South Korea: Poultry and Products Annual
In Marketing Year (MY) 2020 (January – December), Korea’s chicken production is projected to increase about 1.6 percent to 957,000 metric tons (MT) compared to MY 2019. This is due to elevated competition for market share caused by new and renovated slaughtering facilities owned by vertically-integrated chicken companies, an increased number of Parental Stock (PS) broilers as safeguard against the possibility of an African Swine Fever (ASF) outbreak in Korea, and a stable rise in demand for chicken meat which is a more affordable source of animal protein compared to beef and pork. Excess chicken supply will continue to result in lower farm gate and wholesale prices in the coming years. In 2020, Korea’s chicken imports are projected to increase about three percent to 170,000 MT compared to the current marketing year due to a steady increase in demand for processed chicken products with a growing market for Home Meal Replacement (HMR) and Portion Meal products. In the near term, ASF uncertainty will encourage Korean importers to secure additional stocks until the ASF threat subsides.
