Industry map/Food & Agriculture
Food Ingredients industry map
Who earns the money in Food Ingredients, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 40 companies · ¥4.77T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥4.77T
- Companies
- 40
- Avg. salary（parent only）
- ¥7.6M
- Industry weather
- Sunny
YoY +3.8%
Avg. age 41.5
Operating income +5.8%
The Nisshin OilliO Group[2602]
Oil, fat and meal and processed food and materials business + 3 more
- Revenue
- ¥918B▲2.4%
- Operating income
- ¥27B▼12.0%
Margin 2.9%
Whole company: Revenue ¥554.3B · Net income ¥24B
Avg. salary ¥7.7M · 41.6（parent only）
- J-Oil Mills・Alliance
Fuji OIL[2607]
Industrial Chocolate + 3 more
- Revenue
- ¥772.3B▲15.1%
- Operating income
- ¥36.1B▲167.2%
Margin 4.7%
Whole company: Revenue ¥772.3B · Net income ¥11.1B
Avg. salary ¥8.3M · 41.0（parent only）
- J-Oil Mills・Alliance
- J-Oil Mills・Capital alliance
Nisshin Seifun Group[2002]
Flour Milling
- Revenue
- ¥428.5B▼3.4%
- Operating income
- ¥27.7B▼5.7%
Margin 6.5%
Whole company: Revenue ¥865B · Net income ¥32.6B
Avg. salary ¥9M · 42.0（parent only）
Nagase &[8012]
Life and Healthcare
- Revenue
- ¥309.2B▲7.7%
- Operating income
- ¥9.83B▲187.2%
Margin 3.2%
Whole company: Revenue ¥972.8B · Net income ¥33.1B
Avg. salary ¥11.9M · 41.2（parent only）
Showa Sangyo[2004]
Food business
- Revenue
- ¥271.8B▼0.6%
- Operating income
- ¥11.3B▲3.2%
Margin 4.2%
Whole company: Revenue ¥335.4B · Net income ¥10.6B
Avg. salary ¥7.6M · 41.2（parent only）
J-Oil Mills[2613]
Oil and Fats + 1 more
- Revenue
- ¥225.8B▼1.7%
- Operating income
- ¥4.2B▼49.8%
Margin 1.9%
Whole company: Revenue ¥226.6B · Net income ¥4.75B
Avg. salary ¥8.4M · 44.0（parent only）
- The Nisshin OilliO Group・Alliance
- Fuji OIL・Alliance
- Fuji OIL・Capital alliance
Takasago International[4914]
Japan + 3 more
- Revenue
- ¥225.1B▼1.8%
- Operating income
- ¥7.95B▼45.0%
Margin 3.5%
Whole company: Revenue ¥225.1B · Net income ¥9.53B
Avg. salary ¥9.1M · 42.1（parent only）
Kaneka[4118]
Nutrition Solutions Unit
- Revenue
- ¥206B▲5.6%
- Operating income
- ¥13.7B▲4.9%
Margin 6.7%
Whole company: Revenue ¥811.6B · Net income ¥31B
Avg. salary ¥8.2M · 41.0（parent only）
Mitsui DM Sugar[2109]
Sugar business + 1 more
- Revenue
- ¥177.5B▲0.7%
- Operating income
- ¥12.4B▼4.3%
Margin 7.0%
Whole company: Revenue ¥180.1B · Net income ¥3.96B
Avg. salary ¥8.2M · 43.4（parent only）
- Nippon Beet Sugar Manufacturing owns 0.8%
Shoei Foods[8079]
Japan + 2 more
- Revenue
- ¥124.9B▲8.4%
- Operating income
- ¥5.39B▲2.4%
Margin 4.3%
Whole company: Revenue ¥124.9B · Net income ¥3.04B
Avg. salary ¥6.7M · 39.9（parent only）
Nippn[2001]
Flour milling business
- Revenue
- ¥120B▼1.4%
- Operating income
- ¥9.47B▲2.9%
Margin 7.9%
Whole company: Revenue ¥418.4B · Net income ¥21.8B
Avg. salary ¥7.6M · 39.0（parent only）
Wellneo Sugar[2117]
Sugar + 1 more
- Revenue
- ¥112.9B▲16.3%
- Operating income
- ¥11.2B▲20.4%
Margin 9.9%
Whole company: Revenue ¥112.9B · Net income ¥6.47B
Avg. salary ¥7.9M · 42.3（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Riken Vitamin · Adeka · T.hasegawa · Nihon Shokuhin Kako · Nitto Fuji Flour Milling · Taiyokagaku · NOF · Nippon Beet Sugar Manufacturing · MiyoshiOil&FatCo. · Nitta Gelatin · Fuso Chemical · Ensuiko Sugar Refining · Kadoya Sesame Mills · Ifuji Sangyo · Fuji Nihon · THE Torigoe · Nippi · Semba Tohka Industries · Ezaki Glico · Shikibo · Sato Foods Industries · Imuraya Group · Gun Ei Chemical Industry · Nankai Chemical · Meito · Kitoku Shinryo · Somar · Soiken Holdings
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- Nisshin Seifun Group's flour milling is the largest business here, at ¥428.5B.
