economic Institute predicted that the number of Korean cattle raised this year will slightly decrease compared to last year. Pigs are also expected to decrease slightly compared to last year. ◆Hanwoo = The number of Korean beef raised in 2024 is expected to be 3.34 million. This is a 4.6% decrease from last year (3.502 million animals). It is analyzed that the decrease in breeding intention due to the decline in prices and the increase in cow slaughter have had an impact. Domestic beef production was predicted to be 328,000 tons, an 8.3% increase from last year. This is the effect of increased calf production from 2021 to 2022, increasing the number of steers that can be shipped this year. As the slaughter volume increases, the average wholesale price per kilogram of Korean beef meat this year is observed to be around 18,000 won, slightly lower than last year (18,619 won). As the number of cows slaughtered increases, production increases and prices are expected to ...