May 2026
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Largest Food & Beverages Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Ajinomoto, Kikkoman, Suntory, Toyo Suisan and Meiji Group.
 | Ajinomoto was founded in 1909, and it began manufacturing the world’s first umami seasoning, MSG, made from amino acids. It has since grown to be one of the top manufacturers of sauces and seasonings and has diversified into frozen foods and the manufacture of other amino acid-based materials. Its sauces and seasonings are sold across Southeast Asia, Europe, and the Americas and are found in most supermarkets, making up approximately 60% of its revenue. The remaining 40% is roughly divided into the healthcare and others segment and the frozen food segment. Its healthcare and others segment also includes functional materials, which include an organic resin material, Ajinomoto Build-up Film, which is currently the industry standard for ABF substrates for semiconductors. | $33 | +48% | $32B | $34B | 3.5x | 25.5x | ||
| Kikkoman was founded in 1917 following the merger of eight family-owned companies in Noda, Chiba Prefecture, Japan. It is the largest soy sauce manufacturer in Japan and the US. Domestically, it sells a broad range of food and beverage products, including but not limited to soy sauce, soy milk, licensed Del Monte products, and liquor. Kikkoman’s products are shipped to over 100 countries with eight global production plants across the US, Asia, Europe, and South America. Apart from food manufacturing, Kikkoman also operates a wholesale business that resells Asian foods globally. | $9 | +8% | $8B | $8B | 1.8x | 11.1x | ||
| Suntory Beverage & Food Ltd primarily sells nonalcoholic beverages throughout the world. Most of the company's sales are in Japan, where its biggest products include Tennensui and Green Dakara bottled waters; Boss canned coffee; Pepsi, Orangina, and C.C. Lemon carbonated soft drinks; Suntory Oolong and Iyemon teas; Natchan juices; and Dekavita energy drinks. Other significant markets include France, the United Kingdom, Spain, Vietnam, Indonesia, Thailand, Malaysia, New Zealand, and the United States. Core brands outside France include Lucozade, Orangina, Oasis, Schweppes, Ribena, Pepsi, Ovi, and Brand's Essence of Chicken. | $26 | -11% | $8B | $7B | 0.7x | 4.8x | ||
| Toyo Suisan is one of Japan’s leading packaged food companies, best known for its Maruchan brand instant noodles. The company also produces and sells fresh and frozen foods, particularly seafood, with sales of its packaged and processed foods channeled to both commercial and retail customers. As of September 2025, around 55% of revenue originates in Japan. Sales in the US and Mexico are significant drivers of its ex-Japan revenue. | $69 | +15% | $7B | $5B | 1.6x | 8.1x | ||
| Meiji Holdings was established in 2009 as a merged entity of Meiji Dairies, Japan’s largest dairy company, and Meiji Seika, the country’s number-two confectionery maker. A surge in commodity prices, Japan’s aging and shrinking population, and fierce competition propelled the amalgamation. The food business—dairy, cacao, nutrition, and food solutions—represents about 80% of the group’s sales and 70% of profits. The rest comes from the pharmaceutical business, specializing in antibacterial and generic drugs, as well as vaccines. Overseas food operations, mainly in China, the US, and Southeast Asia, constitute merely 6.5% of the group's sales, which are in the red due to a surge in investment in China’s new factories and fierce price competition initiated by Chinese dairymakers. | $23 | +15% | $6B | $7B | 0.9x | 7.6x | ||
| Yakult Honsha is a pioneer in probiotics. It launched the probiotic drink Yakult in 1935 after Minoru Shirota’s discovery of Lactobacillus casei Shirota, a strain of lactic acid bacteria proved to be able to live in intestines, in 1930. It operates in 40 countries across four continents selling mainly Yakult probiotic drinks. Apart from the retail outlets, the home delivery channel, served by a team of 83,000 Yakult Ladies globally, contributes about 45% of its probiotic drink volume. Overseas markets contribute 40% of group sales and profits. Yakult has built a meaningful presence in populated emerging markets, including China, Indonesia, Mexico, and Brazil. It plans to step up expansion in the US. It also operates a pharmaceutical business with an emphasis on oncology drugs. | $18 | -4% | $5B | $4B | 1.4x | 6.3x | ||
| Nissin Foods is Japan’s largest instant noodle manufacturer and was the first in the world to invent and launch instant noodles. It also invented the first instant noodle product in cup containers. Cup Noodles is its global brand, marketed in Asia, the Americas, and Europe. Instant noodles account for more than three fourths of group sales and 80% of operating profits, while Japan remains the key contributor, representing roughly 75% of group sales and 85% of profits. Other products include frozen/chilled noodles, confectionery, and lactic acid drinks. | $17 | -14% | $5B | $5B | 1.1x | 7.3x | ||