- Oil pays very differently by company: Fuji Oil's vegetable oils earn a 12.3% margin, J-Oil Mills' oil business 1.6%.
- Fuji Oil's vegetable oil sales rose +30.7%, yet its industrial chocolate kept only 0.6%.
- Flour sales fell: Nisshin Seifun Group -3.4%, NIPPN -1.4%.
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 | The Nisshin OilliO GroupOil, fat and meal and processed food and materials business + 3 more | ¥918B | 19.3% | 2.9% | +29.5% | -¥18.8B |
| 2 | Fuji OILIndustrial Chocolate + 3 more | ¥772.3B | 16.2% | 4.7% | — | ¥25.3B |
| 3 | Nisshin Seifun GroupFlour Milling | ¥428.5B | 9.0% | 6.5% | +8.1% | ¥28B |
| 4 | Nagase &Life and Healthcare | ¥309.2B | 6.5% | 3.2% | +12.7% | ¥19.7B |
| 5 | Showa SangyoFood business | ¥271.8B | 5.7% | 4.2% | — | ¥6.58B |
| 6 | J-Oil MillsOil and Fats + 1 more | ¥225.8B | 4.7% | 1.9% | +3.1% | -¥2.62B |
| 7 | Takasago InternationalJapan + 3 more | ¥225.1B | 4.7% | 3.5% | +8.5% | -¥17B |
| 8 | KanekaNutrition Solutions Unit | ¥206B | 4.3% | 6.7% | +6.1% | -¥3.26B |
| 9 | Mitsui DM SugarSugar business + 1 more | ¥177.5B | 3.7% | 7.0% | +5.1% | ¥6.11B |
| 10▲1 | Shoei FoodsJapan + 2 more | ¥124.9B | 2.6% | 4.3% | +5.8% | -¥2.45B |
| 11▼1 | NippnFlour milling business | ¥120B | 2.5% | 7.9% | +5.5% | -¥5.95B |
| 12 | Wellneo SugarSugar + 1 more | ¥112.9B | 2.4% | 9.9% | — | ¥6.2B |
| 13 | Riken VitaminDomestic food business + 1 more | ¥87.6B | 1.8% | 6.8% | +4.8% | ¥967M |
| 14 | AdekaFood products | ¥83B | 1.7% | 5.3% | +3.1% | ¥18.2B |
| 15 | T.hasegawaJAPAN + 2 more | ¥73.5B | 1.5% | 11.4% | +7.1% | ¥6.62B |
| 16 | Nihon Shokuhin Kako | ¥63B | 1.3% | 2.0% | — | ¥4.06B |
| 17 | Nitto Fuji Flour MillingMilling and grocery | ¥60.5B | 1.3% | 5.8% | +5.0% | ¥3.04B |
| 18 | TaiyokagakuNatural Ingredient Division + 2 more | ¥52.3B | 1.1% | 13.4% | +7.0% | ¥5.19B |
| 19 | NOFPharmaceuticals, Medicals and Health | ¥49.9B | 1.0% | 31.7% | — | ¥21.5B |
| 20 | Nippon Beet Sugar ManufacturingSugar + 1 more | ¥49.5B | 1.0% | -4.8% | +5.4% | ¥1.04B |
| 21 | MiyoshiOil&FatCo.Foods business | ¥42.1B | 0.9% | 3.4% | +7.3% | -¥2.79B |
| 22 | Nitta Gelatin | ¥38B | 0.8% | 12.3% | +4.6% | ¥4.51B |
| 23 | Fuso ChemicalLife Science Business Unit | ¥35.4B | 0.7% | 15.0% | +3.0% | ¥14.7B |
| 24 | Ensuiko Sugar RefiningSugar + 1 more | ¥32.9B | 0.7% | 13.6% | +7.0% | ¥1.81B |
| 25 | Kadoya Sesame MillsSesame oil | ¥31.4B | 0.7% | 11.5% | +6.4% | ¥5.31B |
