Report Update: May 1, 2024

Republic of Korea - Beef (Cattle Meat) - Market Analysis, Forecast, Size, Trends and Insights

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Beef Price in South Korea - 2022

Beef Price in South Korea (CIF) - 2022

In December 2022, the average beef import price amounted to $8,395 per ton, remaining constant against the previous month. Over the period under review, the import price, however, saw a mild reduction. The most prominent rate of growth was recorded in February 2022 when the average import price increased by 5.8% m-o-m. Over the period under review, average import prices attained the peak figure at $9,774 per ton in December 2021; however, from January 2022 to December 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was the United States ($9,082 per ton), while the price for Mexico ($4,360 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Mexico (+1.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Beef Price in South Korea (FOB) - 2022

The average beef export price stood at $44,246 per ton in December 2022, with a decrease of -34% against the previous month. Overall, the export price recorded a noticeable slump. The growth pace was the most rapid in October 2022 an increase of 868% against the previous month. Over the period under review, the average export prices reached the maximum at $82,524 per ton in January 2022; however, from February 2022 to December 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Hong Kong SAR ($71,840 per ton), while the average price for exports to Iraq ($11,394 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mongolia (+1.5%), while the prices for the other major destinations experienced mixed trend patterns.

Beef Imports in South Korea

In 2022, beef imports into South Korea rose sharply to 499K tons, with an increase of 6.4% on the year before. The total import volume increased at an average annual rate of +4.0% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, beef imports skyrocketed to $4.3B in 2022. Over the period under review, total imports indicated buoyant growth from 2019 to 2022: its value increased at an average annual rate of +13.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 23%. Imports peaked in 2022 and are likely to see steady growth in years to come.

Import of Beef in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	1,746	1,732	2,093	2,541	13.3%
Australia	1,038	1,025	1,258	1,346	9.0%
Canada	32.4	31.4	61.0	162	71.0%
New Zealand	71.1	69.9	98.7	136	24.1%
Mexico	29.5	31.9	33.7	39.1	9.8%
Others	7.3	6.0	15.5	72.7	115.1%
Total	2,924	2,896	3,560	4,296	13.7%

Top Suppliers of Beef to South Korea in 2022:

United States (256.9K tons)
Australia (167.2K tons)
New Zealand (21.7K tons)
Canada (19.1K tons)
Mexico (7.2K tons)

Beef Exports in South Korea

Beef exports from South Korea skyrocketed to 395 tons in 2022, picking up by 430% against 2021. Overall, exports recorded significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, beef exports surged to $3.8M in 2022. The total export value increased at an average annual rate of +9.1% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Beef in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Hong Kong SAR	2.6	3.1	3.0	2.8	2.5%
Vietnam	N/A	N/A	N/A	0.5	0%
Mongolia	N/A	N/A	N/A	0.2	0%
Iraq	0.2	0.1	0.1	0.1	-20.6%
United Arab Emirates	N/A	N/A	N/A	N/A	0%
Others	0.1	0.1	N/A	0.1	0.0%
Total	2.9	3.2	3.1	3.8	9.4%

Top Export Markets for Beef from South Korea in 2022:

Vietnam (111.2 tons)
Hong Kong SAR (40.2 tons)
Iraq (11.3 tons)
Mongolia (4.2 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the beef market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 947 - Buffalo meat
FCL 867 - Meat of cattle

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, PRODUCING ANIMALS AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Producing Animals Slaughtered, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023