Why Korean pig prices rose by nearly 20% in two weeks

Pork prices in South Korea have increased significantly. One key reason for the higher prices is a structural shortage in the domestic market caused by African Swine Fever (ASF). At the same time, a recent development has further accelerated the price increase.Since the start of April, South Korean wholesale pork prices have risen from 5,458 Korean won (€3.14) to 6,480 won (€3.75) on April 16. In relative terms, this represents an increase of 18.7% in just 15 days.South Korea is currently facing several major challenges that are significantly driving up pork prices, resulting in structural upward pressure. One of the main issues lies within the domestic supply chain. The country continues to struggle with African Swine Fever. According to the latest available figures (mid-March), 22 pig farms were infected, four times the infection rate compared to the same period in 2025.As a result, pork production declined by 15.5% to 1.43 million pigs compared to the same month last year. However, the decline in slaughter numbers for the full year is expected to be less severe, with forecasts pointing to a slight decrease to 19.61 million pigs. For now, the Ministry of Agriculture has not yet revised this outlook.High beef prices push demand higherMeanwhile, demand for pork has increased substantially, largely due to high beef prices. As seen globally, beef prices in South Korea have risen considerably, with some cuts increasing by more than 30%. Local analysts report that consumers have substituted beef with pork on a large scale. As a result, Korean beef imports were down by more than 33.5% in October compared to the second half of 2025.Another contributing factor is the rise in chicken prices. Consumer chicken prices increased by more than 10% due to high international prices. The market was already tight at the start of the year, but conditions worsened rapidly after the Brazilian market closed in May due to bird flu. South Korea subsequently banned imports from Brazil, and as competing Asian markets did the same, sourcing from alternative suppliers became significantly more expensive. This pushed consumers even further toward pork as a more affordable alternative, further boosting demand.Imports also becoming more expensiveImports have also become increasingly expensive, which has a significant impact on South Korea, one of the world’s largest pork importers. According to the USDA, the country imported approximately 705,000 tonnes in 2025.A structural factor behind rising import costs is the weakening Korean won. In recent years, the currency has depreciated significantly, making imports more expensive. Over the past year, the won has declined from $0.00073 to $0.00068, a drop of 7.4%. At its lowest point, it even fell to $0.00066, representing a decrease of 10.6%. The recent price increase of 18.7% is also largely linked to higher import costs. A key contributing factor is geopolitical tension, particularly the conflict involving Iran. Disruptions in the Strait of Hormuz have driven up oil and packaging costs considerably, negatively affecting import prices. In addition, cooling and energy costs have risen. South Korea is a major importer of LNG and relies heavily on it for electricity generation. The crisis in the Strait of Hormuz is also pushing pork prices higher in a second way. Rising energy costs not only make imports more expensive, but also increase domestic production costs, as the Korean pork industry relies heavily on imported feed.