Bovine Somatotropin (BST) Market size is estimated to be USD 1.2 Billion in 2024 and is expected to reach USD 1.8 Billion by 2033 at a CAGR of 5.2% from 2026 to 2033.
The South Korea Bovine Somatotropin (BST) market is experiencing significant growth, driven by the increasing demand for dairy products and the need for enhanced milk production. BST, a naturally occurring hormone that regulates milk production in cows, has been a game changer in the dairy industry, particularly for producers looking to maximize output while maintaining the health of their livestock. The market for BST in South Korea is expanding, as both local producers and international companies are realizing its potential to boost dairy efficiency and sustainability.
In South Korea, the demand for Bovine Somatotropin (BST) is primarily driven by the dairy industry, which is keen to meet the growing consumer demand for milk and other dairy products. The country’s increasing urbanization and the shift towards Western dietary habits have contributed to the rise in dairy consumption, thus pushing dairy producers to explore ways to enhance milk production. BST has emerged as an essential tool for increasing milk yield per cow, which is crucial to ensuring the supply of dairy products in the face of this rising demand.
Industries in South Korea require BST for various reasons, but most notably, it helps improve milk production efficiency. By enhancing the lactation cycle in cows, BST ensures a steady and higher milk yield throughout the year, ultimately benefiting dairy farmers economically. Additionally, the hormone helps farmers reduce the number of cows needed for the same amount of milk production, leading to cost savings and better resource management.
South Korean dairy farmers also face the challenge of maintaining the health of their cows while maximizing output. BST is used cautiously to maintain a balance between productivity and animal welfare. Regulatory bodies in the region closely monitor its use, ensuring that BST does not negatively impact the quality of milk or the well-being of cows. This careful regulation has led to a growing acceptance of BST in the industry, although concerns regarding its impact on milk composition still persist among some segments of the population.
For industries in South Korea, the requirement for BST is also influenced by the need to compete with international dairy producers. With global trade and the import of dairy products, local dairy farmers are seeking innovative ways to stay competitive, especially as the prices of raw dairy products fluctuate. BST offers a viable solution to boost local production and ensure the competitiveness of South Korean dairy products in the global market.
Moreover, as South Korea continues to focus on agricultural modernization and sustainability, the use of BST aligns with efforts to optimize resource utilization in dairy farming. By increasing milk yield per cow, BST helps reduce the environmental impact of dairy farming, such as land use, water consumption, and feed requirements. This growing awareness of sustainability is expected to further fuel the demand for BST in the country.
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Elanco
LG Life Sciences
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Bovine Somatotropin (BST) Market
Recombinant Bovine Somatotropin (rBST)
Synthetic Bovine Somatotropin
Dairy Cattle
Beef Cattle
Animal-Based
Microbial-Based
Direct Sales
Retailers
Online Sales
Farmers
Dairy Processors
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Bovine Somatotropin (BST) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Bovine Somatotropin (BST) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Bovine Somatotropin (BST) Market, By Type
6. South Korea Bovine Somatotropin (BST) Market, By Application
7. South Korea Bovine Somatotropin (BST) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Bovine Somatotropin (BST) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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