“Beef breeding will decrease, so next year’s prices will be better than this year”

Korean beef farmers are facing challenges due to prices being lower than production costs for over two years. The number of cattle raised and slaughtered is expected to continue to decrease in the future, which may lead to a better wholesale price in 2024. Consumption trends show a preference for Korean beef over imported products, as long as it is provided at a reasonable price. Wholesalers prioritize meat quantity and color when setting auction prices, and individuals with high reproductive capabilities can result in high auction prices.

For Korean beef farmers who have had a difficult time this year due to the Korean beef price being below the production cost for over two years, the outlook for the future Korean beef price is emerging as a matter of great interest. This is because the number of slaughtered animals is expected to continue to decrease for a long time. In addition, there is interest in how the rapidly freezing consumer sentiment will affect Korean beef consumption in the future, and more fundamentally, how cattle should be raised to receive a high auction price. A clue to this was presented at the ‘2024 Korean Beef National Convention and Korean Beef Industry Seminar’ held on the 16th. ◆Continued decline in number of cattle raised Prices fall, breeding intentions decrease Next year, number of cattle raised is expected to be 3,185,000 Next year, number of cattle slaughtered is expected to be 933,000 Kim Chung-hyun, a researcher at the Korea Rural Economic Institute, who presented on the topic of ...