South Korea's beef prices to decline next year

The price of hanwoo, the Korean beef, could drop by 5% next year.

Prices are likely to drop because farmers are bringing cows into the market faster, said the Ministry for Agriculture, Food, Forestry and Fisheries.

Currently, local farmers on average spend 30 months on raising each cow. That will be shortened to 27 months on average, lowering the cost for feeding, said the ministry. That, in turn, will push down the price for consumers.

Farmers kept cows for as long as 30 months with the misconception that beef quality improves with age. Cows fully mature in 27 months and feeding them further only increases body fat while reducing meat quality, said ministry official Park Hong-Sik.