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Industry map/Food & Agriculture

Processed Foods industry map

Who earns the money in Processed Foods, and who keeps it. When a company spans several industries, only the relevant segment is counted.

FY2025 · 126 companies · ¥13.5T

Industry map

Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.

Industry size (revenue)
¥13.5T

YoY +3.9%

Companies
126
Avg. salary（parent only）
¥6.2M

Avg. age 41.6

Industry weather
Sunny

Operating income +5.5%

Ajinomoto[2802]

Seasonings and Foods + 1 more

#1
Revenue
¥1.23T▲3.5%
Operating income
—

Whole company: Revenue ¥1.58T · Net income ¥134.7B

Avg. salary ¥10.6M · 43.5（parent only）

Yamazaki Baking[2212]

Food business

#2
Revenue
¥1.22T▲5.4%
Operating income
¥58.4B▲17.4%

Margin 4.8%

Whole company: Revenue ¥1.31T · Net income ¥40.9B

Avg. salary ¥6.3M · 39.6（parent only）

  • Nisshin Seifun Group owns 5.6%

Meiji Holdings[2269]

Food

#3
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）

Nissin Foods Holdings[2897]

Nissin Food Products + 5 more

#4
Revenue
¥729B▲1.3%
Operating income
¥68.1B▼6.9%

Margin 9.3%

Whole company: Revenue ¥788.1B · Net income ¥45.4B

Avg. salary ¥8.4M · 39.5（parent only）

Morinaga Milk Industry[2264]

Food

#5
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）

  • Morinaga& owns 1.7%

Kobe Bussan[3038]

Gyomu Super division

#6
Revenue
¥530.5B▲8.5%
Operating income
¥43.5B▲16.5%

Margin 8.2%

Whole company: Revenue ¥551.7B · Net income ¥31.9B

Avg. salary ¥5.3M · 38.5（parent only）

Nissui[1332]

Grocery + 1 more

#7
Revenue
¥518B▲6.4%
Operating income
¥30.5B▲2.9%

Margin 5.9%

Whole company: Revenue ¥931.3B · Net income ¥27.5B

Avg. salary ¥8.5M · 42.8（parent only）

  • Nichimo owns 0.9%

Kewpie[2809]

Retail Market Business + 3 more

#8▲
Revenue
¥493.2B▲5.8%
Operating income
¥38.7B▼0.5%

Margin 7.8%

Whole company: Revenue ¥513.4B · Net income ¥30.5B

Avg. salary ¥6.9M · 42.1（parent only）

The Nisshin OilliO Group[2602]

Oil, fat and meal and processed food and materials business + 1 more

#9▼
Revenue
¥467.6B▼0.1%
Operating income
¥15.5B▼10.7%

Margin 3.3%

Whole company: Revenue ¥554.3B · Net income ¥24B

Avg. salary ¥7.7M · 41.6（parent only）

  • Kikkoman owns 1.5%

NH Foods[2282]

Processed Foods Business Division

#10
Revenue
¥448.4B▼0.0%
Operating income
¥7.18B▼28.6%

Margin 1.6%

Whole company: Revenue ¥1.46T · Net income ¥35.1B

Avg. salary ¥8.8M · 40.1（parent only）

Toyo Suisan Kaisha[2875]

Overseas Instant Noodles + 3 more

#11▲
Revenue
¥437.5B▲4.4%
Operating income
¥81.7B▲11.3%

Margin 18.7%

Whole company: Revenue ¥536.6B · Net income ¥70.2B

Avg. salary ¥7M · 41.7（parent only）

Nichirei[2871]

Foods

#12▼
Revenue
¥426.4B▼1.7%
Operating income
¥19.9B▼6.6%

Margin 4.7%

Whole company: Revenue ¥716.1B · Net income ¥27.3B

Avg. salary ¥7.7M · 45.2（parent only）

  • Nisshin Seifun Group owns 2.2%

※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.

Other companies: Calbee · Kikkoman · Kagome · Kirin Holdings · Nippn · Morinaga& · Nisshin Seifun Group · House Foods Group · Kaneka · Ezaki Glico · Umios · Japan Tobacco · AIR Water · Kameda Seika · S&B Foods · Bourbon · Fujiya · Sapporo Breweries · Kotobuki Spirits · Kibun Foods · Hagoromo Foods · KENKO Mayonnaise · Ariake Japan · Riken Vitamin · Kyokuyo · Koike-Ya · NittoBest · Fujicco · Imuraya Group · ahjikanco. · Natori · Yoshimura Food Holdings · Euglena · Sato Foods · JFLA Holdings · EBARAFoodsIndustry · Shimadaya · Pickles Holdings · Hokkan Holdings · Nakamuraya …+74

The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).

