The South Korea bovine serum Albumin market size is expected to reach US$ 7.90 Mn by 2031, from US$ 6.00 Mn in 2023, growing at a CAGR of 3.4% during the forecast period 2024-2031. The South Korea bovine serum albumin market has been witnessing steady growth over the past few years supported by the increasing demand from the biopharmaceutical and life science industries. Bovine serum albumin or BSA finds wide application as a blocking agent and stabilizing protein in techniques like ELISA (enzyme-linked immunoassay), western blotting, and immunohistochemistry. The growing biopharmaceutical industry in South Korea focusing on the development of biosimilars and biologics has boosted the consumption of BSA substantially.

South Korea Bovine Serum Albumin Market Drivers

• Rising research and development activities: South Korea has seen significant growth in its research and development activities over the past few years, which has positively impacted the bovine serum albumin market in the country. Research labs and pharmaceutical firms have substantially ramped up their R&D efforts focused on developing new biologic drugs, vaccines, and therapies using bovine serum albumin. Bovine serum albumin finds wide applications in vaccine production as it helps stabilize the vaccines and boost their efficacy. It is also used in cell culture media that are essential for developing cell-based therapies and transgenic technologies.
• The growth in R&D is also propelled by the government through various programs and initiatives. The South Korean Ministry of Science and ICT has undertaken several projects to promote biosciences, regenerative medicine, bio manufacturing, and novel bio therapeutic approaches. It has set aside large grants under the Bio Health Technology Development Project to support the work of national research institutes, universities, and private labs. This is encouraging more organizations to ramp up their research capabilities and investments in facilities, which has translated to greater consumption of allied products like bovine serum albumin. Government projections indicate that research outlay in biologics and new drug development will further rise by 12-15% annually over the next 5 years.
• Increasing applications in cell culture media: The use of bovine serum albumin in cell culture media has been expanding rapidly in South Korea. Cell culture is an important technique used in various biopharmaceutical and biotechnology applications such as vaccines, stem cell therapy, and cancer research. It allows mass cultivation of animal and human cells outside of their natural environment, enabling controlled testing and production of materials like antibodies, vaccines, stem cells, and other therapeutic proteins. Many public and private institutions in South Korea have been investing heavily in building out cell culture facilities to support R&D in these sectors. For Instance, the Korea National Institute of Health recently spent $30 million to double the size of its new cell culture research building that now contains over 50 labs. As cell culture activities increase, so too does the demand for critical components of cell culture media like bovine serum albumin which acts as a nutrient rich supplement essential for cell growth. This rapid growth in cell culture is expected to continue accelerating the bovine serum albumin market in the coming years. According to projections by the United Nations Population Division, South Korea's population is predicted to decline slightly from 2023-2030 as birth rates remain low. This raises concerns about workforce availability and is driving government initiatives to invest in biotechnology to support an aging society. Cell and gene therapies as well as regenerative medicine are seen as promising areas that could alleviate health burdens.

South Korea Bovine Serum Albumin Market Restraints

• Availability of alternatives: Availability of alternatives is significantly restraining the growth of the South Korea bovine serum albumin market. Bovine Serum Albumin (BSA) is a blood derivative extracted from bovine blood and is used extensively in life sciences research and biopharmaceutical development and manufacturing due to its stability and abundance. However, due to ethical concerns around extracting blood from livestock, sustainable and animal-free alternatives to BSA are being increasingly adopted. One of the major alternatives gaining traction is recombinant human serum albumin (rhSA) which is produced through microbial fermentation instead of being extracted from blood. Leading South Korean biotech firms such as Samsung Biologics and Celltrion have started offering microbial-derived rhSA solutions to their biopharma clients. Several global pharma giants such as Pfizer and GSK have also started exploring rhSA over animal-derived BSA for their biologics production needs according to recent news reports. The South Korean government is also actively promoting the development of sustainable and ethical alternatives to traditionally blood-derived products through funding programs as per its 12th Basic Plan for Science and Technology launched in 2021.

• Stringent regulations for serum collection: Stringent regulations for serum collection are indeed restraining the growth of the South Korea bovine serum albumin market. The country has implemented very strict protocols to ensure animal welfare during the extraction process. For instance, as per guidelines issued by the Ministry of Agriculture, Food and Rural Affairs in 2020, calves younger than 20 months cannot be bled for serum collection. The calves need to weigh a minimum of 150 kg before the collection procedure. Furthermore, the number of times a calf can be bled is strictly limited to 3 times in a year, with at least 2 months gap between each collection. This helps minimize pain and stress for the young calves. The guidelines also specify stringent procedures to be followed during the actual collection. Calves must be handled very gently and quickly. The site of blood collection on the neck needs to be properly disinfected and numbness ensured before piercing the skin with a needle. Post collection, the site needs to be properly cleaned and disinfected again. Calves are also carefully monitored for several hours after the procedure to check their health and recovery. All these regulations have increased operational costs and complexity for serum collection facilities in South Korea.

