New Food research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 04/15/2014 -- We hold a positive outlook towards the long term prospects of South Korea's agricultural sector. Our positive outlook towards the sector is based on the government's decision to gradually remove barriers to trade and move up the value chain. Indeed, the expansion of education and financial support for farmers to allow them entry into the food processing business, as well as plans to revitalise agriculture tourism, will yield results for the industry over the longer term and help it to remain relevant to the South Korean economy. Having said this, we are also concerned about the short term restructuring of the livestock industry due to a mismatch of domestic demand and supply of livestock. The most recent outbreak of the Highly Pathogenic Avian Influenza (HPAI, H5N8 type) also poses a significant threat to the production and consumption expectations for poultry meat.
View Full Report Details and Table of Contents
- Rice consumption growth to 2017/18: -10.1% to 4.1mn tonnes. As South Koreas substitute their carbohydrate intake with bread instead of rice, consumption of the grain is expected to fall in tandem with the changing diet.
- Corn consumption growth to 2018: 25.9% to 10.6mn tonnes. This will be buoyed by strong and steady demand from the animal feed sector. In particular, the swine feed sector should be the main consumer of corn for feed processing.
- Beef production growth to 2017/18: 14.3% to 384,000 tonnes. Even with the anticipated increase in local beef output, the country will remain reliant on imports to meet demand. Indeed, base effects are the key reason for the significant growth rate.
- 2014 BMI universe agribusiness market value: US$34.6bn (up from US$34.6bn in 2013; forecast to decline annually by 1.3% on average to 2018)
- 2014 real GDP growth: 3.0% year-on-year (y-o-y) (up from 2.1% in 2013; predicted to average 3.9% from 2013 until 2018).
- 2014 consumer price index: 1.85% y-o-y (up from 1.2% in 2013; predicted to average 2.7% to 2018)
- 2014 central bank policy rate: 2.75% (up from 2.5% in 2013; predicted to average 3.4% from 2013 until 2018).
The Korean government has implemented the rice purchasing plan for the 2014 Minimum Market Access (MMA) agreement. Under this plan, Korea intends to purchase 408,700 tonnes of milled rice, up 20,347 tonnes an increase of approximately 5% over last year.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Food research reports at Fast Market Research
You may also be interested in these related reports:
- South Africa Agribusiness Report Q2 2014
- India Agribusiness Report Q2 2014
- Ghana Agribusiness Report Q2 2014
- South Korea Agribusiness Report Q1 2014
- Saudi Arabia Agribusiness Report Q2 2014
- Bangladesh Agribusiness Report Q2 2014
- China Agribusiness Report Q2 2014
- Colombia Agribusiness Report Q2 2014
- Philippines Agribusiness Report Q2 2014
- Malaysia Agribusiness Report Q2 2014