Gooey fluid turned into $1.68b liquid gold for Jinan
Shandong capital's world-leading hyaluronic acid industry spreads its reach in cosmetics, health, food products
Go on, rub it in
There is also fast-growing demand for the fluid in the cosmetics industry.
A bottle of moisturizing spray priced at 80 yuan has topped online sales of moisturizing products for five consecutive years. Over 700 million yuan in product sales were recorded last year, with the figure projected to reach 900 million yuan this year, said Gao Chunming, chairman of Jinan-based Shandong Freda Biotechnology Co.
Gao and Liu both believe that growing recognition of domestic brands is expanding the market for Chinese HA products.
Last year, Freda's cosmetics revenue hit 2.42 billion yuan, representing year-on-year growth of 22.71 percent, according to the company's annual report.
A dermal filler injection product made by Bloomage saw a year-on-year sales increase of 250 percent, according to its 2023 annual report.
"China's techniques for producing HA are leading the world, which has ensured the quality of HA end products and a reasonable price for consumers," said Liu.
Wang Qian, a Jinan resident and cosmetics seller, likes using local HA moisturizing products on her skin. "It's not a secret in our circle that many top skin care products are using HA produced in Jinan as ingredients," she said.
In the city's supermarkets, local cosmetics are favored by buyers for their affordability and good quality. "Jinan made HA skin care products are one of my favorite gifts to give to my friends," said Wang.
