Japan Food in the USA: Nielsen data to June 13th

Research evidence excerpt

Japan Food in the USA: Nielsen data to June 13th

30 June 2026

Price Target Change

APAC Food & Beverages

In this June US Nielsen digest, we dig into the recent term trends for Nissin, Toyo Suisan, Euan McLeish

+81 3 5962 9611 Kikkoman, Ajinomoto and Yakult’s key categories in the USA. Over the latest 4wk period the

euan.mcleish@bernsteinsg.com impact of Ajinomoto’s Frozen Foods recall continued with major recalled products volume

declining 10%, although Frozen Dumplings (not part of recall) growth remained healthy at

Hao Wang, CFA +4%. In Instant noodles, Nissin’s volume growth underperformed Toyo Suisan (-3.2% vs

+852 2123 2627

hao.wang@bernsteinsg.com -2.2%), but value was +2% on the back of price increases. Toyo Suisan’s value growth out

performance continued at +10%. Kikkoman soy sauce growth remained strong in both Q1

Mufei Gao and the last 4wk period, with no sign of Conagra resolving their dislocation. Yakult value

+81 3 6777 6995 dropped to decline first time in 12 months, and we expect value growth likely to remain in the

mufei.gao@bernsteinsg.com

LSD range until March/April 2027 when their new production capacity comes online.

Instant Noodles - Toyo Suisan last 12/4wks value +9.7%/+9.5%, Nissin +0.7%/

+1.9%: Nissin’s 4wk volume decline moderated to -3.2% in June, underperforming Toyo

Suisan’s -2.2%. Nissin price/mix remained strong at +5.6%/+5.3% over the last 12/4wks,

which should be positive for Q1 margins, despite weak volume. We expect Nissin value

growth momentum to continue with the price increase benefit coming through and volume

growth to accelerate in late summer following the Bold Taste of Tokyo new product launch.

Toyo Suisan continued its strong value growth momentum, +9.5% over the last 4wks,