South Korea: Dairy and Products Annual
In 2014, $56 billion in local dairy product sales were one-percent higher than 2013. Domestic raw fluid milk production increased 5.8 percent; however total raw fluid milk consumption increased by only 2.1 percent, which was satisfied by a 12.2-percent increase in imports. Drinking milk products by value decreased by 2.7% in 2014 to reach 1.64 million metric tons. New government price controls pushed average drinking milk prices higher in 2014. The value of drinking milk products are expected to increase at a rate of 3% between 2014 and 2018, at constant 2014 prices. The local raw fluid milk price jumped13 percent to $1 per liter since January 2015, recording the highest raw fluid milk price in the world. Cheese sales increased by 9% in current volume terms to reach 118,000 metric tons in 2014. Unprocessed cheese sales increased by 12% in 2014, contributing 80% of overall sales volume for cheese in the year.
