Japan Food Sector "US soy sauce, mayo, and confectionery trends based on..."

研报英文原文证据摘录

Japan Food Sector "US soy sauce, mayo, and confectionery trends based on..."

Global Research

26 May 2026ab

Japan Food Sector Equities

JapanUS soy sauce, mayo, and confectionery trends

based on Nielsen data (26 May) Food & Beverage

Rei Ihara

Analyst

rei.ihara@ubs.com

Morinaga is still struggling, but Kikkoman and Kewpie look solid +81-3-5208 6227

Noting significant equity market interest, we have used the latest Nielsen data to analyse Ryunosuke Watanabe

US sales of Kikkoman soy sauce, Kewpie mayonnaise, and Morinaga's Hi-Chew in May. Associate Analyst

We conclude that while Morinaga continues to struggle, performance at Kikkoman and ryunosuke.watanabe@ubs.com

Kewpie has been solid. +81-3-5208 6243

Kikkoman: Firm demand for home use soy sauce, as in Jan-Mar

Kikkoman's FY3/26 results (announced on 24 April) showed North American soy sauce

sales up 8% yoy in January–March 2026, a strong recovery compared with a 2% yoy

decline in Q3 (October–December 2025). Similarly to the results, Nielsen data showed a

sales increase of 6% yoy in Q3, and an increase in momentum in January–March 2026,

with sales up 10% yoy. More recently, sales were up 5% in April 2026 and up 10% in

May, with April-May sales rising 8% as the solid momentum from January-March

continued. Nielsen data does not track commercial and processing-use soy sauce, which

accounts for 60% of sales. In addition, there appears to have been a pullback in

shipments in H2 FY3/27 ahead of the startup of a new factory, so there may be a gap

between sell-in and sell-out. However, underlying demand for soy sauce for household

use itself was firm.

Kewpie maintained strong sales growth

Kewpie's Q1 FY11/26 results (announced on 9 April) showed North American

mayonnaise sales down 20% yoy in October–December 2025.