South Korea Beef Market Size & Outlook, 2023-2030
South Korea beef market, 2017-2030 (US$M)
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South Korea beef market highlights
- The South Korea beef market generated a revenue of USD 15,472.3 million in 2023 and is expected to reach USD 20,081.1 million by 2030.
- The South Korea market is expected to grow at a CAGR of 3.8% from 2024 to 2030.
- In terms of segment, loin was the largest revenue generating cut in 2023.
- Brisket is the most lucrative cut segment registering the fastest growth during the forecast period.
Beef market data book summary
| Market revenue in 2023 | USD 15,472.3 million |
| Market revenue in 2030 | USD 20,081.1 million |
| Growth rate | 3.8% (CAGR from 2023 to 2030) |
| Largest segment | Loin |
| Fastest growing segment | Brisket |
| Historical data | 2017 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Brisket, Shank, Loin |
| Key market players worldwide | Tyson Foods Inc Class A, NH Foods Ltd, Marfrig Global Foods SA ADR, Minerva SA ADR, Hormel Foods Corp, JBS SA ADR, Vion Food Group, Australian Agricultural Co Ltd, Cargill, Danish Crown |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.9% of the global beef market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China beef market is projected to lead the regional market in terms of revenue in 2030.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 29,948.5 million by 2030.
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Beef Market Scope
Beef Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea beef market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to beef market will help companies and investors design strategic landscapes.
Loin was the largest segment with a revenue share of 36.34% in 2023. Horizon Databook has segmented the South Korea beef market based on brisket, shank, loin covering the revenue growth of each sub-segment from 2017 to 2030.
According to the USDA, the country consumed about 1.83 billion pounds of beef and imported about 1.21 billion pounds in 2020. The beef production in the country is unable to meet the increasing demand, which necessitates beef import from countries such as Australia and the U.S. Australian beef consumption is higher compared to the beef imported from the U.S.
However, local consumers mainly prefer Hanwoo beef as it is of local origin. Cattle producers continue to expand with home consumption boosting domestic Hanwoo demand, thereby supporting the growth of the country’s beef market.
The USDA has estimated that Korea’s overall demand for beef is to remain steady and could improve in the second half of the year with the reopening of its restaurant sector. Korean cattle producers seek to capitalize on high prices and rising demand for domestic beef, which is likely to increase production throughout 2022.
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Target buyers of South Korea beef market databook
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Our clientele includes a mix of beef market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea beef market , including forecasts for subscribers. This country databook contains high-level insights into South Korea beef market from 2017 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea beef market outlook size, by cut, 2017-2030 (US$M)
South Korea Beef Market Outlook Share, 2023 & 2030 (US$M)
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