Beef and buffalo meat market in South Korea

Earlier Report Observations

The South Korean beef and buffalo meat market volume grew consistently from 694 thousand tons in 2018 to 818 thousand tons in 2023. This expansion was supported by government and producer group policies aimed at protecting Hanwoo cattle farmers, which included discount events and supply support for school meals and processing, helping to boost domestic production from 279 thousand tons to 345 thousand tons over the period.

The COVID-19 pandemic in 2020 reduced out-of-home dining demand, but stable import levels and continued Hanwoo support measures helped the market maintain growth. In 2021, record exports of US beef to South Korea reflected rising demand for imported beef, further contributing to market volume increase.

In subsequent years, the easing of social distancing increased outdoor activity, yet at-home consumption remained under pressure due to rising production costs and inflation. Competition between imported and domestic beef persisted, with monthly imports consistently ranging between 30 thousand and 40 thousand tons in 2023.

Production beef and buffalo meat in South Korea

In kind, 2017-2020, K t

Top producers of beef and buffalo meat, 2017-2020

World map of production of beef and buffalo meat, 2017-2020

South Korea's beef and buffalo meat production has increased for the second year in a row. In 2020, the country produced 291.0 K t, marking a modest 1.7% rise compared to the previous year. Looking at the period from 2017 to 2020, production grew by 3.6%, which translates to an annualized rate of 1.2%. The lowest production level was recorded in 2018 at 279.0 K t, when output declined by 0.7%. The most significant increase occurred in 2019, with a 2.5% growth.

Annual dynamics of production in South Korea in kind, 2017-2020, K t

Exports beef and buffalo meat from South Korea

Exports in kind, K t

Beef and buffalo meat exports from South Korea have declined for the second consecutive year. In 2020, exports totaled 0.1 K t, representing a sharp 39.2% drop compared to 2019. Over the 2017-2020 period, exports fell by 72.9%, with a compound annual growth rate of -35.3%. The highest export volume was recorded in 2018 at 0.2 K t, which saw a 3.3% increase. The largest decline occurred in 2019, with a 56.8% decrease.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, K t

From 2017 to 2020, Vietnam and Hong Kong together accounted for 87.2% of South Korea's total beef and buffalo meat exports by volume. Other countries contributed to a more diversified but less significant portion of the export market.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South Korea in kind, 2017-2020

Exports in value, M $ US

After two years of decline, South Korea's beef and buffalo meat export values have rebounded. In 2020, exports reached 3 M $ US, showing a 10.0% increase from the previous year. However, over the 2017-2020 period, export values decreased by 25.9%, equating to an annualized decline of 9.5%. The lowest value was recorded in 2019 at 3 M $ US, when exports fell by 30.1%.

Annual dynamics of product's exports from South Korea in value, 2017-2020, M $ US

Throughout 2017-2020, Hong Kong dominated South Korea's beef and buffalo meat exports in value terms, accounting for 85.6% of total flows. Other countries held significantly smaller shares in the export market.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South Korea in value, 2017-2020

Imports beef and buffalo meat to South Korea

Imports in kind, K t

Following two years of growth, South Korea's beef and buffalo meat import volumes have declined. In 2020, imports amounted to 443.2 K t, remaining virtually unchanged compared to 2019. Over the 2017-2020 period, imports increased by 16.9%, with a compound annual growth rate of 5.4%. The peak import volume was recorded in 2019 at 443.6 K t. The largest increase occurred in 2018, with a 9.6% rise.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, K t

From 2017 to 2020, the United States and Australia together accounted for 93.0% of South Korea's total beef and buffalo meat imports by volume. Other countries formed a more diversified but less substantial part of the import market.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South Korea in kind, 2017-2020

Imports in value, M $ US

After two years of gains, South Korea's beef and buffalo meat import values have decreased. In 2020, imports totaled 2 923 M $ US, representing a slight 0.9% decline year-over-year. Over the 2017-2020 period, import values increased by 28%, equating to an annualized growth rate of 8.6%. The highest value was recorded in 2019 at 2 923 M $ US. The largest increase occurred in 2018, with an 18.9% rise.

Annual dynamics of product's imports to South Korea in value, 2017-2020, M $ US

Throughout 2017-2020, the United States and Australia were the core markets for South Korea's beef and buffalo meat imports in value terms, jointly accounting for 95.0% of total flows. Other destinations held comparatively modest shares in the import market.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South Korea in value, 2017-2020