Production in the dairy sector will remain subdued in ----/-- as farmers struggle with elevated production costs and stagnating raw milk prices. The price of raw fluid milk has been stagnating since ----, with planned price increases being postponed. ...South Korea is the ninth largest exporter of milk powder to China. Maeil Dairies Industry, South Korea s largest dairy firm, launched an Asian infant formula research centre in China in November ---- and plans to form a joint venture with China s Beingmate Baby & Child Food to develop lactose-free dried milk. The second largest Korean player Namyang Dairy Product, which entered the Chinese market in ----, has stepped up efforts to expand its sales channel through online marketing and a partnership with local distributors. ...Exports will remain on a slow uptrend, helped in ---- by the re-opening of the Hong Kong market. Hong Kong halted imports of South Korean poultry meat in May ---- following an outbreak of avian influenza, but has now allowed imports to resume as South Korea regained its bird flu-free status in February ----.
...Cheese consumption growth to ----: --.- to ---,--- tonnes. As Western food has become more popular in Korea, demand for cheese has expanded rapidly. ...Poultry meat production growth to ----/--: --.- to -.--mn tonnes. Poultry production will record relatively strong growth driven by increased export opportunities as the country recovers from several outbreaks of avian influenza in --------- Rice consumption growth to ----: -.- to -.-mn tonnes. As South Koreans substitute their carbohydrate intake with bread instead of rice, consumption of the grain is expected to post only weak growth. ...---- consumer price inflation: -.- y-o-y ave (up from -.- in ----, forecast to average -.- between ---- and ----). ---- central bank policy rate: -.-- y-o-y ave (down from -.-- in ----, forecast to average -.-- between ---- and ----).
...Rice consumption in South Korea has fallen dramatically over the last decade. Changes in eating habits and rising incomes have allowed consumers to increase the proportion of more expensive foods in their diets, such as meat. ...
