Chicken Prices Reined In Ahead of Chobok... "Enjoy Samgyetang at Home for Half the Price"

Wholesale Chicken Prices Stabilize Downward This Month
Slaughter Numbers Increase, Decline Expected to Continue
Samgyetang at Specialty Restaurants Nears 20,000 Won
Total Cost of Homemade Ingredients: 8,800 Won per Serving
Will Higher Dining-Out Costs Drive Demand for Home-Cooked Health Dishes?

Amid the overall upward trend in livestock product prices, the wholesale price of chicken—a staple ingredient for traditional health-boosting dishes—has shifted to a downward trend ahead of Chobok, which falls on July 15 this year. As prices are expected to stabilize due to increased supply, attention is focused on whether this will help ease the grocery burden for consumers, who have been facing higher dining-out costs.

According to the Livestock Products Quality Evaluation Institute on July 11, the wholesale price of chicken per kilogram was 3,498 won as of July 8. This represents a decrease of 3.3% compared to the same period last year and 0.4% below the average for previous years, trading at levels lower than usual. Until mid-May, the wholesale price had reached 4,300 won, which was 27.3% higher than the average, but it began to stabilize toward the end of last month.

Consumers are selecting products at a poultry counter in a large supermarket in Seoul. Photo by Yonhap News Agency

As of July 9, the nationwide average consumer price for chicken stood at 6,228 won—still high at 10.6% above last year and 6.1% above the average for previous years. However, considering the recent wholesale price trends, consumer prices are expected to return to typical levels around Chobok.

Earlier, up until May, the number of broilers slaughtered for food purposes had decreased compared to previous years, driving up chicken prices. According to the Korea Rural Economic Institute, the number of broilers slaughtered during this period was 63.14 million, which is 3.3% fewer than last year and 5.7% fewer than the average for previous years. However, with the recovery of working days and productivity in June, the number rose to 68.86 million, marking increases of 6% compared to last year and 4.6% compared to previous years.

For this month and next month, the number of broilers slaughtered is projected to reach up to 77.07 million and 68.48 million, respectively. This would be increases of up to 3% and 5.3% compared to last year, and 4.7% and 0.3% compared to the average for previous years. The Korea Rural Economic Institute stated, "While there is a possibility of price fluctuations due to increased demand during the Bok (mid-summer) peak season and July weather conditions, the rise in slaughter numbers is expected to lead to a decline in the distribution price of broilers compared to last year."

With the price of Samgyetang at specialty restaurants approaching 19,000 won per bowl, conditions are now favorable for consumers—facing higher dining-out costs—to turn to purchasing chicken for homemade health dishes. According to a recent survey by Korea Price Information, a specialized price research agency, the total cost of seven key ingredients for Samgyetang (serving four people)—including young chicken, fresh ginseng, glutinous rice, garlic, chestnuts, green onions, and medicinal herbs for broth—amounted to 35,260 won. While this is a 12.5% increase compared to 2022 (31,340 won) due to high inflation, it is 2.8% cheaper than last year (36,260 won).

When converted to a per-serving basis, the cost is 8,800 won, which is less than half the price of Samgyetang at restaurants—18,154 won per bowl, according to the price data portal 'Chamgagyeok' from the Korea Consumer Agency as of May. At some well-known specialty restaurants, the price of a single bowl can exceed 20,000 won.

Lee Donghoon, head of planning and research at Korea Price Information, said, "Recently, with the rise of one- to two-person households and the spread of ready-to-eat meals, Samgyetang meal kits and Home Meal Replacement (HMR) products are being released in various options, typically priced between 5,000 and 9,000 won per serving." He added, "If preparing the ingredients yourself seems burdensome, using these products can be a more economical way to enjoy health-boosting dishes at home compared to dining out."

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