South Korean beef 11.0%↓ in one year; the Rural Economic Research Institute finds a declining trend until 2024
Frozen Bone-In Beef
South Korea
Published Dec 8, 2022
Tridge summary
(Seoul = Yonhap News) Correspondent Shin Seon-mi = It was found that the price of Hanwoo beef showed a downward trend as supply increased but demand decreased.
Original content
According to the Korea Rural Economic Institute's 'Recent Reasons and Prospects for Hanwoo Price Decline' report on the 7th, the average wholesale price of Korean beef in October was 18,898 won per kg, down 11.0% from a year ago. By grade, the price of grade 1++ dropped by 8.0% from a year ago, and the price of grade 1+ and grade 1 fell by 10.1% and 12.5%, respectively. The researcher analyzed that while the supply increased as the number of breeding increased to an all-time high, the demand for Korean beef decreased due to the economic slowdown and the price fell. The researcher predicts that this downward trend in Korean beef prices will continue until 2024. The number of slaughtered animals is expected to be around 1 million by 2024, but consumption is likely to decrease as consumer sentiment has contracted due to interest rate hikes and inflation. In this situation, as international grain prices rise, feed prices have risen to a large extent, and farmers are concerned about ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.