Impressive as it may be, the growth in meat consumption reflects uniquely Korean characteristics. The reason is South Korea's virtual non-supply of domestic feed inputs, which affects inefficient red meat lines more than poultry. Hence, soybean imports stopped growing but those of soymeal increased. Its rational economics notwithstanding, this trend has depressed longrun feed output growth, particularly since it holds back inventories of livestock species which are the most feed hungry. Their deep pockets and Korea's considerable engineering talent mean that these companies are no more reliant on technological imports than they are on foreign funding. The attached graph shows how to accommodate this expansion, feedgrain, oilseed and meal imports jumped in the same, exponential manner as demand for feed and meat, with rapid volume growth gradually tapering off only after On one hand, at 22kg, the country's per capita pork consumption, while equal to that of America or Australia, is only half that of China. This figure would be even higher if a slew of disease outbreaks had not devastated its swine and cattle populations at the turn of the decade. Consolidated conglomerates "chaebol" are the most popular business structure in the country's economy and also dominate the top end of South Korea's feed sector.
On one hand, after peaking at 1. Operating 12 mills and supplying Moreover, after the mids, it became more economical to import soymeal than to build new oilseed crushing facilities. As is the case in neighboring China, pork accounts for nearly half of meat consumption. As things currently stand, only 5kg of the 12 of beef eaten by every Korean and Changing cost economies have also impacted Korean livestock's oilseed sourcing strategy. Today however, it is not the quantity but type of feed crop and sourcing origins which are undergoing the greatest change. On the other hand, while they consume less meat than lower income Chinese, Koreans leverage their higher incomes to boost the quality of their protein consumption, rather than its mere quantity: While the sector's growth rate has fallen off, so has South Korea's meat self-sufficiency. This inverse relationship between global corn supplies and feed wheat imports is expected to persist going forward. The 12kg of beef that each South Koreans eats annually and 72kg of milk they consume is several times higher than levels found in China or Southeast Asia. The attached graph shows how to accommodate this expansion, feedgrain, oilseed and meal imports jumped in the same, exponential manner as demand for feed and meat, with rapid volume growth gradually tapering off only after In , three million of In that sense, South Korea's feed sector very much depends on the marketing campaigns of its meat processors, who must carve out the largest, highest value niche possible for the country's domestically produced beef and pork. The approximate 2 million tonnes of soybeans makes it the seventh largest importer of this oilseed; in more recent years, it has also become a top buyer of soymeal too. With its population and per capita meat consumption growing, the easiest production gains for South Korea's feed mills would come from a successful marketing campaign that encourages its citizens to spend a higher proportion of their overall incomes on the country's relatively expensive but very tasty, high quality red meat. They now buy less than half the 8 million tonnes of US corn typically imported a decade ago. It also threatens the economic viability of uniquely Korean livestock lines such as Hanwoo beef or black pork, whose unique tastes are synonymous with the country's culture. On one hand, at 22kg, the country's per capita pork consumption, while equal to that of America or Australia, is only half that of China. Hence, soybean imports stopped growing but those of soymeal increased. Due to America's biofuel boom and the rise of new suppliers, this is no longer the case. Then in , America's drought and high biofuel demand cut American corn exports to historic lows. This has made the country an important buyer on the world feed crop market. No part of the report may be reproduced without permission from eFeedLink. Consolidated conglomerates "chaebol" are the most popular business structure in the country's economy and also dominate the top end of South Korea's feed sector. BROOKS While kick-started in the s and s by multinationals and their then leading edge milling technology, South Korea's feed sector has long shaken off its early foreign influence. As of this year, a majority of raw soybeans come from Brazil, with America and Paraguay the respective second and third largest suppliers.
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