Japan Companies Capturing Protein Demand Through Unique Competitive Advantages

研报英文原文证据摘录

Japan Companies Capturing Protein Demand Through Unique Competitive Advantages

Japan InsightM

Executive Summary

1. Changing US dietary trends could reshape the food industry

Changes to the US Dietary Guidelines, broader GLP-1 adoption, growing interest in health

and well-being, and population aging are accelerating shifts in US dietary trends. As

consumers move away from ultra-processed foods toward minimally processed, high-

protein foods, we believe these structural changes could reshape the competitive

landscape of the food industry.

2. Animal protein faces structural supply constraints

Animal protein supply faces structural constraints, making it difficult to expand

production and contributing to rising prices. Whey protein prices have surged in 2026,

reflecting supply limitations as whey is a by-product of cheese production. As a net

importer of protein, Japan faces a greater risk from higher procurement costs caused by

losing out in global sourcing competition than from the benefits of stronger demand.

3. Upstream B2B companies with differentiated competitive advantages are best

positioned

We believe the greatest opportunities lie with B2B companies that possess differentiated

competitive advantages upstream in the protein supply chain and are well positioned to

benefit from rising global protein demand. In our view, these competitive advantages are

primarily derived from intangible assets, including proprietary technology, global

networks, and customer relationships.

Exhibit 1: Japanese food companies best positioned to benefit from rising protein demand

Company Rating Price Target Last Close Protein Exposure Competitive Advantages

(15 Jul 2026)