Jinan vows to develop beauty economy

Jinan, as the world's largest production base of hyaluronic acid raw materials, has an annual sales volume of over 300 metric tons of the materials, accounting for over 40 percent of the global hyaluronic acid market share and over 70 percent of the national share.

Behind the strong growth of Jinan's "beauty economy" is a group of companies such as Shandong Freda and Bloomage Biotech, which have secured a place in the global hyaluronic acid industry through research strength and sheer size.

Bloomage Biotech, the world's largest producer and seller of hyaluronic acid, held a 44-percent market share in 2021, the largest in the world. The company has collaborated with Jinan Innovation Zone to initiate the "world hyaluronic acid valley" project, aiming to create a world-class hub for the development of the hyaluronic acid industry, integrating research, production, sales, and academic exchanges.

In terms of research and development, Bloomage Biotech has established a synthetic biology research platform and constructed an international innovation industrial base for synthetic biology technology in Beijing. The company has collaborated with over 20 research institutions globally in the field of synthetic biology. On the industrial side, the company has built the world's largest pilot-scale transformation platform in Tianjin, with over 30 pilot production lines already in operation, accelerating the commercialization of synthetic biology research achievements.

Shandong Freda, another leading hyaluronic acid company in Jinan, saw its cosmetic sector revenue grow from 200 million yuan ($27.8 million) in 2018 to 2 billion yuan in 2022.

Seizing the opportunities brought about by the emerging "beauty economy", Freda has incubated several star companies in sectors like biochemical drug and cosmetics as well as introduced multiple patented ingredients.

Currently, Freda possesses four national-level and 15 provincial-level research platforms and has established six joint laboratories with universities and research institutions such as Shandong University and the Chinese Academy of Sciences, forging comprehensive research and development capabilities across the entire industrial chain, from raw materials to end products.