March 11, 2008

 

Korea's beef consumption to increase in 2008

 

 

The beef consumption of Korea is projected to continuously increase this year, echoing the trend in 2007, due to higher domestic production.

 

In 2007, beef prices dropped slightly due to the availability of US beef from May to October, thus encouraging an increase in consumption of beef from all origins.  

 

Market sales indicate that about 85 percent of Korean consumers are still apprehensive about the safety of US beef. 

 

It was reported that with each finding of backbone, sales of US beef dropped. 

 

The Ministry of Agriculture and Forestry (MAF) reported that Korean consumers purchased beef 1.59 times per month in 2007 (up from 1.53 times per month in 2006).

 

Surveys show that consumers are willing to spend more on beef than they are to pork or poultry purchases. 

 

MAF is also providing support to livestock producers to develop brands with complete information on the meat consumers are buying.

 

In Korea, very small amount of beef is consumed in the form of processed meat, while virtually all beef is purchased for direct cooking.

 

As Korean consumers are accustomed to grain-fed beef, they prefer such beef over grass-fed. 

 

Australia, one of the major exporters of beef, and which used to supply grass-fed beef, is now switching to grain-fed beef.