Industry map/Food & Agriculture
Beverages & Dairy industry map
Who earns the money in Beverages & Dairy, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 39 companies · ¥8.93T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥8.93T
- Companies
- 39
- Avg. salary（parent only）
- ¥7M
- Industry weather
- Cloudy
YoY +0.8%
Avg. age 41.7
Operating income -12.8%
Asahi Group Holdings[2502]
Japan East Asia + 1 more
- Revenue
- ¥2.1T▼2.3%
- Operating income
- ¥125.8B▼41.5%
Margin 6.0%
Whole company: Revenue ¥2.89T · Net income ¥121.6B
Avg. salary ¥13.4M · 44.9（parent only）
- orion breweries・Supply/OEM
- Kagome・Alliance
Suntory Beverage & Food[2587]
Japan + 3 more
- Revenue
- ¥1.72T▲1.1%
- Operating income
- ¥174.6B▼2.2%
Margin 10.2%
Whole company: Revenue ¥1.72T · Net income ¥88.7B
Avg. salary ¥11.7M · 40.1（parent only）
Meiji Holdings[2269]
Food
- Revenue
- ¥941.5B▲1.8%
- Operating income
- ¥68.7B▲6.4%
Margin 7.3%
Whole company: Revenue ¥1.17T · Net income ¥35.1B
Avg. salary ¥9.4M · 43.0（parent only）
Kirin Holdings[2503]
Non-Alcoholic Beverages
- Revenue
- ¥578.2B▲2.4%
- Operating income
- ¥67.7B▲5.8%
Margin 11.7%
Whole company: Revenue ¥2.43T · Net income ¥147.5B
Avg. salary ¥10M · 41.6（parent only）
Morinaga Milk Industry[2264]
Food
- Revenue
- ¥547.4B▲1.9%
- Operating income
- ¥45.8B▲15.1%
Margin 8.4%
Whole company: Revenue ¥571.5B · Net income ¥22.6B
Avg. salary ¥8M · 40.2（parent only）
Megmilk Snow Brand[2270]
Dairy products + 1 more
- Revenue
- ¥528.7B▲0.2%
- Operating income
- ¥14.4B▼10.2%
Margin 2.7%
Whole company: Revenue ¥615.8B · Net income ¥32.9B
Avg. salary ¥7.7M · 41.6（parent only）
Yakult Honsha[2267]
Japan, Food and Beverages + 3 more
- Revenue
- ¥460.4B▼2.6%
- Operating income
- ¥64B▼13.7%
Margin 13.9%
Whole company: Revenue ¥486.4B · Net income ¥44.2B
Avg. salary ¥8.5M · 41.7（parent only）
ITO EN[2593]
Tea leaves/Beverages Business
- Revenue
- ¥420.3B▲3.6%
- Operating income
- ¥19B▼13.9%
Margin 4.5%
Whole company: Revenue ¥472.7B · Net income ¥14.2B
Avg. salary ¥6.8M · 42.4（parent only）
DyDo GROUP HOLDINGS[2590]
Domestic beverage business + 1 more
- Revenue
- ¥207.9B▲2.1%
- Operating income
- ¥5.26B▼13.3%
Margin 2.5%
Whole company: Revenue ¥241.2B · Net income -¥30.3B
Avg. salary ¥8.5M · 40.8（parent only）
Kagome[2811]
Domestic processed food business
- Revenue
- ¥157.3B▲1.0%
- Operating income
- —
Whole company: Revenue ¥294.3B · Net income ¥14.8B
Avg. salary ¥9M · 42.4（parent only）
- Asahi Group Holdings・Alliance
Kikkoman[2801]
Domestic Foods-Manufacturing and Sales
