South Korea: Livestock and Products Semi-annual
Link to report:
While Korea’s overall demand for beef and pork remains strong, imports of these products have declined as a result of the global pandemic. COVID-related restrictions have limited Korea’s Hotel, Restaurant, and Institutional sectors where imported meat is heavily consumed. Conversely, Korea’s market shift to in-home dining has bolstered retail sales of domestically produced meat. Korean cattle producers look to capitalize on high prices and rising demand for domestic beef and will increase slaughter numbers in 2021. In the swine sector, Korea’s small-scale operations continue to struggle with balancing production costs and suppressed pork prices. With improved market conditions expected for the second half of 2021, Korea’s pork consumption is forecast to rebound modestly by the end of the year.
