This photo taken on Feb. 17, 2023 shows Korean beef on display at a department store in Seoul. (Yonhap)
SEOUL, Feb. 23 (Korea Bizwire) — Korean beef, a highly coveted item among consumers in South Korea, is now gaining more attention from the retail distribution industry as well.
Recent half-price discount events have resulted in sold-out stocks every day, underscoring the growing popularity of this premium meat.
E-grocery platform Market Kurly, announced the launch of a “special exhibition on half-price sale of Korean beef” with discounts of up to 50 percent.
The promotion, which took place on Tuesday, saw 30 out of 33 planned products sell out by 11 p.m. on the same day.
Following this success, agricultural cooperative Nonghyup decided to extend its ongoing discount event for Korean beef.
The promotion, which witnessed huge success at last weekend’s initial event, will continue to offer discounted prices on this delicacy.
South Korean e-commerce giant Coupang Inc. has also jumped on the bandwagon by launching a “Beef Week” event, which includes Korean beef soup at a whopping 66 percent discount.
Shoppers wait in a line to purchase “hanwoo,” premium Korean beef, at a supermarket in Seoul on Feb. 19, 2023. South Korea’s agricultural ministry has been hosting a three-day promotional event, which ends on the day. (Yonhap)
Korean beef, locally called “hanwoo,” is a premium product that is highly valued as a gift for special occasions or when serving guests.
However, the high price point has often deterred consumers from making a purchase.
This is because Korean beef goes through several steps before reaching the end consumer, including slaughter, auction, processing, wholesale, and retail, which ultimately increases the distribution margin and drives up the cost.
Furthermore, the production cost of Korean beef is higher than that of imported beef, as it is raised on expensive feed for an extended period to attain a good grade, with low overall productivity.
In light of this, the recent discount events have garnered attention, as they aim to support livestock farmers during a time of crisis, following a sharp decline in wholesale prices.
Retailers and other industry players are holding large-scale events, drawing consumers who are eager to purchase this high-end meat at more affordable prices.
Ashley Song (ashley@koreabizwire.com)