South Korea Bovine Serum Albumin Market Opportunity

• Technological advancements: Technological advancements present a vast opportunity for growth in the South Korea bovine serum albumin market. As the country is at the forefront of innovation in areas such as 5G, AI (artificial intelligence), biotechnology, and renewable energy, applying new technologies can help organizations transform various processes and achieve greater efficiencies.
• For instance, synthetic biology and gene editing technologies are allowing scientists to modify bovine serum albumin at a molecular level to give it improved stability and functionality. Researchers at the Korean Research Institute of Bioscience and Biotechnology have been working on projects to genetically engineer bovine serum albumin with superior heat resistance and pH stability. If successfully developed, such customized albumin products could meet specific needs of biopharmaceutical applications and gain a competitive edge. Similarly, advances in cell culture media are reducing reliance on animal-derived albumin. A few start-ups are developing plant-based or microbial alternatives that have identical properties to the bovine version. This has the potential to open up new application areas and offer more sustainable options to consumers.
• Growing biopharmaceutical industry: The biopharmaceutical industry in South Korea has shown great potential for growth in the coming years. South Korea has a well-established healthcare infrastructure and a highly skilled workforce capable of supporting advanced biologics manufacturing. Several global pharmaceutical companies already have manufacturing facilities located in South Korea taking advantage of these capabilities. The government has also introduced initiatives to promote innovation in bio therapeutics and build clusters of biotech firms. This thriving biopharmaceutical environment makes the South Korea Bovine Serum Albumin market well-positioned for expansion. As the biopharma sector continues to flourish in South Korea, the demand for raw materials like BSA will likely increase significantly. BSA is a key component used in cell culture media essential for the production of vaccines, therapeutics and other medical solutions. It acts as a protein building block and growth supplement for cells during the culturing and fermentation processes of bio manufacturing. With more biopharma plants coming online and existing ones ramping up output, the requirement for stable and high-quality cell culture reagents like BSA will continue growing.

• Increased outsourcing of research activities: The trend of increased outsourcing of research activities has been influencing the South Lorea bovine serum albumin market in recent years. Many local pharmaceutical and laboratory research companies are outsourcing their research projects involving bovine serum albumin to contract research organizations located outside of South Korea. This is mainly due to significant cost savings potential from outsourcing. Wage rates and operating costs tend to be lower in countries like China, India, and certain Southeast Asian nations in comparison to South Korea. By outsourcing research services involving bovine serum albumin, local firms can reduce their expenditure on research activities.
• This trend has resulted in a lower demand for bovine serum albumin within South Korea itself. Previously, most of the research activities using bovine serum albumin used to happen within the country. However, as more projects get outsourced abroad, the requirement for bovine serum albumin within the domestic market comes down. South Korean bovine serum albumin manufacturers have to increasingly look for export markets to compensate for the decline in local sales. They are promoting their products aggressively in international markets like the U.S., Europe, Japan, and some developing Asian countries where demand is growing. According to statistics from the Ministry of Agriculture of South Korea, exports of bovine serum albumin rose by 15% from 2020 to 2021.
• Rising focus on monoclonal antibody production: The South Korea Bovine Serum Albumin market in South Korea has been witnessing significant changes with rising focus on monoclonal antibody production in recent years. More pharmaceutical companies in the country are investing heavily in developing novel monoclonal antibody drugs for treating various chronic diseases like cancer. As monoclonal antibodies require BSA in large amounts during their production process, the demand for high purity grade BSA from pharmaceutical companies has gone up substantially. Many local South Korean pharmaceutical manufacturers have setup dedicated monoclonal antibody manufacturing facilities or expanded their existing production capacities. For example, Celltrion, a major biopharmaceutical company in South Korea, invested over US$ 94.5 million in September 2023 for doubling its production train of anti-cancer monoclonal antibody biosimilars at its Pocheon biologics plant according to its annual report. This has exponentially increased its demand for BSA which is used prominently in the cell culture media during the production of such biologics. Several other mid-sized South Korean drug makers like Hanmi Pharmaceuticals and GenePharma have also increased their capital investment for monoclonal antibody production since 2020 according to their financial statements.

Figure 1. South Korea Bovine Serum Albumin Market Share (%), By Region, 2024

Proliant, Kraeber & Co. GmbH, Lake Immunogenics, Gemini, Auckland BioSciences, LAMPIRE Biological Laboratories, RMBIO, Merck, Rocky Mountain Biologicals, Bovogen, Biowest, Moregate BioTech, ANZCO Foods Internegocios, and Thermo Fisher Scientific

• In March 2023, Albumedix and Heartseed presented Recombumin as a critical excipient in the manufacture of Heartseed's HS-001 investigational cell therapy as its first-in-human trial launched. Recombumin, an animal and human-origin-free recombinant albumin, is an excipient in the final formulation of Heartseed's HS-001 treatment.
• In September 2022, the life science group, Sartorius, through its French-listed subgroup, Sartorius Stedim Biotech, acquired Albumedix Ltd, a key player in recombinant albumin-based solutions based in Nottingham, U.K.
• In September 2021, Sartorius has expanded the Business Operations in North America. Sartorius is projected to open a new 130,000-square-foot (12,000-square-meter) state-of-the art plant in Ann Arbor in late 2023.

*Definition: Bovine serum albumin (BSA or "Fraction V") is a serum albumin protein, which is extracted from blood plasma of cows. BSA is available in various forms, such as powder or liquid, for use in immunology, biochemistry, and immunology related researchers. BSA’s immunoassay applications include enzyme-linked immunosorbent assay (ELISA), western blot & dot blot, and immunocytochemistry, which include immunofluorescence microscopy and immunohistochemistry.

• South Korea Bovine Serum Albumin Market, By Form:
  • Dry
  • Liquid
• South Korea Bovine Serum Albumin Market By Application:
  • In vitro Diagnostics
  • Vaccine Production
  • Biochemical Assays
  • Others
• South Korea Bovine Serum Albumin Market By End User:
  • Life Science Industry
  • Food Industry
  • Research Institutes
  • Others
• South Korea Bovine Serum Albumin Market, By Grade:
  • Technical & Diagnostic Grade
  • Research/Reagent Grade
  • Food Grade