| Yamazaki Baking Co Ltd is a Japan-based company specializing in the production of baked goods, including bread, pastries, and cakes. The company operates through Food, Distribution, and Other segments. The Food segment produces bread, confectionery, and bakery products, selling to retailers and running bakery cafes in Japan and abroad. The Distribution segment manages convenience stores and food supermarkets. The Others segment handles logistics, food plant design and construction, non-life insurance agency services, and the production of cleaning agents for baking equipment. It generates the majority of its revenue from the Food business segment. | $20 | -3% | $4B | $3B | 0.4x | 5.1x | ||
| NH Foods Ltd is a Japanese packaged-food company. The company offers a broad selection of products: hams, sausages, processed foods, marine products, dairy products, and health food. The company operates through ballpark, meat, processing, and overseas business headquarters. The Meat Business Headquarters focuses on meat production and sales in Japan. The Processing Business Headquarters manufactures and sells ham, sausages, processed foods, and dairy products domestically. The Overseas Business Headquarters engages in the production and sale of meat, ham, sausages, and processed foods abroad. It generates the majority of its revenue from the Meat business. | $38 | +19% | $4B | $5B | 0.5x | 8.9x | ||
| Kewpie Corp is a Japanese packaged-food company. The company operates through six segments. The Common segment handles shared operations such as food manufacturing machinery and general food products. The Fine Chemicals segment produces ingredients like hyaluronic acid and egg yolk lecithin for pharmaceuticals, cosmetics, and food applications. The For Business Use and For Commercial Use segments manufacture and sell mayonnaise, dressings, pasta sauces, egg products, and salads for household and institutional markets. The Fruit Solutions segment offers jams and processed fruit products for home and industrial use, while the Overseas segment manufactures and sells food products such as mayonnaise and dressings in markets across Asia, North America, and other regions. | $26 | +22% | $4B | $3B | 1.0x | 7.8x | ||
| Ezaki Glico Co Ltd is a Japanese food company. The reportable segments of the company are Health and Food Business includes the production and sales of health-related products, retort-packed food and others; Dairy Food Business includes the production and sales of dairy products, western-style fresh confectioneries, ice cream and others; Nutritional Confectionery Business includes the production and sales of chocolate, cookies and others; Food Ingredients Business: includes the production and sales of wheat protein, starch, food colouring and others; Other Domestic Business includes directly managed stores business, Office Glico business and others and Overseas Business includes the production and sales of chocolate, cookies and others overseas. | $34 | -- | $2B | $2B | 0.8x | 9.7x | ||
| ITO EN Ltd makes beverages and other tea and nutritional products that it sells in Japan. Ito En primarily sells green tea products, including ready-to-drink beverages, tea bags, and other tea leaf products, under its Oi Ocha brand. Other beverages the company sells include black tea, Chinese tea, coffee, vegetable beverages, fruit beverages, mineral water, and functional beverages. The Leaf- and Drink-Related business segment makes up roughly 90% of the company's total revenue. Most remaining revenue is generated from Ito En's restaurant business, which operates hundreds of Tully's coffee shops in Japan. | $16 | -7% | $2B | $2B | 0.6x | 8.4x | ||
| Izumi Co Ltd is engaged in operating shopping centres, general merchandising stores, clothing, household goods and food products. Most of the stores are located in Kyushu Region, Chugoku Region, and Shikoku Region in Japan. The company operates through segments including retail, retail-peripheral operations, and other. The retail segment is engaged in the retail business through shopping centres. The retail-peripheral operations segment consists of a credit and finance business, shop facility management, and restaurant operation, which deliver the vast majority of the business' income. The other segment includes wholesale and real estate operations. | $6 | -- | $1B | $2B | 0.6x | 7.0x | ||
| Daikokutenbussan Co Ltd is primarily engaged in selling retail and wholesale food and other products. The company develops and sells private brand products. Daikokuten Bussan operates in two business segments. The retail segment manufactures and sells fresh foods, processed foods, and bread and confectionery products. It also operates supermarkets, a property leasing business, a trademark management business, recycling operations, and a store cleaning operation. The other segment is the company's wholesale business. | $27 | -44% | $362M | $536M | 0.3x | 4.8x | ||
| Shimadaya Corp manufactures frozen noodles in Japan, such as udon, soba, ramen and fried noodles, etc., for export. | $10 | -10% | $147M | $120M | 0.5x | 3.8x | ||
| Fujimak Corp manufactures, designs, develops, and provides after-sales support for commercial kitchen facilities and equipment, designs kitchen and ancillary facilities, and undertakes construction contracts. The company's products include Bakery equipment, Cooking machines, Water heaters, Delivery and handling equipment, Cold equipment, hygiene-related equipment, Service equipment, Cleaning equipment, and Thermal equipment. | $7 | -- | $97M | $85M | 0.3x | 3.2x | ||
| Median | $22 | -3% | $4B | $4B | 0.7x | 7.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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