🥩Korean Beef for ₩9,800? The Boom — and Risk — of Korea’s Cheap Beef Chains

Korean Beef for ₩9,800?

TL;DR 📝 

• The recent explosion of ultra-cheap Hanwoo (Korean premium beef) is thanks to a temporary oversupply, not a long-term market shift. 

• Consumers love the price, but for franchise owners, it’s a fragile model that can’t handle rising costs or tougher competition. 

• Starting a cheap Hanwoo joint right now might be tempting — but remember: trends shine brightest just before they fade. ㅁ

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Not long ago, tanghulu (a premium Korean-Chinese street snack) was all the rage. Then came the “Yoa-jeong” era with ₩1,900 draft beers. Now, we’re deep into the age of affordable Korean beef . Scroll through Instagram, and you’ll spot familiar celebrities proudly promoting their new Hanwoo barbecue spots. “1++ grade Hanwoo for just ₩9,800!” some claim. A few places have even pushed it to ₩8,800. It's the kind of price tag that makes your thumb pause mid-scroll. 

Even in my neighborhood, new budget beef chains are popping up like mushrooms. But it’s more than just cheap meat — franchises are luring in owners with things like zero-interest loans to open new branches. If anything, this wave of trends — from tanghulu to cheap beer and now cheap Hanwoo — is moving fast. 

🏪 Franchise Growth That’s Borderline Aggressive 

One franchise opened over 210 stores in just 5 months. That’s lightning-speed expansion. And from a consumer’s point of view? Sure — “premium beef at dirt-cheap prices? Count me in.” 

But the business side is another story. Beneath this viral success lies a dangerously delicate structure. Yes, eat it while you can — but if you’re thinking of opening one? I’d really think twice. 

Because we've seen this before: flashy trends that burn out just as fast as they rise. Places that once had lines around the block? Now they’re ghost kitchens — all sign, no substance. Honestly, I think this Hanwoo trend could be even riskier. 

🤔How the Heck Is This Beef So Cheap? 

Wondering how anyone can serve top-grade Korean beef for ₩9,800 — or even ₩8,800? 

Here's the backstory: During the pandemic, people stopped eating out and started treating themselves at home. With government stimulus checks in hand, many decided, “If I can’t go to a fancy restaurant, I’ll bring the fancy meat home!” 

🔼 So demand soared → prices surged. 

Farmers saw the high prices and went all in — raising more cattle to catch the boom. But here’s the catch: it takes 2–3 years to raise Hanwoo. All those cows bred during COVID? They’re hitting the market now. 

But the party’s over. People aren’t buying beef like they used to, and the economy’s tight. So suddenly? Too much supply, not enough demand. Prices tanked. 

One stat: average wholesale prices for 1+ grade Hanwoo are down over 22% since the 2021 peak. That’s why restaurants can afford to slash prices — it’s a rare moment of low-cost surplus. But it won’t last. 

🥊 A Price War That Can Only End in Tears 

As one brand succeeds, copycats follow. “We want in too!” Now, the market’s flooded with low-cost Hanwoo restaurants, and the price war is getting brutal. 

From ₩9,800 to ₩8,800, each brand is undercutting the next. Sure, it’s great for diners, but when the hype fades? We’re headed straight for a chicken game — just like what happened in the saturated cheap coffee market. 

💸 When Price Is the Only Strategy 

Here’s the real danger: many of these brands rely solely on cheap pricing. There’s no strong identity, no unique experience — just the number on the menu. 

Now imagine wholesale beef prices go up even a little. These restaurants face two bad options: 

1. Raise prices. But then? Consumers bounce — they came for the deal, not loyalty. 

2. Keep prices. But then? Profits shrink, and franchise owners start bleeding money. 

Hanwoo prices fluctuate throughout the year — they typically rise around major holidays like Chuseok (Aug–Oct). So we’re actually in the lowest-price window right now. Brands know this and are using celebrity marketing and aggressive recruitment while it lasts. 

🕰️ Trends Don’t Last Forever 

You know how this ends. Tanghulu shops once ruled TikTok — now most are gone. 

Right now, cheap Hanwoo chains dominate your Reels feed. But seasons change, and so do consumer tastes. When prices go up or customer hype fades, many of these franchisees — often heavily in debt — will be the first to fall. 

It’s a high-risk game. If your business is built only on discounts, you’re vulnerable. The real survivors? They’ll be the ones who build a brand with unique, lasting content — not just a low number on the menu. 

As a consumer, enjoy it while it lasts. But if you’re thinking about jumping in as a founder? Remember: the flashiest trends are often the most fragile.