The government will launch a massive campaign to promote the consumption of "hanwoo," the premium Korean beef, as its wholesale prices plunged by some 20 percent recently from a year earlier.

The Ministry of Agriculture, Food and Rural Affairs said on Sunday that starting Wednesday, Nonghyup Hanaro Mart, a discount store chain with about 980 stores across the country, will sell hanwoo beef at prices 20 percent lower than the average price throughout the year.

The ministry hopes that the discount will lead other large-scale retailers and online stores to lower hanwoo prices so that consumers can recognize the price cuts.

The ministry will also reduce the number of hanwoo cattle by 140-thousand by the end of the first half of 2023 to prevent oversupply.

It also plans to secure halal certification from the Malaysian government for Korean beef in the first half of this year to boost beef exports.

The number of hanwoo cattle at local farms hit a record three-point-58 million this year, with the wholesale prices of hanwoo beef falling 20-point-four percent on-year to 15-thousand-904 won per kilogram.