This study analyzes market differentiation issues between Hanwoo and an imported beef market using cointegration test, VECM analysis and demand function estimation. According to our cointegration test and VECM analysis, separability between Hanwoo and imported chilled-beef is low. The Hanwoo market is closely related with US beef than Australian beef. As results of Hanwoo demand functions, prices of chilled beef are estimated to have a relatively larger impact on Hanwoo demand than prices of frozen beef. Also, imported substitution elasticity of rib demand function is greater than imported substitution elasticity of sirloin and bulgogi.