Uncovering the Value of the Japanese and South Korean Beef Markets: The Benefits Beyond the Headlines for Australian Exporters
Japan and South Korea represent two very important markets for Australia’s beef industry, despite not boasting the headlines of record growth or market-setting prices we have seen for other markets in recent years. The true value of these two markets lies beneath the headline volume or price and can be captured in three main themes: consistency and stability, ease of doing business, and optimisation of carcase value.
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The beef demand outlook for Japan and South Korea is positive. We expect total import volumes for Japan to grow over the next five years at an average of just over 2% per year. South Korean total beef imports are expected to grow slightly faster, at just under 4% per annum.
Recognising and working to improve the underlying values these markets provide will ensure that Australia retains its position as a preferred supplier to Japan and South Korea. Furthermore, these countries will continue to form the cornerstone of the Australian beef export market and, as such, help to underwrite the success of the Australian beef industry.