Formulating Strategy to Strengthen Korean Beef Characteristic Values by Using Hedonic Price Model
2015
Rho, S., Animal and Plant Quarantine Agency, Anyang, Republic of Korea | Lee, T., Seoul National University, Seoul, Republic of Korea | Lee, S., Rural Development Administration, Jeonju, Republic of Korea
The purpose of this paper is to analyze the main factors of product differentiation of Hanwoo (Korean native cattle) beef over imported beef and other Korean beef and to chart the future challenges and directions of policy targeting an increase of the competitive power of domestic beef industry. The analysis is based on the monthly grade report from 2000 to 2013 on the domestic beef carcass published by the Korea Institute for Animal Product Quality Evaluation (KAPE). The hedonic approach, proposed by Rosen, was adopted as the basic analyzing tool of this paper. At the wholesale phase, the values of the characteristics that are used for beef quality grading are analyzed in order to identify differentiating factors of the beef, and these values are analyzed yearly. The result demonstrates that species and gender of beef cattle were the most deciding characteristics which determine beef price and marbling degree and maturity were the important characteristics next to them. It was found that the value of species has a decreasing trend while that of marbling degree has an increasing trend. The value of back fat layer was found to decrease as time elapses, and those of yellow colored fat and maturity further than No. 8 drop significantly. Texture value were found to increase annually. We attempt to provide several policy implications which can strengthen competitive power of the Korean beef industry based on these results.
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