According to Meat and Livestock Australia, before the ban on US beef, American beef held a 71pc market share in September 2003, in contrast to 19pc for Australian beef.

In the absence of US competition, Australian beef then dominated the market place.

But since US beef has returned to the Korean market, MLA reports that Australia's share of the Korean imported beef market has fallen from 72pc in May this year to 52pc in September.

MLA says the marketshare for US beef has grown to 35pc in September 2008.

But major retailers are yet to start selling US beef in their stores due to public concerns about its safety.

While the United States Meat Export Federation stated that US beef is now sold in approximately 10,000 shops in Korea, Stock & Land reports indicate that a significantly lower number of outlets are actually stocking US beef as large quantities of US frozen beef are reportedly stored in warehouses due to sluggish demand and scarce distribution channels.

Despite expectations of higher Korean domestic beef supplies next year, the United States Department of Agriculture has forecast total Korean beef imports to increase by 6pc in 2009.