- Revenue
- ¥155.7B▲3.7%
- Operating income
- ¥9.89B▲15.9%
Margin 6.3%
Whole company: Revenue ¥745.5B · Net income ¥61.6B
Avg. salary ¥8.2M · 43.1（parent only）
AIR Water[4088]
Agriculture and foods
- Revenue
- ¥153B▲2.2%
- Operating income
- ¥3.66B▼26.5%
Margin 2.4%
Whole company: Revenue ¥1.07T · Net income -¥63.9B
Avg. salary ¥8.2M · 42.5（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Sapporo Breweries · Nissin Foods Holdings · key coffee · Hikari Tsushin · Premium Water Holdings · Ezaki Glico · Hokkaido Coca-Cola Bottling · Hokkan Holdings · Lifedrink Company · JFLA Holdings · Rokko Butter · Marusan-Ai · Aseed Holdings · orion breweries · Mitsuuroko Group Holdings · House Foods Group · Unicafe · NAC Co . · TOKAI Holdings · Toell · Carlit · Horai · Benefit Japan · OSG · Daimaru.enawin · Chukyoiyakuhin · Fujita
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Asahi Group HoldingsJapan East Asia + 1 more | ¥2.1T | 23.6% | 6.0% | — | -¥49.9B |
| 2 | Suntory Beverage & FoodJapan + 3 more | ¥1.72T | 19.2% | 10.2% | +7.8% | ¥65.3B |
| 3 | Meiji HoldingsFood | ¥941.5B | 10.5% | 7.3% | +3.3% | -¥47.2B |
| 4▲1 | Kirin HoldingsNon-Alcoholic Beverages | ¥578.2B | 6.5% | 11.7% | — | ¥119.8B |
| 5▲1 | Morinaga Milk IndustryFood | ¥547.4B | 6.1% | 8.4% | +3.4% | -¥4.28B |
| 6▲1 | Megmilk Snow BrandDairy products + 1 more | ¥528.7B | 5.9% | 2.7% | +2.6% | -¥4.39B |
| 7▲1 | Yakult HonshaJapan, Food and Beverages + 3 more | ¥460.4B | 5.2% | 13.9% | +4.9% | -¥13.1B |
| 8▲1 | ITO ENTea leaves/Beverages Business | ¥420.3B | 4.7% | 4.5% | +0.4% | ¥5.75B |
| 9▲1 | DyDo GROUP HOLDINGSDomestic beverage business + 1 more | ¥207.9B | 2.3% | 2.5% | +12.3% | -¥1.28B |
| 10▲1 | KagomeDomestic processed food business | ¥157.3B | 1.8% | — | +3.6% | ¥15.5B |
| 11▲1 | KikkomanDomestic Foods-Manufacturing and Sales | ¥155.7B | 1.7% | 6.3% | +1.7% | ¥30.9B |
| 12▲1 | AIR WaterAgriculture and foods | ¥153B | 1.7% | 2.4% | +2.3% | ¥34.3B |
| 13▲1 | Sapporo BreweriesFood and Soft Drinks | ¥106.6B | 1.2% | 1.8% | -4.0% | ¥31.2B |
| 14▲1 | Nissin Foods HoldingsChilled / frozen foods and beverages | ¥104.2B | 1.2% | 7.4% | +6.5% | -¥4.15B |
| 15▲3 | key coffeeCoffee related + 1 more | ¥87.5B | 1.0% | 2.1% | +13.8% | -¥5.12B |
| 16 | Hikari TsushinBeverage | ¥85.3B | 1.0% | 11.4% | — | ¥37.7B |
| 17 | Premium Water Holdings | ¥80.3B | 0.9% | 15.8% | +4.1% | ¥19B |
| 18▲3 | Ezaki GlicoDairy Business | ¥66.5B | 0.7% | -10.8% | — | ¥14.9B |
| 19▲1 | Hokkaido Coca-Cola Bottling | ¥59.1B | 0.7% | 4.4% | +3.3% | ¥11M |
