"‘Body Value Will Drop’ This Year’s Hanwoo Cattle Rearing Expected to Reach Record High"

Expected to Increase by 5% in One Year... Slaughter Also Rising
Retailers Launch Half-Price Sales and Discounts

[Asia Economy Reporter Koo Eun-mo] As the number of Hanwoo cattle raised this year is expected to reach an all-time high, expectations are rising that Hanwoo prices may fall. Distribution companies are preparing discount events such as half-price sales.

According to the Korea Rural Economic Institute on the 30th, the number of Hanwoo cattle raised by the end of this year is projected to increase by 5.0% from a year ago to 3,555,000 heads. Next year, it is expected to rise to 3,600,000 heads.

As the number of cattle raised increases, the number of Hanwoo slaughtered is also expected to rise significantly. The expected number of slaughters this year is around 850,000 to 860,000 heads, far exceeding last year's 790,000 heads, and is also expected to surpass 840,000 heads in 2012 when prices sharply dropped. This trend is expected to continue, reaching about 1,000,000 heads in 2024.

The reason the number of cattle raised has increased to a record high is interpreted as the supply of Hanwoo continuously increasing while demand was supported due to factors such as COVID-19, maintaining relatively high prices for a long period. Researcher Ji Seon-woo of the Korea Rural Economic Institute explained, "The relatively good wholesale prices of Hanwoo so far influenced farmers to increase the number of heads," adding, "At the current level of cattle raised, prices should have already dropped, but due to increased household consumption amid COVID-19, prices were maintained."

As the volume of cattle waiting to be shipped increases, Hanwoo prices are expected to decline. According to the Livestock Products Quality Evaluation Service, as of the 28th, the consumer price of Hanwoo sirloin was 106,300 KRW per kg, down 4.6% (5,096 KRW) compared to the end of last year (111,396 KRW). During the same period, wholesale prices also fell from 20,247 KRW per kg to 16,070 KRW.

The distribution industry is also offering discounts such as half-price Hanwoo sales. First, Lotte Mart, celebrating its 24th anniversary, will hold a ‘Hanwoo Event’ from the 31st until the 23rd of next month, selling at up to half price, and Emart will hold a 40% discount event on Hanwoo for two days from the 2nd to the 3rd of next month.

This content was produced with the assistance of AI translation services.