South Korea’s botulinum toxin market has effectively hit saturation as prices have collapsed. With profitability falling sharply, companies are shifting to exports, pushing Korean-made toxin shipments to a record high. The industry’s center of gravity is moving from domestic sales to overseas markets.
According to the industry on the 16th, exports of Korean-made botulinum toxin totaled $114.59 million in the third quarter of 2025, the highest on record. With the home market no longer able to expand, the sector has structurally shifted toward exports.
The main driver is a pricing structure that has become difficult to sustain. The number of sellers, including global companies, has grown to about 18, intensifying competition. Average selling prices for 100 units have fallen from about 40,000 to 50,000 won to the low 10,000-won range. As choices increased, repeated price cuts became entrenched, leaving companies with shrinking margins as sales rise.
Demand also has clear limits. South Korea has one of the world’s highest procedure counts per capita, but its small population makes it hard to grow the market’s overall size. With the United States, Europe and China accounting for about 80% of the global toxin market, companies say gaining overseas share is essential for sustainable growth.
The United States is viewed as the biggest battleground. The U.S. botulinum toxin market is estimated at 6 trillion to 7 trillion won, and higher prices translate directly into better profitability. Allergan currently holds the largest share and benefits from a first-mover advantage.
Daewoong Pharmaceutical said it became the first company in Asia to win U.S. Food and Drug Administration approval for a botulinum toxin in 2019. It launched its product, Nabota, in the U.S. under the brand name Jeuveau and ranked No. 2 in U.S. aesthetic toxin market share in the first half of last year. Nabota has partnerships in more than 80 countries.
China is expanding quickly as middle-class purchasing power rises and demand grows for higher-quality products. China’s botulinum toxin market was about 1.9 trillion won as of 2024, about 10 times the size of South Korea’s. In the third quarter of last year, China was the top destination for Korean toxin exports. Because regulators apply strict reviews, relatively few companies have approvals. In 2020, Hugel’s Letybo became the first Korean product to enter China, and in January this year, Huons’ Hutox won approval. Chong Kun Dang Bio has also completed a Phase 3 trial aimed at securing approval from Chinese health authorities.
Companies also expect pipelines to broaden in emerging markets such as the Middle East, Latin America and Southeast Asia, where rising incomes and access to lower-priced products support long-term growth potential. Daewoong Pharmaceutical recently signed an export deal for Nabota with Mexican distribution partner M8. Medytox affiliate NewMeco obtained approval for “Newlux” in El Salvador.
Korean companies are seen as strong in offering products that balance quality and price. One pharmaceutical industry official said, “Overseas, competition is not simply about price but about value based on quality,” adding, “Competitiveness is being confirmed even at higher price points than in Korea.”
As exports rise, companies are expanding production capacity. Hugel said it has built a system capable of producing more than 13 million vials a year by operating a third plant. Daewoong Pharmaceutical is also building a third plant to expand Nabota output, investing more than 100 billion won. Once completed, it will be able to produce up to 18 million vials.
Fortune Business Insights forecasts the global botulinum toxin market will grow to $24 billion (about 34 trillion won) by 2034. It expects growth to continue as aesthetic procedures become more common and uses expand to areas such as migraine and pain treatment. An industry official said potential demand is still rising, citing more male patients and a broader recommended age range, and added that growth could accelerate as the global consumer base expands.
* This article has been translated by AI.
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