With Chuseok approaching, prices of livestock products such as beef, pork, and eggs are rising across the board, increasing the burden on shoppers. In particular, premium Korean beef, known as hanwoo, which sees demand surge during the holiday, is posting the sharpest gains amid a supply shortfall.
According to the outlook from the Agriculture Outlook Center at the Korea Rural Economic Institute (KREI) on the 6th, this year's wholesale price of premium Korean beef, known as hanwoo, is expected to be around 22,500 won per kilogram, up 14.5% from last year. It is projected to stay at a similar level in the fourth quarter, 5.8% higher than last year and 13.5% above the average year, and the wholesale price during the Chuseok peak season is forecast at 24,000–25,000 won, up 14.3–19.0% from last year.
Retail prices have already jumped, with premium Korean beef, known as hanwoo, tenderloin at 15,308 won per 100 grams as of the 4th, up 19.9% from the same period last year; sirloin up 22.6%; and brisket up 17.7%.
The price increase is driven by a decline in the number of cattle raised. Due to a drop in prices a few years ago that led to reduced raising, the number of cattle slaughtered this year is 864,000, down 8.8% from a year earlier and 5.0% below an average year, and the fourth-quarter slaughter count is expected to be 178,000, down 14.1% from the same period last year.
On top of this, feed costs have added pressure. The downward trend in slaughter numbers is expected to continue next year (828,000 head) and in 2028 (827,000 head). The Agriculture Ministry expects the herd size, which hit bottom this year, to return to average levels by late 2027 to early 2028 and to start increasing again from 2029.
As demand shifts due to the rise in premium Korean beef, known as hanwoo, prices, imported beef is also trending higher. U.S. chilled chuck eye roll is 4,019 won per 100 grams, up 20.1% year over year.
Pork has cooled from the surge early this year triggered by African swine fever but remains higher than last year. This year's wholesale price is 5,800–6,000 won per kilogram (up 2.4% on-year), and the retail price of samgyeopsal is 2,862 won per 100 grams (up 1.6% on-year). The Agriculture Ministry expects pork prices to gradually stabilize after Chuseok as demand eases.
Eggs are falling at the farm-gate level as production recovers, but the pass-through to retail is slower, with the average price for a tray of 30 at 7,199 won as of the 4th, 3.7% higher than last year. The government plans to boost peak-season supply by releasing 22,000 tons of beef, a record 67,000 tons of pork, and 4,900 tons of eggs—2.4 times the normal level.