| 20▼1 | Hokkan HoldingsFilling Business + 1 more | ¥55.2B | 0.6% | 7.0% | +3.6% | -¥3.08B |
| 21▲1 | Lifedrink Company | ¥52.7B | 0.6% | 10.1% | — | -¥8.27B |
| 22▲1 | JFLA HoldingsProduction | ¥44.1B | 0.5% | 4.9% | +2.6% | ¥462.5M |
| 23new | Rokko ButterCheese | ¥42.1B | 0.5% | 3.5% | — | -¥2.06B |
| 24 | Marusan-AiSoymilk | ¥28.1B | 0.3% | 18.2% | +5.1% | -¥966.7M |
| 25 | Aseed HoldingsVending machine management and beverage retail business + 1 more | ¥25B | 0.3% | 5.3% | +7.1% | -¥2M |
| 26 | orion breweriesLiquor and soft drink business | ¥23.9B | 0.3% | 15.2% | +5.3% | -¥1.95B |
| 27 | Mitsuuroko Group HoldingsFoods | ¥20B | 0.2% | 1.7% | +10.4% | ¥2.76B |
| 28 | House Foods GroupHealthy food | ¥16.3B | 0.2% | 9.3% | +3.7% | ¥9.95B |
| 29▲1 | Unicafe | ¥16.1B | 0.2% | 4.4% | +1.4% | ¥1.11B |
| 30▼1 | NAC Co .CreCla | ¥16B | 0.2% | 11.5% | +1.7% | ¥811M |
| 31 | TOKAI HoldingsAqua | ¥10.1B | 0.1% | 3.5% | +7.2% | ¥10.2B |
| 32 | ToellThe water business | ¥6.75B | 0.1% | 19.9% | +1.0% | ¥1.78B |
| 33 | CarlitBottling | ¥4.48B | 0.1% | 8.4% | +0.7% | -¥3.07B |
| 34 | HoraiSenbonmatsu bokujo | ¥2.8B | 0.0% | 9.1% | +13.1% | -¥129.2M |
| 35▲5 | Benefit Japanwaterserverbusinss | ¥1.94B | 0.0% | 14.4% | — | -¥481.3M |
| 36▼1 | OSGDelivery service business to home and office | ¥1.4B | 0.0% | 4.5% | — | -¥355.6M |
| 37▼1 | Daimaru.enawinAqua | ¥1.25B | 0.0% | 4.1% | +0.7% | ¥267.9M |
| 38 | ChukyoiyakuhinWater operating division | ¥759.8M | 0.0% | 10.0% | +3.3% | ¥58.3M |
| 39 | FujitaManufacture and Wholesale Section, Reportable segments | ¥332.3M | 0.0% | 3.7% | — | ¥50.4M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Hikari Tsushin503416
- Premium Water Holdings147016
- Kikkoman662410
- Lifedrink Company553510
- Suntory Beverage & Food63289
- Kirin Holdings52379
- Yakult Honsha41509
- Meiji Holdings69238
- Kagome67258
- Nissin Foods Holdings66288
- Asahi Group Holdings6229
- Morinaga Milk Industry7519
- ITO EN6233
- Sapporo Breweries6728
- Hokkaido Coca-Cola Bottling6827
- Hokkan Holdings7719
- Aseed Holdings6234
- Megmilk Snow Brand8314
- Rokko Butter8116
- Marusan-Ai7423
- DyDo GROUP HOLDINGS5543
- Ezaki Glico6335
- JFLA Holdings7424
- key coffee8217
- AIR Water77197loss ¥3
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- 大日本印刷株式会社Outside
- SubsidiaryHokkaido Coca-Cola Bottling57.0%
- Hikari TsushinIn industry
- AffiliatePremium Water Holdings29.6%
- 株式会社ダスキンOutside
- 三菱商事株式会社Outside
- StakeRokko Butter16.5%
