Republic of Korea: Beef Market 2025

Beef Market Size in Republic of Korea

The South Korean beef market skyrocketed to $X in 2021, surging by 21% against the previous year. Overall, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +100.5% against 2012 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Beef Production in Republic of Korea

In value terms, beef production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. Beef production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

In 2021, the average beef yield in South Korea contracted slightly to X kg per head, standing approx. at the previous year's figure. In general, the yield showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 0.4%. As a result, the yield reached the peak level of X kg per head, leveling off in the following year.

In 2021, the number of animals slaughtered for beef production in South Korea stood at X heads, with an increase of 8.8% on 2020. Overall, the number of producing animals, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 10% against the previous year. As a result, the number of animals produced attained the peak level of X heads. From 2014 to 2021, the growth of this number remained at a lower figure.

Beef Exports

Exports from Republic of Korea

In 2021, shipments abroad of beef (cattle meat) decreased by -94.8% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 1,039%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, beef exports shrank sharply to $X in 2021. In general, exports saw a drastic downturn. The growth pace was the most rapid in 2013 when exports increased by 747% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons), the United Arab Emirates (X tons) and Egypt (X tons) were the main destinations of beef exports from South Korea, with a combined 92% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +72.6%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) emerged as the key foreign market for beef (cattle meat) exports from South Korea, comprising 49% of total exports. The second position in the ranking was taken by Egypt ($X), with a 17% share of total exports. It was followed by Hong Kong SAR, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at -2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+3.7% per year) and Hong Kong SAR (-24.2% per year).

Export Prices by Country

In 2021, the average beef export price amounted to $X per ton, picking up by 7.8% against the previous year. Over the period under review, the export price, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2017 when the average export price increased by 22% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+9.8%), while the prices for the other major destinations experienced a decline.

Beef Imports

Imports into Republic of Korea

In 2021, the amount of beef (cattle meat) imported into South Korea rose rapidly to X tons, picking up by 5.8% on the previous year's figure. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +77.4% against 2012 indices. The most prominent rate of growth was recorded in 2016 with an increase of 27% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, beef imports skyrocketed to $X in 2021. Overall, imports showed strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X tons), Australia (X tons) and New Zealand (X tons) were the main suppliers of beef imports to South Korea, together comprising 96% of total imports. Canada and Mexico lagged somewhat behind, together comprising a further 3.6%.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +23.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest beef suppliers to South Korea were the United States ($X), Australia ($X) and New Zealand ($X), with a combined 97% share of total imports. These countries were followed by Canada and Mexico, which together accounted for a further 2.7%.

Canada, with a CAGR of +28.3%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average beef import price amounted to $X per ton, rising by 15% against the previous year. Over the last nine years, it increased at an average annual rate of +5.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :