South Korean demand for beef, pork rebounds - GAIN
Inflation and currency flux posing challenges
14 April 2023
1 minute read
By: South Korea's rebounding consumer demand for beef and pork, together with elevated retail prices, led to greater domestic slaughter and import totals in 2022 and into 2023, according to a recent USDA GAIN report.
However, macroeconomic challenges such as inflation and currency flux have precipitated a steep rise in input costs for Korean livestock producers and forced consumers to reconsider spending decisions.
A full domestic supply of Hanwoo beef coupled with tighter US availability will increase market competition in Korea’s meat market over the next year.
Conversely, high feed and energy costs will curb Korea’s domestic pork production for the remainder of 2023 and sway purchasers towards cheaper imported product.