| 26▲2 | Ifuji SangyoLiquid egg business | ¥30.5B | 0.6% | 8.8% | — | -¥1.06B |
| 27▼1 | Fuji NihonFunctional material + 1 more | ¥27.6B | 0.6% | 15.1% | +35.0% | ¥2.21B |
| 28▼1 | THE Torigoe | ¥26.3B | 0.6% | 5.0% | +3.7% | ¥809.1M |
| 29 | NippiGelatin and peptide related + 1 more | ¥21.8B | 0.5% | 14.6% | +3.2% | ¥2.47B |
| 30 | Semba Tohka Industries | ¥19.4B | 0.4% | 4.7% | +1.3% | ¥807.1M |
| 31 | Ezaki GlicoFood Ingredients Business | ¥13.2B | 0.3% | 17.1% | — | ¥14.9B |
| 32▲1 | ShikiboFunctional materials | ¥6.89B | 0.1% | -2.2% | — | -¥616M |
| 33▼1 | Sato Foods Industries | ¥6.83B | 0.1% | 11.1% | +4.9% | ¥765.8M |
| 34▲2 | Imuraya GroupSeasoning | ¥4.61B | 0.1% | 14.4% | +1.8% | -¥1.52B |
| 35▼1 | Gun Ei Chemical IndustryGrocery | ¥4.56B | 0.1% | 0.8% | -0.7% | -¥591M |
| 36▼1 | Nankai ChemicalVarious salt businesses | ¥4.08B | 0.1% | 7.5% | +5.6% | -¥1.53B |
| 37 | MeitoFine chemicals | ¥3.55B | 0.1% | 22.8% | +6.3% | -¥12.2B |
| 38 | Kitoku ShinryoFood business | ¥3.43B | 0.1% | 1.1% | +0.7% | -¥1.74B |
| 39 | SomarFood Materials | ¥2.59B | 0.1% | 5.0% | +11.0% | ¥1.06B |
| 40 | Soiken HoldingsFunctional material development | ¥282.6M | 0.0% | -10.1% | -22.9% | ¥520.5M |
* 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
- Fuso Chemical621424
- NOF661618
- Taiyokagaku701713
- Nitta Gelatin711712
- T.hasegawa593011
- Adeka711910
- Wellneo Sugar79119
- Ensuiko Sugar Refining80119
- Kadoya Sesame Mills72199
- Mitsui DM Sugar77167
- Riken Vitamin69247
- Nisshin Seifun Group7817
- Nippn7520
- Nitto Fuji Flour Milling7718
- Fuji OIL8610
- Nagase &8115
- Showa Sangyo8214
- Takasago International6729
- Kaneka7224
- Shoei Foods8412
- The Nisshin OilliO Group8710
- MiyoshiOil&FatCo.8116
- J-Oil Mills8513
- Nihon Shokuhin Kako8414
- Nippon Beet Sugar Manufacturing8020
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- 三菱商事株式会社Outside
- SubsidiaryNitto Fuji Flour Milling64.7%
- SubsidiaryNihon Shokuhin Kako60.5%
- AffiliateKadoya Sesame Mills26.9%
- AffiliateMitsui DM Sugar20.8%
- 伊藤忠商事㈱Outside
- AffiliateWellneo Sugar37.0%
- StakeShowa Sangyo7.0%
- 双日株式会社Outside
- AffiliateFuji Nihon31.8%
- 三井物産㈱（常任代理人㈱日本カストディ銀行）Outside
- AffiliateMitsui DM Sugar27.6%
- AffiliateKadoya Sesame Mills21.9%
- StakeJ-Oil Mills12.5%
- StakeTHE Torigoe5.5%
- StakeShowa Sangyo4.7%
- 味の素株式会社Outside
- AffiliateJ-Oil Mills27.2%
- 住友商事株式会社Outside
- AffiliateWellneo Sugar24.8%
