Nissui Corporation
1332・Prime Market・Fishery, Agriculture & Forestry
Business
Nissui Corporation is a comprehensive marine products and food company founded in 1911, operating four segments: the Marine Products segment covering fishing, aquaculture, processing, and trading; the Food Products segment offering frozen and chilled foods; the Fine Chemicals segment handling functional ingredients such as EPA and DHA and pharmaceutical raw materials; and the Logistics segment covering cold storage, delivery, and customs clearance. The group, consisting of 71 subsidiaries and 27 affiliated companies, has expanded operations to North America (GORTON'S, INC.), Europe (France, the UK, Spain, etc.), and South America (aquaculture in Chile), with the overseas sales ratio by location reaching 41.2% in FY2026 (ending March 2026). Major customers are food distributors such as mass retailers, convenience stores, and restaurant chains, with sales to SCI Corporation accounting for ¥123,180 million (13.2% of net sales).
Business Model
The company secures raw materials through fishing and aquaculture, processes them into products at domestic and overseas processing plants, and sells them through retail, foodservice, and commercial-use channels via the group's logistics network, adopting a vertically integrated model. Based on its in-house procurement capability for marine raw materials, it generates earnings by enhancing added value through frozen foods, chilled foods, and functional ingredients. Through business portfolio management centered on ROIC spread, the company is concurrently advancing the concentration of management resources into growth areas and the improvement of unprofitable businesses.
Company Strengths
Nissui owns and integrates fishing (Japan and South America), aquaculture (Japan and Chile), and processing/trading (North America, Europe, Japan) operations within its own group. In January 2026, the company acquired PESQUERA YADRAN S.A. of Chile to expand its aquaculture scale. The global links built over more than 110 years of history constitute a proprietary asset that competitors cannot easily replicate in the short term.
In the domestic chilled foods business, boxed meals and prepared side dishes for convenience stores have achieved consecutive increases in revenue and profit. In North America, the company has expanded its share of household frozen foods under the GORTON'S brand, while sales have been strong in France, the UK, and Spain in Europe. The food business posted net sales of ¥500,985 million, forming the company's largest segment.
Nissui began selling EPA in 1982 and has continued research into high-purity EPA and fast-twitch muscle protein, among other areas. With the Tokyo Innovation Center and the Oita Marine Research Center serving as research hubs, R&D expenditure for FY2026 (ending March 2026) totaled ¥5,002 million. The company holds a high-value-added domain with a solid sales track record in functional ingredients for pharmaceutical raw materials and supplements.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from ¥693,682 million in FY2022 to ¥931,265 million in FY2026. Operating profit temporarily declined to ¥24,488 million in FY2023, but has trended upward since FY2024, reaching a record ¥40,430 million in FY2026. The main driver of the profit increase in FY2026 was improvement in the fishing/aquaculture business and the North American marine products processing business, which had struggled in the prior period (marine products business operating profit up 211.1% year on year), along with steady performance in the chilled foods business. External factors included rising sales prices for domestic catch, improved market conditions for Chilean coho salmon, and expanding demand from convenience stores, which provided tailwinds, while higher raw material prices and increased logistics costs due to US tariffs weighed on profits in some segments.
Growth Strategy
Aiming for ¥1 trillion in net sales and ¥50 billion in operating income by 2030, accelerating overseas expansion and aquaculture sophistication
Expanding business scale primarily in North America and Europe, cultivating a second pillar alongside marine fried products. Targeting an overseas location-based sales ratio of approximately 43% by fiscal 2027, with the FY2026 (ending March 2026) result reaching 41.2%. The acquisition of the South American aquaculture company PESQUERA YADRAN S.A. (January 2026) strengthened resource access and overseas sales channels.
Developed a 3D fish measurement system for farmed yellowtail, improving the accuracy of high-precision fish weight estimation models. Aiming to reduce costs and environmental impact through early disease detection and appropriate feed quantity setting. In Chilean aquaculture, the acquisition of PESQUERA YADRAN S.A. is being leveraged to promote scale expansion and cost reduction through improved survival rates.
Optimally allocating management resources based on evaluation criteria of ROIC spread, growth potential, and mission affinity. Promoting turnarounds of unprofitable businesses in North American marine products processing and South American fisheries, resulting in a 211.1% year-on-year improvement in Marine Products Business operating income in FY2026 (ending March 2026). Planning total investment of approximately ¥150.0 billion over the three years of the Medium-Term Management Plan (FY2025-FY2027).
Increasing capital expenditure to strengthen production capacity for functional ingredients such as EPA/DHA and pharmaceutical raw materials (¥1,857 million in FY2026, ending March 2026). The long-term vision "GOOD FOODS 2030" explicitly states the acceleration of growth and differentiation in the Fine Chemicals Business, raising its priority in management resource allocation.
The internal open call for proposals "Nissui Open Innovation 2025" received approximately 80 applications, significantly exceeding the previous fiscal year. Working on creating new value through initiatives such as the pet food business "PAWSOME DELI" and utilization of underused resources such as "namino leather." Co-creation programs with external partners are also underway.
Last updated: July 19, 2026