The South Korean Beef Cost Management Committee established a 1.7 billion emergency budget for stabilization of Korean beef prices

The Korean Beef Cost Management Committee (Chairman Min Kyung-cheon, hereinafter referred to as Hanwoo Jazogeum) has established an emergency budget of 1.7 billion won to promote Korean beef consumption and stabilize supply and demand to stabilize the price of Korean beef. The number of Korean cattle raised since 2015 is expected to increase to 3.45 million by the end of this year. In particular, in the mid- to long-term, the number of breeding animals is projected to reach an all-time high next year. Among them, the number of slaughtered animals this year is expected to be 850,000 to 860,000, up from 794,000 last year and 757,000 in the average year due to increased breeding. There is even a forecast that the number of slaughtered animals will increase to the level of 1 million by 2024, raising concerns about the weakening of Korean beef prices. In order to respond to such concerns, the Korean cattle fund plans to stabilize the price of Korean beef in various ways, such as ...