- 東洋水産株式会社Outside
- StakeSemba Tohka Industries17.6%
- 丸紅株式会社Outside
- StakeThe Nisshin OilliO Group16.9%
- 横浜冷凍株式会社Outside
- StakeSato Foods Industries16.4%
- 株式会社リーガルコーポレーションOutside
- StakeNippi12.7%
- ブルドックソース株式会社Outside
- StakeSato Foods Industries11.1%
- The Nisshin OilliO GroupIn industry
- StakeMiyoshiOil&FatCo.10.0%
- 山崎製パン株式会社Outside
- StakeMiyoshiOil&FatCo.10.0%
- StakeNisshin Seifun Group6.0%
- ユタカフーズ株式会社Outside
- StakeSemba Tohka Industries8.8%
- 明治ホールディングス㈱Outside
- StakeNippon Beet Sugar Manufacturing8.2%
- 大成建設株式会社Outside
- StakeNippi8.0%
- 信越化学工業株式会社Outside
- StakeGun Ei Chemical Industry5.0%
- Ensuiko Sugar RefiningIn industry
- StakeFuji Nihoncross-held5.0%
- Fuji NihonIn industry
- StakeEnsuiko Sugar Refiningcross-held4.9%
- ニッタ㈱Outside
- StakeNitta Gelatin4.6%
- StakeGun Ei Chemical Industry4.6%
- 株式会社百五銀行Outside
- StakeImuraya Group4.5%
- 株式会社名古屋銀行Outside
- StakeSato Foods Industries4.0%
- 日本証券金融株式会社Outside
- StakeMiyoshiOil&FatCo.3.9%
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 Food Ingredients (by revenue)
All 40 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.
- The Nisshin OilliO Group¥918B · 2.9%
- Fuji OIL¥772.3B · 4.7%
- Nisshin Seifun Group¥428.5B · 6.5%
- Nagase &¥309.2B · 3.2%
- Showa Sangyo¥271.8B · 4.2%
- J-Oil Mills¥225.8B · 1.9%
- Takasago International¥225.1B · 3.5%
- Kaneka¥206B · 6.7%
- Mitsui DM Sugar¥177.5B · 7.0%
- Shoei Foods¥124.9B · 4.3%
- Nippn¥120B · 7.9%
- Wellneo Sugar¥112.9B · 9.9%
- Riken Vitamin¥87.6B · 6.8%
- Adeka¥83B · 5.3%
- T.hasegawa¥73.5B · 11.4%
- Nihon Shokuhin Kako¥63B · 2.0%
- Nitto Fuji Flour Milling¥60.5B · 5.8%
- Taiyokagaku¥52.3B · 13.4%
- NOF¥49.9B · 31.7%
- Nippon Beet Sugar Manufacturing¥49.5B · -4.8%
- MiyoshiOil&FatCo.¥42.1B · 3.4%
- Nitta Gelatin¥38B · 12.3%
- Fuso Chemical¥35.4B · 15.0%
- Ensuiko Sugar Refining¥32.9B · 13.6%
- Kadoya Sesame Mills¥31.4B · 11.5%
- Ifuji Sangyo¥30.5B · 8.8%
- Fuji Nihon¥27.6B · 15.1%
- THE Torigoe¥26.3B · 5.0%
- Nippi¥21.8B · 14.6%
- Semba Tohka Industries¥19.4B · 4.7%
- Ezaki Glico¥13.2B · 17.1%
- Shikibo¥6.89B · -2.2%
- Sato Foods Industries¥6.83B · 11.1%
- Imuraya Group¥4.61B · 14.4%
- Gun Ei Chemical Industry¥4.56B · 0.8%
- Nankai Chemical¥4.08B · 7.5%
- Meito¥3.55B · 22.8%
- Kitoku Shinryo¥3.43B · 1.1%
- Somar¥2.59B · 5.0%
- Soiken Holdings¥297M · 11.1%
Revenue · Op. margin
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