South Korean beef breeding will decrease in 2024

Frozen Bone-In Beef
Published Jan 29, 2024

Tridge summary

The Korea Rural Economic Institute and the Korea Agricultural Research Institute predict a mixed outlook for livestock in 2024. A decrease in the number of Korean cattle, pigs, laying hens, and dairy cows is expected due to factors such as declining prices and increased slaughter. However, increases are expected in beef production by 8.3%, broiler chickens by 2.2%, and ducks by 5.2%. Despite the decrease in dairy cows, crude oil production is predicted to rise slightly. Import growth of dairy products is also expected to continue due to tariff reductions and diversification of consumer preferences.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

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 ...
Source: Nongmin
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