Switch years to see how the map shifts

Who earns the money

Area = revenue from businesses in this industry. Color = operating margin.

LossHigh margin(middle = 0% margin)

Who makes a profit

Across = revenue (log scale), up = operating margin, bubble size = operating income.

Ranking and momentum

RankCompany (business)RevenueShareOp. marginCAGRFCF*
1AjinomotoSeasonings and Foods + 1 more¥1.23T9.1%—+8.5%¥134.8B
2Yamazaki BakingFood business¥1.22T9.0%4.8%+5.5%¥25.6B
3Meiji HoldingsFood¥941.5B7.0%7.3%+3.3%-¥47.2B
4Nissin Foods HoldingsNissin Food Products + 5 more¥729B5.4%9.3%+7.7%-¥4.15B
5Morinaga Milk IndustryFood¥547.4B4.1%8.4%+3.4%-¥4.28B
6Kobe BussanGyomu Super division¥530.5B3.9%8.2%+10.5%¥32.8B
7NissuiGrocery + 1 more¥518B3.8%5.9%+9.3%¥8.89B
8▲1KewpieRetail Market Business + 3 more¥493.2B3.7%7.8%+5.9%¥15.3B
9▼1The Nisshin OilliO GroupOil, fat and meal and processed food and materials business + 1 more¥467.6B3.5%3.3%+68.4%-¥18.8B
10NH FoodsProcessed Foods Business Division¥448.4B3.3%1.6%-1.2%—
11▲1Toyo Suisan KaishaOverseas Instant Noodles + 3 more¥437.5B3.2%18.7%+11.8%¥38.9B
12▼1NichireiFoods¥426.4B3.2%4.7%—¥16.6B
13Calbee¥340.2B2.5%7.7%+8.5%¥10.6B
14KikkomanDomestic Foods-Manufacturing and Sales + 1 more¥305.2B2.3%16.7%+5.5%¥30.9B
15KagomeDomestic processed food business + 1 more¥272.2B2.0%—+11.1%¥15.5B
16▲7Kirin HoldingsHealth Science¥251.4B1.9%4.4%—¥119.8B
17▼1NippnFood business¥243.7B1.8%3.7%+7.0%-¥5.95B
18▼1Morinaga&Grocery manufacturing¥225.2B1.7%9.9%+6.9%¥5.94B
19▼1Nisshin Seifun GroupProcessed Food¥216.6B1.6%3.8%+4.3%¥28B
20▼1House Foods GroupSpices and processed food + 2 more¥206B1.5%8.6%+5.6%¥9.95B
21▼1KanekaNutrition Solutions Unit¥206B1.5%6.7%+6.1%-¥3.26B
22▼1Ezaki GlicoOverseas Business + 2 more¥204.5B1.5%5.4%—¥14.9B
23▼1UmiosProcessed Foods Business¥185.8B1.4%5.4%+15.6%-¥1.74B
24Japan TobaccoProcessed Food¥159.5B1.2%5.4%+2.0%¥351.7B
25AIR WaterAgriculture and foods¥153B1.1%2.4%+2.3%¥34.3B
26▲4Kameda SeikaDomestic rice crackers + 2 more¥130.6B1.0%5.7%—¥4.43B
27▼1S&B FoodsDomestic business + 1 more¥129B1.0%8.0%—¥6.44B
28Bourbon¥120.3B0.9%6.2%+6.2%¥5.17B
29FujiyaConfectionery business + 1 more¥115.9B0.9%6.1%+3.3%-¥6.06B
30▼3Sapporo BreweriesFood and Soft Drinks¥106.6B0.8%1.8%-4.0%¥31.2B
31▲2Kotobuki SpiritsSucrey Group + 4 more¥78.8B0.6%21.4%+53.4%¥11.4B
32▼1Kibun FoodsDomestic Food Business¥78.2B0.6%1.6%+2.5%¥97.6M
33▼1Hagoromo Foods¥75.1B0.6%4.2%+2.3%¥1.19B
34KENKO MayonnaiseSeasoning processed food enterprise¥73.4B0.5%4.2%+6.3%¥166M
35▲1Ariake Japan¥67B0.5%17.6%+6.2%¥6.74B
36▲1Riken VitaminDomestic food business¥66.4B0.5%9.7%+5.2%¥967M
37▼2KyokuyoProcessed Food Business¥65.5B0.5%3.9%—-¥3.98B
38Koike-YaDomestic + 1 more¥61.2B0.5%6.7%+19.1%-¥3.04B
39▲1NittoBest¥57.5B0.4%1.1%+3.7%¥1.12B
40▼1Fujicco¥55.5B0.4%2.6%+0.2%-¥1.16B
41Imuraya GroupRetail Business + 1 more¥53.5B0.4%9.5%+6.3%-¥1.52B
42ahjikanco.food for business use + 1 more¥51B0.4%5.7%+3.3%¥393M
43NatoriGrocery manufacturing and selling business¥48.2B0.4%3.3%+1.9%¥1.21B
44Yoshimura Food HoldingsManufacturing business¥47.7B0.4%4.8%+21.7%-¥3.77B
45EuglenaHealth care Business¥47B0.3%11.7%+28.7%¥4.59B
46▲1Sato Foods¥46.5B0.3%5.8%-0.3%-¥253.3M
47▼1JFLA HoldingsProduction¥44.1B0.3%4.9%+2.6%¥462.5M
48▲1EBARAFoodsIndustryFood business¥42.4B0.3%6.5%+4.4%¥1.37B
49▲1Shimadaya¥41.1B0.3%9.2%+2.6%¥1.13B
50▼2Pickles Holdings¥40.9B0.3%5.1%-0.1%¥3.78B

