Egg prices surge over 9% in 3 months; retailers mobilize to stabilize costs

Egg prices in South Korea have experienced a significant surge, with the average retail price for a 30-egg carton (special grade) rising by 9.43% in just three months to 7,472 won as of June 2. This sharp increase, termed "egg-flation," is particularly pronounced in the Chungcheongnam-do province, where prices have exceeded 8,000 won.

The primary driver behind this price hike is a reduction in supply, stemming from a decrease in the number of laying hens. Industry officials attribute this decline to the spread of avian influenza (AI) and respiratory illnesses affecting hens during the seasonal transition, which lowers their laying rates. In smaller markets and supermarkets, a carton of eggs can reportedly sell for between 10,000 and 15,000 won.

Official data corroborates the supply shortage. A June report from the Korea Rural Economic Institute's Livestock Outlook Center indicated a 5.5% decrease in the number of laying hens aged six months or older in March compared to the previous year. Daily egg production also fell by 3.7% in March year-on-year, with forecasts predicting continued increases in wholesale egg prices through June.

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Due to the spread of avian influenza (AI) and respiratory illnesses in laying hens during the seasonal transition, laying rates are falling, leading to a decrease in supply.

In response to the escalating prices, major South Korean retailers are launching initiatives to stabilize the market. E-Mart plans to utilize its existing stockpile and is considering importing eggs from Thailand in June to offer consumers more choices. Lotte Mart and Lotte Super are focusing on securing supply through direct transactions with partner farms and are offering a special price of 6,990 won for a carton of domestic eggs (special grade, 30 eggs) from June 3 to 10, with a limit of one carton per customer, as part of a discount coupon event with the Ministry of Agriculture, Food and Rural Affairs.

Homeplus is diversifying its supply by importing eggs. Since April, the retailer has been offering fresh eggs from Thailand and, since May, has exclusively sold white eggs from the United States, aiming to increase supply and mitigate price increases.

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In regular supermarkets with limited stock, a carton of eggs can be sold for 10,000 to 15,000 won.