Consumer demand for pork, beef in South Korea strengthens
The ongoing revival of South Korea’s food service sector strengthened consumer demand for beef and pork in 2022, according to a recent USDA GAIN report. This positive trend is expected to continue in 2023 as Korea’s hotel, restaurant, and institutional sectors gain momentum in a post-Covid market.
However, the pace and scale of food service growth is unclear as the country grapples with notable macroeconomic challenges such as inflation and a depreciating currency.
Korean cattle producers will aim to capitalize on high meat prices and strong demand for domestic beef and will increase slaughter rates into 2023. Swine production will wane over the first half of 2023 on high input costs.
Large import volumes for beef and pork that were witnessed in 2022 are expected to remain elevated in 2023.
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