Showing the top 50. See all 126 in the list below

* 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
  • Operating costs
  • SG&A
  • Other
  • Operating profit

Showing the 25 largest companies by revenue.

Ownership links

From the major-shareholder section of annual securities reports.

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. Showing up to 24 shareholder cards.

Compare the leaders side by side

All companies in Processed Foods (by revenue)

All 128 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.

  1. Ajinomoto¥1.23T
  2. Yamazaki Baking¥1.22T · 4.8%
  3. Meiji Holdings¥941.5B · 7.3%
  4. Nissin Foods Holdings¥729B · 9.3%
  5. Morinaga Milk Industry¥547.4B · 8.4%
  6. Kobe Bussan¥530.5B · 8.2%
  7. Nissui¥518B · 5.9%
  8. Kewpie¥493.2B · 7.8%
  9. The Nisshin OilliO Group¥467.6B · 3.3%
  10. NH Foods¥448.4B · 1.6%
  11. Toyo Suisan Kaisha¥437.5B · 18.7%
  12. Nichirei¥426.4B · 4.7%
  13. Calbee¥340.2B · 7.7%
  14. Kikkoman¥305.2B · 16.7%
  15. Kagome¥272.2B
  16. Kirin Holdings¥251.4B · 4.4%
  17. Nippn¥243.7B · 3.7%
  18. Morinaga&¥225.2B · 9.9%
  19. Nisshin Seifun Group¥216.6B · 3.8%
  20. House Foods Group¥206B · 8.6%
  21. Kaneka¥206B · 6.7%
  22. Ezaki Glico¥204.5B · 5.4%
  23. Umios¥185.8B · 5.4%
  24. Japan Tobacco¥159.5B · 5.4%
  25. AIR Water¥153B · 2.4%
  26. Kameda Seika¥130.6B · 5.7%
  27. S&B Foods¥129B · 8.0%
  28. Bourbon¥120.3B · 6.2%
  29. Fujiya¥115.9B · 6.1%
  30. Sapporo Breweries¥106.6B · 1.8%
  31. Kotobuki Spirits¥78.8B · 21.4%
  32. Kibun Foods¥78.2B · 1.6%
  33. Hagoromo Foods¥75.1B · 4.2%
  34. KENKO Mayonnaise¥73.4B · 4.2%
  35. Ariake Japan¥67B · 17.6%
  36. Riken Vitamin¥66.4B · 9.7%
  37. Kyokuyo¥65.5B · 3.9%
  38. Koike-Ya¥61.2B · 6.7%
  39. NittoBest¥57.5B · 1.1%
  40. Fujicco¥55.5B · 2.6%
  41. Imuraya Group¥53.5B · 9.5%
  42. Sato Foods¥51.8B · 6.4%
  43. ahjikanco.¥51B · 5.7%
  44. Natori¥48.2B · 3.3%
  45. Yoshimura Food Holdings¥47.7B · 4.8%
  46. Euglena¥47B · 11.7%
  47. JFLA Holdings¥44.1B · 4.9%
  48. EBARAFoodsIndustry¥42.4B · 6.5%
  49. Shimadaya¥41.1B · 9.2%
  50. Pickles Holdings¥40.9B · 5.1%
  51. Hokkan Holdings¥39.8B · 9.6%
  52. Nakamuraya¥36.4B · 9.1%
  53. Kanro¥34.8B · 13.5%
  54. Morozoff¥34.2B · 7.7%
  55. Rheon Automatic Machinery¥32.1B · 9.7%
  56. Iwatsuka Confectionery¥28.8B · 3.0%
  57. First Baking¥28.7B · 5.0%
  58. Daisho¥27.5B · 2.5%
