High prices, overfishing, and contamination have limited the availability of natural caviar as a food product. We attempted to apply encapsulation by calcium-alginate gel membranes to caviar analog preparation in an effort to produce a high-quality replacement for natural caviar. Physical conditions of stirring speed $(X_1,;rpm)$ and gelation time $(X_2,;min)$ as the independent variables for gelation were optimized by response surface methodology. Sphericity $(Y_1,;%)$, diameter $(Y_2,;mm)$, membrane thickness $(Y_3,;mm)$, rupture strength $(Y_4,;g)$, and rupturing deformation $(Y_5,;mm)$ were used as the dependent variables to compare characteristics of the capsules for caviar analogs with natural caviar. The values of the independent variables as evaluated by multiple response optimization were $X_1=-0.1271 (278 rpm) and $X_2=0.4436$ (12.2 min), respectively. Predicted values of the four dependent variables were $Y_1=97.7%,;Y_2=2.97mm,;Y_4=1,465g,;and;Y_5=1.15mm$. Membrane thickness $(Y_3)$ was eliminated from the dependent variables for multiple response optimization because it could not be measured with an image analyzer. The experimental values prepared under the optimal conditions for verification nearly coincided with the predicted values and satisfied the conditions of natural caviar.