Kewpie Corporation
2809・Prime Market・Foods
Business
Kewpie Corporation was founded in 1919 and, since launching Japan's first domestically produced mayonnaise in 1925, has maintained a high brand share as the top manufacturer in the salad dressing market as a comprehensive food group. Comprising 54 subsidiaries and 26 affiliated companies, the company operates in Japan across consumer products (household seasonings, salads, and prepared foods), commercial-use products (seasonings and processed egg products for restaurants and prepared meals), fruit solutions (jam, etc.), and fine chemicals (functional materials such as hyaluronic acid). Overseas, it operates under the KEWPIE brand in China, Southeast Asia, North America, and Europe, with consolidated net sales reaching ¥513,417 million for FY2025 (ending November 2025).
Business Model
Domestically, the company manufactures and sells seasonings, processed egg products, and cut vegetables along two axes—Retail Use and Commercial Use—maintaining profitability through price revisions and a shift toward higher value-added products. In Fine Chemicals, it develops functional materials such as Hyaluronic Acid and Egg Yolk Lecithin through BtoB channels and Mail Order (Health Foods, etc.), securing high profit margins. Overseas, the full-scale operation of new plants in Asia Pacific and the Americas has strengthened supply capacity, while promotions blending local cuisine have expanded demand. Within the group, the company also holds food manufacturing machinery operations (Shiba Manufacturing) and logistics functions, pursuing vertically integrated synergies.
Company Strengths
Since launching Japan's first domestically produced mayonnaise in 1925, the company has maintained a high brand share as the top manufacturer in the salad seasoning market. In 2025, it marked the 100th anniversary of mayonnaise's launch and rolled out a commemorative product series. Domestic Retail Use sales stood at ¥189,823 million, the largest scale among all segments.
The Overseas segment achieved net sales of ¥100,262 million and operating income of ¥13,586 million (operating margin of 13.6%), the highest profit margin among all segments. New plants in China, Southeast Asia, and North America came into full operation, driving an 8.7% increase in sales and a 9.0% increase in profit year-on-year in FY2025 (ending November 2025). The medium-term management plan targets double-digit annual growth.
The company operates a vertically integrated structure spanning raw materials to finished products, with Kewpie Tamago Co. processing liquid eggs—the main raw material for mayonnaise production—and Kewpie Jozo Co. producing Vinegar. The group's structure covers the entire food value chain in-house, including cut vegetables (Salad Club), Prepared Foods (Delia Foods), jam (Aohata), and food manufacturing machinery (Shiba Seisakusho).
ENVALITH's Perspective
Performance Trend
Net sales rose for five consecutive periods, from ¥407,039 million in FY2021 to ¥513,417 million in FY2025. In the first half of FY2026 (ending November 2026), net sales came to ¥261,648 million (up 3.9% year on year), maintaining the revenue growth trend. Operating profit, which bottomed at ¥19,694 million in FY2023, has since recovered, reaching ¥20,020 million (up 23.9% year on year) in the first half of FY2026 for a substantial increase. This was mainly driven by the penetration of price revisions in domestic retail and commercial-use products, a shift toward higher value-added products, and improved SCM efficiency. As an external factor, egg market prices have remained elevated, and consumers' cost-conscious spending stance amid rising food prices remains persistent. The full-year forecast is unchanged at net sales of ¥530,000 million (up 3.2%) and operating profit of ¥38,000 million (up 9.7%). First-half progress rates were generally favorable, at 49.4% for net sales and 52.7% for operating profit.
Growth Strategy
The 2025-2028 mid-term management plan is built on two pillars: domestic structural reform and accelerated global expansion.
Continuing to drive penetration of price revisions for seasonings, cut vegetables, and egg products in both retail and commercial-use channels, while promoting a shift toward high-value-added products such as prepared side dishes and dressings. In the first half of FY2026 (ending November 2026), operating income increased 46.0% for retail-use and 55.5% for commercial-use products, accelerating the improvement in domestic profit margins.
New plants in Asia Pacific and the Americas have been brought into full operation, strengthening supply capacity and improving production efficiency. Asia Pacific saw strong sales, contributing to higher revenue and profit. The Americas experienced a temporary profit decline due to the reversal of the prior year's transient demand for exported products and increased depreciation expenses from the new plant, but efforts to build a long-term growth foundation continue.
Driving efficiency across the entire supply chain and promoting production automation through robot introduction, achieving cost reductions and productivity improvements. In the first half of FY2026 (ending November 2026), the gross profit margin improved from 29.2% in the same period of the prior year to 30.4%, reflecting the effects of SCM efficiency improvements in the numbers.
Fine Chemicals achieved higher revenue and profit (sales +5.6%) driven by strong mail-order sales of hyaluronic acid and acetic acid bacteria supplements. Fruit Solutions also saw higher revenue and profit (sales +3.0%, operating income +38.4%) supported by strong sales of household spreads and industrial fruit-processed products. Profit contributions from both segments continue to expand.
In the first half of FY2026 (ending November 2026), the company acquired ¥11,884 million in treasury shares and set the annual dividend forecast at ¥65 (a substantive increase from the prior period). The company is promoting active shareholder returns and improved capital efficiency, maintaining financial soundness with an equity ratio of 66.9% while continuing efforts to improve ROE.
Last updated: July 17, 2026