Frozen deer velvet, which accounts for about 75% of New Zealand's $20 million velvet exports to Korea, has been excluded from the agreement.
Processed velvet has been included but the phase-out period for the existing 20% tariff is 15 years, in line with the United States-Korea FTA.
While the inclusion of processed velvet would be helpful for the industry's struggling processors over the longer term, the drawn-out reduction in the tariff could be ''too little, too late for some'', Deer Industry New Zealand chairman Andy Macfarlane said.
South Korea consumed about 60% of New Zealand's deer velvet antler production. The industry was ''simply at a loss'' as to why frozen velvet had been excluded.
While the agreement had not left the deer velvet sector in a worse position than it had been in, it would inhibit the growth of a more direct export trade to Korea for frozen velvet, which would have enabled a closer connection between producer and customer, he said.
''Large food companies in Korea were looking at New Zealand frozen deer velvet as an ingredient in new health products and its exclusion ... will hinder those opportunities.''
Mr Macfarlane acknowledged the deal would benefit the wider primary sector and the New Zealand economy generally.
Dairy Companies Association of New Zealand chairman Malcolm Bailey said the agreement was a good outcome given negotiations had been very difficult.
In 2013, Korea was New Zealand's 19th-largest dairy export market, with trade valued at $US200.5 million. New Zealand exporters at present faced import tariffs on dairy of between 8% and 176%.
''In the absence of this deal, this would have resulted in New Zealand dairy exports being at a disadvantage compared with EU, US and Australian exporters, who already have FTAs in place,'' Mr Bailey said.
Beef and Lamb New Zealand chairman James Parsons and Meat Industry Association chairman Bill Falconer said the agreement would provide a major boost for New Zealand's red meat exports to Korea.
New Zealand was at risk of losing its competitiveness in the Korean market, due to the US FTA and other deals that Korea had signed with beef exporters in recent months, but the deal would make sure it did not fall further behind its competitors, Mr Falconer said.
Zespri chief executive Lain Jager said the kiwifruit industry was ''hugely excited'' at the potential of the FTA.
