Food Industry Monthly: July 2026

Research evidence excerpt

Food Industry Monthly: July 2026

FoundationM

Key Topics in the Food Industry – July 2026

•Jul. 13: Nichirei experienced a cyberattack-related system outage. By Jul. 24, order restrictions had been lifted and all sites had returned to

normal operations.

•Prime Minister Takaichi announced a policy to introduce a reduced consumption tax on food products from April 2027.

•The Food Stock Index outperformed the TOPIX in July. However, following earnings releases on Jul. 30, several companies sold off sharply

amid concerns over future cost inflation and stretched valuations.

•Cocoa prices rose about 30% MoM in July, briefly reaching US$6,000/t. Palm oil, soybean, and wheat prices remained elevated. [P13]

•Domestic chicken prices softened for both locally produced and imported products. US beef prices remained high, while Australian live cattle

procurement costs surged. [P15]

•Domestic fish prices were mixed. Yellowtail (Buri) prices in June fell about 5% YoY, while trout salmon and surimi prices remained firm. [P16]

•Tapioca, a key feedstock for MSG fermentation, increased in price, while raw sugar prices declined. Ammonia, a key fermentation fuel,

continued to soften. [P14]

•The German whey powder price averaged €1,912/t in July (+72% YoY). Although it declined 2% MoM, it remained at an elevated level. [P13]

•Yakult's domestic dairy product sales volume in June declined 6% YoY (-8% for Apr–Jun vs. the company's FY target of -1%). The Yakult 1000

series continued to struggle. [P17]

•According to Nikkan Shokuhin Tsushin, the Japanese yogurt market grew 5% YoY in June (Meiji +2%, Morinaga Milk +10%, Megmilk Snow

Brand +3%). Morinaga Milk has maintained double-digit growth for three consecutive months since April. [P17]