Overflowing South Korean beef, the value of the meridians may plummet by 22% next year

Published 2022년 12월 16일

Tridge summary

The Korean beef industry is facing a significant challenge as experts predict a drastic decrease in beef prices due to an oversupply in 2023, with prices potentially dropping by up to 22% from the current level. This oversupply is attributed to a projected increase in the number of breeding animals and slaughtered animals in 2023. The situation is further complicated by the possibility of an interest rate hike and decreased demand, which could push the price down to 15,000 won per kilogram. To mitigate this, the government and industry experts have suggested measures such as reducing the cow herd, developing competitive products, and focusing on the quality and distribution of Korean beef. The situation underscores the need for the industry to adapt to changing market dynamics to remain sustainable and profitable.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Korean beef association, Korean beef industry development meeting The number of slaughtered animals increased by 10% compared to this year Expected to fall below 18,000 won per kg Leading the increase in breeding in large farms in some areas “Preemptive reduction of cows and refrain from stocking” As the oversupply of Korean beef intensifies next year, an analysis that the price of Korean beef can plummet by up to 22% compared to the current level is coming out, giving a great shock to the industry. As a result, the demand for participation in supply and demand control is growing. ◆ By 2023, the price of Korean beef is expected to fall to the 15,000 won level = The National Korean Beef Association’s Korean Beef Policy Research Institute announced these analysis results at the ‘2022 Korean Beef Industry Development Conference’ held in Mungyeong, Gyeongbuk on the 13th. According to the Livestock Products Quality Evaluation Institute, the entire Korean beef meridian value this ...

Source: Nongmin