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Follow on Google News | New Market Research Report: South Korea Agribusiness Report Q1 2011New Food and Beverage research report from Business Monitor International is now available from Fast Market Research
Key Trends * Wheat production growth to 2014/15: 98% to 50,000 tonnes. The Korean government launched a programme to boost wheat production to meet 10% of local demand by 2017. Production will also be stimulated by tariffs put on American wheat imports in 2009. * Beef consumption growth to 2015: 13% to 648,000 tonnes. Beef consumption has proven largely demand inelastic in South Korea, with a majority of consumers not willing to change their beef purchasing habits in the wake of price increases according to various polls. * Milk consumption growth to 2015: 5% to 1.63mn tonnes. Consumers should continue to switch away from milk to other dairy products. Korea's low birth rate will also contribute to falling demand for milk powder as the use of baby formula drops. * 2010 Real GDP Growth: 5.5% (up from 0.3 % in 2009; predicted to average 4.4% from 2010 until 2015). * Central Bank Policy Rate: 2.5% in 2010 (up from 2% in 2009). Industry Developments Despite South Korea producing domestically only around 70% of its dairy needs, the government has been working to reduce the amount of milk produced on Korean farms. As demand for fluid milk has failed to keep up with domestic supply, Korea has been left with more milk than is needed for its dairy processing sector. Dairy processing cooperatives are obliged to purchase milk under a marketing quota system and the excess is converted into non-fat dry milk powder. With the price of raw milk paid to farmers set by the government, domestic production of powdered milk is expensive with the cost of production up to twice as much as the price of imported powdered milk. South Korea faces a difficult situation in its rice sector. While the government has been struggling to stabilise falling domestic rice prices through an annual buyback policy, current stockpiles have reached maximum limits and there is little choice now but to sell them off. Shipping surplus rice to North Korea as aid is a possibility, although prospects for that course of action remain uncertain. Even then, we see sending rice north as only a short-run measure and the agricultural sector would do better to channel resources and funding into other grains sectors to ensure long-term sustainability. The end of 2009 and H110 saw South Korea's livestock sector hit by damaging disease outbreaks. Perhaps the most serious was the return of foot and mouth disease in January and then again in April 2010. The first outbreak was reported on a dairy farm in Gyeonggi-do on January 2. The government destroyed all the animals on the infected farm and tightened quarantine rules to try and prevent the spread of the disease. Despite this, it was followed by four further outbreaks in the middle of the month. The government has promised compensation for all farmers affected by the outbreak. They have also pledged to review the system to prevent outbreaks of livestock disease. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Executive Summary SWOT Analysis - South Korea Agriculture SWOT - South Korea Political SWOT - South Korea Economic SWOT - South Korea Business Environment SWOT Industry Forecast Scenario - South Korea Rice Outlook - Table: South Korea - Rice Production, Consumption & Trade - Table: South Korea - Rice Production, Consumption & Trade - South Korea Grains Outlook - Table: South Korea - Wheat Production, Consumption & Trade - Table: South Korea - Corn Production, Consumption & Trade - Table: South Korea - Wheat Production, Consumption & Trade - Table: South Korea - Corn Production, Consumption & Trade - South Korea Dairy Outlook - Table: South Korea - Milk Production & Consumption - Table: South Korea - Butter Production & Consumption - Table: South Korea - Cheese Production, Consumption & Trade - Table: South Korea - Whole Milk Powder Production, Consumption & Trade - Table: South Korea - Milk Production & Consumption - Table: South Korea - Butter Production & Consumption - Table: South Korea - Cheese Production, Consumption & Trade - Table: South Korea - Whole Milk Powder Production, Consumption & Trade - South Korea Livestock Outlook - Table: South Korea - Poultry Production, Consumption & Trade - Table: South Korea - Pork Production, Consumption & Trade - Table: South Korea - Beef & Veal Production, Consumption & Trade - Table: South Korea - Poultry Production, Consumption & Trade - Table: South Korea - Pork Production, Consumption & Trade - Table: South Korea - Beef & Veal Production, Consumption & Trade Competitive Landscape - Table: Agricultural Commodity Producers & Traders - Table: Agribusiness Suppliers - Table: Integrated Agricultural Producers Commodity Price Analysis - Softs Update - Cocoa - Table: Cocoa - Coffee - Table: Coffee - Milk - Table: Milk - Sugar - Table: Sugar - Grains Update - Corn - Table: Corn - Rice - Table: Rice - Soybean - Table: Soybean - Wheat - Table: Wheat Downstream Supply Chain Analysis - Industry Forecast Scenario - Consumer Outlook - Food - Food Consumption - Table: Food Consumption Indicators - Historical Data & Forecasts - Canned Food - Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. 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. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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