Dairy Cows Earned 1.73 Million Won Each, While Hanwoo Suffered a 1.42 Million Won Loss

2023 Livestock Production Cost Survey
Dairy Cattle Net Profit Increased by 13.2%

Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, visited Hanaro Mart Yangjae Branch in Seocho-gu, Seoul on the 7th to conduct an on-site inspection ahead of promoting the Soprise 2024 Korea Hanwoo Sale. Photo by Jo Yong-jun jun21@

Last year, the profitability of livestock products such as Hanwoo cattle deteriorated due to increased feed costs and price declines. On the other hand, dairy cows saw the highest increase in profit per head in eight years as raw milk selling prices rose.

According to the "2023 Livestock Production Cost Survey Results" released by Statistics Korea on the 30th, the net loss per head of Hanwoo beef cattle (cattle raised for meat production) last year was 1,426,000 KRW, an increase of 736,000 KRW (106.8%) compared to the previous year.

The profitability declined as costs such as feed and self-labor expenses rose, while Hanwoo selling prices fell. The net loss per head of beef cattle also increased by 624,000 KRW (44.7%) to 2,020,000 KRW compared to the previous year.

The net loss per head of Hanwoo breeding cows (cattle raised for calving) also widened from 409,000 KRW in 2022 to 1,276,000 KRW last year.

The production cost per calf also rose by 598,000 KRW compared to the previous year, reaching 4,970,000 KRW. Net profits of other livestock products such as fattening pigs (-60.1%), broilers (-38.8%), and laying hens (-33.4%) also decreased compared to the previous year due to increased rearing costs and decreased selling prices.

The net profit of dairy cows raised for milk production recorded 1,731,000 KRW, an increase of 201,000 KRW (13.2%) compared to the previous year. This is the largest increase in eight years since 2015 (15.9%).

Regarding the largest increase in dairy cow profits in eight years, a Statistics Korea official explained, "Although rearing costs rose, the raw milk price increased at a greater rate, improving overall profitability."