  59. Meito¥25.2B · 6.9%
  60. Dairei¥25.1B · 2.6%
  61. Eat&holdings¥23.2B · 5.5%
  62. Hayashikane Sangyo¥22.4B · 3.8%
  63. Hurxley Holdings¥21.9B · 3.8%
  64. Yamami Company¥21.1B · 8.2%
  65. St.Cousair¥20.6B · 3.8%
  66. DyDo GROUP HOLDINGS¥19.6B · 2.5%
  67. Nichiryo Baking¥19B · 0.6%
  68. AFC-HD AMS Life Science¥18.9B · 13.0%
  69. Wakou Shokuhin¥17.3B · 9.3%
  70. Taiyokagaku¥17.1B · 21.9%
  71. Ohmoriya¥16.5B · -0.4%
  72. Base Food¥15.2B · 1.8%
  73. Gourmet Kineya¥15B · 5.5%
  74. Bull-Dog Sauce¥14.7B · 4.2%
  75. Yutaka Foods¥14.1B · 0.9%
  76. Delsole¥11.6B
  77. noevir holdings¥11.5B · 8.5%
  78. Kurabo Industries¥11.1B · 7.9%
  79. Ishii Food¥11B · 0.1%
  80. Almado¥10.1B · 6.8%
  81. Oizumi¥9.67B · 2.2%
  82. marutai¥9.55B · 5.8%
  83. Kadoya Sesame Mills¥8.61B · 2.1%
  84. Kakiyasu Honten¥8.38B · 5.8%
  85. Pharma Foods International¥8.18B · 15.3%
  86. Hokuto¥8B · 6.4%
  87. Asahimatsu Foods¥7.69B · 1.1%
  88. Como¥7.32B · 2.4%
  89. Pietro¥7.09B · 21.7%
  90. Kuze¥6.92B · 12.6%
  91. O'will¥6.6B · 6.4%
  92. Higashimaru¥5.59B · -1.9%
  93. J Frontier¥5.38B · -0.8%
  94. Royal Holdings¥5.04B · 9.0%
  95. Seihyo¥4.8B · 0.7%
  96. Sokensha¥4.75B · 0.4%
  97. Morishita Jintan¥4.72B · -2.1%
  98. Chikaranomoto Holdings¥4.42B · 12.7%
  99. Jelly Beans Group¥3.52B · 10.7%
  100. Kitoku Shinryo¥3.43B · 1.1%
  101. Fruta Fruta¥3.14B · 3.0%
  102. Shinozakiya¥2.94B · 2.0%
  103. Akatsuki¥2.56B · 18.5%
  104. OSG¥2.49B · -5.4%
  105. Umenohana Group¥2.09B · -9.1%
  106. Marusan-Ai¥2.03B · 6.6%
  107. Ukai¥1.99B · 11.1%
  108. Hotland Holdings¥1.92B · 5.2%
  109. Soiken Holdings¥1.69B · 19.5%
  110. Hirota Group Holdings¥1.57B · -4.3%
  111. Niitaka¥1.35B · 15.7%
  112. THE Nihon Seima¥1.28B · -2.4%
  113. Ifuji Sangyo¥1.21B · 7.3%
  114. Muromachi Chemicals¥1.19B · 1.5%
  115. Wel-Dish.¥1.14B · 18.7%
  116. Thermae-Yu Holdings¥647.1M · -2.8%
  117. Rokko Butter¥641.3M · 0.4%
  118. sanrin¥377M · 2.1%
  119. Nichimo¥289M · 3.8%
  120. Takachiho¥266.7M · 22.5%
  121. Fantasista¥137.8M · -0.8%
  122. Omikenshi¥135M · -56.3%
  123. IKK Holdings¥115.8M · -34.7%
  124. Shinwa-holdings¥114.5M · 25.0%
  125. Intertrade¥104.7M · -48.8%
  126. Pepper Food Service¥53M · 0.0%
  127. Abist¥49.6M · 46.4%
  128. Asulina¥27.2M · -91.4%

Revenue · Op. margin

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