The USDA’s Foreign Agricultural Service released a report earlier this month detailing the consumption of beef and pork in Korea.
The report states with higher domestic production of beef coming into the market in 2020 and with lower demand in the restaurant sector due to COVID-19, general beef prices are expected to drop.
However, that has not been the case with Korean Hanwoo beef as people are consuming more Hanwoo beef at home due to the closure of restaurants. “Imported beef—which is consumed in restaurants more than Hanwoo beef—was the sector that suffered most from the COVID-19 demand disruptions,” the report states.
Although the government provided relief funds to the public, which they could use for restaurant spending, total restaurant sales dropped slightly in May compared to the previous month. Although lower demand is expected, the U.S. has continued to be the largest supplier of imported beef in 2020.
