Oversupply and price decline of South Korean beef to continue
Frozen Bone-In Beef
Meat
South Korea
Published Mar 4, 2023
Tridge summary
As the oversupply phase of Korean beef begins, the price decline is expected to continue.
Original content
Through observations in March, the Korea Rural Economic Institute predicted that the number of Korean cattle raised in March and June would increase by 2-3% compared to last year, and accordingly, the number of Korean cattle slaughtered in the first and second quarters would also increase by 9-10% compared to last year. . The number of breeding animals this year is expected to reach 3.57 million, the highest ever. Although the number of animals under one year old is decreasing, the trend of increase in the number of breeding animals is expected to continue due to the influence of fertile cows and the accumulated number of breeding animals. In the mid- to long-term, the number of breeding animals is expected to decline after reaching a record high this year. It starts to decrease to 3.47 million next year and is expected to reach 3.352 million by 2025. The Agricultural Research and Extension Services added that there is a possibility that the peak number of animals raised may ...
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