"Even Hard-Earned Money Can't Buy It"…Hanwoo Beef Sales Drop Sharply After Three Years

Sales Amount and Volume Down from January to July Compared to Last Year

Annual Figure Expected to Decline as Well

Beef Prices Continue Upward Trend Ahead of Chuseok

Domestic Pork, Including Pork Belly, Remains Relatively Stable

Sales of domestic beef, a flagship product in the livestock market, have declined for the first time in three years. This is attributed to consumers shying away from purchases due to continuously rising prices. In contrast, demand for domestically produced pork, which is relatively more affordable, continues to rise, absorbing consumer demand.

Citizens shopping at a large supermarket in Seoul. Photo by Yonhap News Agency

According to the Dabom livestock distribution information platform of the Livestock Products Quality Evaluation Institute on September 16, sales of domestic beef (Hanwoo and Hanwoo crossbreeds) purchased by consumers at major national retail channels—including large supermarkets, chain stores, and cooperative marts—from January to July this year amounted to 1.18835986 trillion won, a 3.4% decrease compared to the same period last year. For the January to July period each year, domestic beef sales had increased for two consecutive years—from 1.0313388 trillion won in 2023 to 1.22972524 trillion won last year—but have entered a downward trend this year.

With about three months remaining in the year, including the Chuseok holiday, it seems likely that full-year sales will also break the three-year upward streak if this trend continues. Annual domestic beef sales increased slightly for two consecutive years, from 1.8078664 trillion won in 2023 to 2.01785521 trillion won the following year, and 2.15083260 trillion won last year.

A customer is checking the price at the meat section of a large supermarket in Seoul. Photo by Yoon Dongju

In terms of sales volume, 13,813,343 kg of domestic beef were sold from January to July this year through these distribution channels—a decrease of 6.6% compared to the same period the previous year. For the January to July period, domestic beef sales volumes declined by about 3% for two consecutive years—from 15,744,142 kg in 2023—but the rate of decline more than doubled this year compared to the previous year. Industry observers point to rising prices as the main reason for the downturn in domestic beef sales value and volume.

In fact, the nationwide average retail price of 1st grade beef tenderloin, a popular cut among consumers, rose from 13,738 won per 100g in January this year to 15,079 won in July, a 9.8% increase. This is 18.8% more expensive than the 12,693 won recorded during the same period last year, and 16.7% higher than the average market price over the past five years (excluding the highest and lowest), which stood at 12,916 won.

This upward trend has continued this month, increasing the burden on consumers preparing for the holidays. According to the Korea National Council of Consumer Organizations’ Price Monitoring Center's first round of price surveys for Chuseok ceremonial goods conducted in early September across 90 retailers in 25 districts of Seoul (about three weeks ahead of Chuseok), prices for 14 out of 23 comparable items (about 60.9%) were lower than last year. However, the price of general beef (for grilling) and brisket (for soup) each rose by 4.1% and 3%, respectively, compared to last year.

The Korea National Council of Consumer Organizations stated, "The prices of fruit and seafood, which drove up consumer costs every year due to sharp increases, have stabilized, and egg prices have also fallen. However, meat and vegetable prices, which make up a large portion of holiday meal costs, have risen," adding, "There are likely to be limits to how much the consumer burden for holiday-related prices can be reduced."

As domestic beef prices remain high, a growing number of consumers are turning to pork as an alternative. From January to July this year, sales volumes of domestic pork at major retail channels reached 44,480,314 kg, up 2.4% from the same period last year. Sales value also increased by 4.1% to 1.23534762 trillion won. The nationwide average retail price of domestic pork belly, a popular cut, was 2,875 won per 100g last July. Although this represents increases of 5.9% year-on-year and 6.6% above the average price, the price growth was much more moderate compared to domestic beef.

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