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Beef market
South Korea

Basic information:

  • Area: 99,720 km²
  • Capital city: Seoul (10.3 million)
  • Largest cities: Busan (3.7 million), Inchon (3.0 million), Daegu (2.5 million), Ulsan (2 million), Daejeon (1.5 million) and Gwangju (1.5 million)
  • Official language: Korean
  • Administrative division: 9 provinces
  • Surface configuration: mountainous and highland country. In the eastern part, along the coast of the East Sea (Sea of Japan), stretch the East Korean Mountains, cut by river valleys into several mountain ranges: the Diamond Mountains (Sorak-san, 1708 m) on the border with North Korea. In the western part, an alluvial plain on the Yellow Sea with isolated elevations of 700-800 m.
  • Climatic conditions: monsoon climate, warm temperate in the northern and central parts, subtropical in the south. Average temperature in January from -4 °C in the north to 2-4 °C in the south, in July from 21 °C to 25-27 °C respectively. Average annual rainfall from 1000 mm in the lowlands to 1500 mm in the mountains. Rainfall season June-September (warm, humid monsoon from the Pacific Ocean). Typhoons reach the coast of South Korea in late summer.
  • Political system: The country’s constitution was enacted in 1988. Legislative power is vested in the National Assembly. The head of state is the president, elected by universal suffrage. Executive power is exercised by a government headed by a prime minister appointed by the president.
  • Currency: South Korean won (KRW = 100 chon)
  • Populatioń:4 million. Most of the population is concentrated on the coast of the Yellow Sea and the Korean Strait. Vibrant urban growth due to high rate of industrialisation and mass migration from the countryside. In 1949, 20% of the population lived in cities; in 1991, 75%.
  • Religion: 57% – no declared religion, 20% – Protestants, 15% – Buddhists, 8% – Catholics.

Source: https://pl.wikipedia.org

Beef market (production):

Between 2012 and 2022, beef production in South Korea reached values between 312,000 and 335,000 tonnes per year, with production expected to reach 321,000 tonnes in 2022. The market growth rate (year-on-year) during the period described ranged from -14.2% (2016) to +11.43% (2012).

Beef production in South Korea between 2012 and 2022 does not exceed 344,000 tonnes annually.

Beef production and market growth rate from 2012 to 2022 in South Korea (in thousand tonnes)

Source: https://www.indexmundi.com/agriculture/

Beef market (consumption):

Between 2012 and 2022, beef consumption in South Korea reached values between 633,000 and 915,000 tonnes per year, with consumption expected to reach 915,000 tonnes (record) in 2022. The consumption growth rate (year-on-year) during the period described ranged from +0.28% (2016) to +6.19% (2021).

Beef consumption in South Korea has been increasing from 2012 to 2022 and is almost three times higher than domestic production.

Beef consumption and consumption growth rate from 2012 to 2022 in South Korea (in thousand tonnes)

Source: https://www.indexmundi.com/agriculture/

Beef market (exports and imports):

Between 2012 and 2022, South Korean beef exports to other markets were essentially non-existent (from 2017 onwards, not at all). Imports between 2012 and 2022 ranged from 320,000 tonnes (2012) to 595,000 tonnes (2022).

Beef imports to South Korea between 2012 and 2022 show a steady increase due to increased consumption and insufficient domestic production.

Beef imports and import growth rate from 2012 to 2022 in South Korea (in thousand tonnes)

Source: https://www.indexmundi.com/agriculture/

"Project financed by the Beef Promotion Fund"