- StakeUnicafe9.8%
- StakeNissin Foods Holdings5.7%
- JFLA HoldingsIn industry
- StakeFujita11.3%
- 株式会社ヤマダホールディングスOutside
- StakeNAC Co .10.6%
- 近鉄グループホールディングス株式会社Outside
- Stakeorion breweries9.7%
- 伊藤忠商事株式会社Outside
- StakeNissin Foods Holdings5.6%
- リンナイ株式会社Outside
- StakeMitsuuroko Group Holdings4.9%
- 岩谷産業㈱Outside
- StakeToell4.6%
- 株式会社フジ・メディア・ホールディングスOutside
- StakeYakult Honsha4.4%
- ダイナパック㈱Outside
- StakeKagome4.3%
- ENEOSホールディングス株式会社Outside
- StakeMitsuuroko Group Holdings4.2%
- 日油株式会社Outside
- StakeCarlit4.0%
- 日本駐車場開発株式会社Outside
- StakeHorai3.3%
- 長瀬産業株式会社Outside
- StakeCarlit3.1%
- 日本製鉄株式会社Outside
- StakeAIR Water3.0%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
- Suntory Beverage & Food vs Asahi
- Suntory Beverage & Food vs Coca-Cola Bottlers Japan Holdings
- Suntory Beverage & Food vs Kirin
- Asahi vs Coca-Cola Bottlers Japan Holdings
- Asahi vs Kirin
- Coca-Cola Bottlers Japan Holdings vs Kirin
- Suntory Beverage & Food vs Asahi vs Coca-Cola Bottlers Japan Holdings vs Kirin
All companies in Beverages & Dairy (by revenue)
All 41 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Asahi Group Holdings¥2.1T · 6.0%
- Suntory Beverage & Food¥1.72T · 10.2%
- Meiji Holdings¥941.5B · 7.3%
- Coca-Cola Bottlers Japan Holdings¥863.7B · 7.1%
- Kirin Holdings¥578.2B · 11.7%
- Morinaga Milk Industry¥547.4B · 8.4%
- Megmilk Snow Brand¥528.7B · 2.7%
- Yakult Honsha¥460.4B · 13.9%
- ITO EN¥443.4B · 4.0%
- DyDo GROUP HOLDINGS¥207.9B · 2.5%
- Kagome¥157.3B
- Kikkoman¥155.7B · 6.3%
- AIR Water¥153B · 2.4%
- Sapporo Breweries¥106.6B · 1.8%
- Nissin Foods Holdings¥104.2B · 7.4%
- key coffee¥87.5B · 2.1%
- Hikari Tsushin¥85.3B · 11.4%
- Premium Water Holdings¥80.3B · 15.8%
- Ezaki Glico¥66.5B · -10.8%
- Hokkaido Coca-Cola Bottling¥59.1B · 4.4%
- Hokkan Holdings¥55.2B · 7.0%
- Lifedrink Company¥52.7B · 10.1%
- JFLA Holdings¥44.1B · 4.9%
- Rokko Butter¥42.1B · 3.5%
- Marusan-Ai¥28.1B · 18.2%
- Aseed Holdings¥25B · 5.3%
- orion breweries¥23.9B · 15.2%
- Mitsuuroko Group Holdings¥20B · 1.7%
- House Foods Group¥16.3B · 9.3%
- Unicafe¥16.1B · 4.4%
- NAC Co .¥16B · 11.5%
- TOKAI Holdings¥10.1B · 3.5%
- Toell¥6.76B · 18.0%
- Carlit¥4.48B · 8.4%
- Horai¥2.8B · 9.1%
- Benefit Japan¥1.94B · 14.4%
- OSG¥1.4B · 4.5%
- Daimaru.enawin¥1.25B · 4.1%
- Wel-Dish.¥1.14B · 18.7%
- Chukyoiyakuhin¥759.8M · 10.0%
- Fujita¥332.3M · 3.7%
Revenue · Op. margin
Related industries
Analyze this page with AI
Markdown with figures, units, periods and sources, ready to paste into ChatGPT or Claude.