China Builds the World's Largest Hyaluronic Acid Raw Material Production Base
- Chaileedo Press
- May 30, 2023
- 2 min read
Updated: Jun 5, 2023
China Jinan province announced that it has built the world's largest hyaluronic acid raw material production base. The annual sales of hyaluronic acid exceed 300 tons, accounting for over 40% of the global market share.
On the afternoon of May 29, the Jinan Municipal Party Committee and Government held a press conference, announcing that Jinan has built the world's largest hyaluronic acid raw material production base. The annual sales of hyaluronic acid exceed 300 tons, accounting for over 40% of the global market share and over 70% of the national market share.
According to Wei Bin, Deputy Secretary of the Party and Deputy Director of Jinan Municipal Bureau of Industry and Information Technology, in 2022, the sales revenue of Jinan's hyaluronic acid industry exceeded 8 billion yuan ($1.13 billion). A series of cosmetics and health products based on hyaluronic acid has become a well-known and influential brand in Jinan.
The Jinan Municipal Party Committee and Government, along with the Bureau of Industry and Information Technology, stated that they will take measures to promote the rapid development of the hyaluronic acid industry, such as nurturing and expanding enterprises in stages, supporting collaborative innovation among enterprises, accelerating the improvement of industrial chains, and increasing publicity and promotion efforts.
It is worth noting that the planned land area of the World Hyaluronic Acid Valley Industrial Demonstration Zone project, located in Jinan High-tech Zone, is about 2,900 acres, with a planned investment of 24 billion yuan ($3.39 billion). The project is also scheduled to be delivered for use in July.
Upon full completion of the World Hyaluronic Acid Valley project, it is estimated that more than 500 enterprises in the upstream and downstream of the medical beauty and anti-aging industry chain centered on hyaluronic acid will be introduced. The industry scale is expected to exceed 50 billion yuan, with an annual tax revenue of over 5 billion yuan ($705.697 million), creating no less than 20,000 jobs and forming an international medical beauty and anti-aging cluster integrating production, life, and ecology.
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