Sterile filtered Fetal Bovine Serum (FBS) is a critical ingredient in growing cells in-vitro due to its growth accelerating properties. It is extracted from the fetus of domestic cattle when they are slaughtered for beef production, thereby making FBS a by-product of the beef industry. Animal vaccines, pharmaceutical drugs and biotechnology are some key industries where FBS is mainly used in cell culture. In the U.S., FBS has escalated in demand, owing to the growth of the pharmaceutical industry and R&D spend within the States. Severe climate conditions in the last few years leading to restricted availability in the U.S. and worldwide are some major price drivers of FBS. This has further led to numerous mergers and acquisitions among market participants, resulting in only four to five major suppliers of FBS in the United States. FBS can also be imported from USDA-approved countries such as Costa Rica, Chile, Mexico, Uruguay, Honduras, Iceland and Nicaragua. Brazil is the largest provider of FBS in the world but its product is currently not permitted to be imported into the United States.