ICHIMASA KAMABOKO CO.,LTD.
2904・Standard Market・Foods
Business
Ichimasa Kamaboko Co., Ltd. is a food manufacturer founded in 1965 and headquartered in Niigata City. Its core business is the fish paste (surimi) products and prepared foods segment (approximately 88% of consolidated net sales), centered on processed marine paste products made primarily from surimi. The company also operates a mushroom business focused on maitake mushrooms, and a transportation and warehousing business through its consolidated subsidiary Ichimasa Reizo Co., Ltd., forming three business segments in total. Its crab-flavored kamaboko product "Salad Stick" holds the No. 1 share among manufacturers, and the company also offers osechi (New Year's) food items and products for commercial use. In December 2024, the company made its Indonesian joint venture, PT. KML ICHIMASA FOODS, a consolidated subsidiary, strengthening its overseas production and sales structure. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In the fish paste products and prepared foods business, the company adopts a make-to-forecast production system, supplying products to retail channels such as supermarkets and to commercial-use customers. The structure involves passing through rising procurement costs for raw materials (surimi) via price revisions, while maintaining and expanding sales volume through the renewal of mainstay products and the launch of new products. In the mushroom business, maitake mushrooms produced at the company's own cultivation centers are sold to retail and commercial-use customers. Logistics functions have been internalized by a subsidiary, which handles transportation and storage both within and outside the group.
Company Strengths
Crab-flavored Kamaboko (Stick Type) "Salad Stick" boasts the No.1 manufacturer share, with a history of over 40 years since the launch of "Okhotsk" in 1979. In FY2025 (ended June 2025), the company introduced new flavors such as egg-omelet flavor and grilled shrimp flavor to stimulate demand, and sales volume grew, centered on stick-type crab-flavored kamaboko. Net sales of the Fish Paste Products & Prepared Foods Business reached ¥30,470 million.
The Head Office Plant, Hokkaido Plant, Higashiko Plant, Seiro Plant, and Head Office No.2 Plant have all obtained FSSC22000 certification, and the group as a whole holds ISO22000 certification. In addition, the Head Office and Head Office No.2 Plant have obtained ISO22301 (business continuity), and multiple plants have also obtained ISO14001 and ISO45001 certification. High quality has also been demonstrated in Osechi Products (Kamaboko, Datemaki, Kyoroku), including "Kyoroku," a product that received the Minister of Agriculture, Forestry and Fisheries Award.
In April 2023, the company newly established the Head Office No.2 Plant as a dedicated plant for its flagship product, Salad Stick. It obtained FSSC22000 certification in March 2024 and ISO14001/ISO45001 certification in June of the same year, establishing a full-operation system. In FY2025 (ended June 2025), capital expenditure in the Fish Paste Products & Prepared Foods Business reached ¥2,283 million (141.0% year on year), simultaneously advancing the expansion of production capacity as well as rationalization and labor-saving efforts.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has remained flat, moving from ¥34,689 million (FY2021) → ¥31,636 million (FY2022) → ¥32,814 million (FY2023) → ¥34,487 million (FY2024) → ¥34,579 million (FY2025). For FY2026 (ending March 2026), a full-year forecast of ¥36,200 million (up 4.7% year on year) is expected, indicating revenue growth. On the other hand, operating profit has continued to decline since peaking at ¥1,736 million in FY2021, falling to ¥891 million in FY2025. Cumulative operating profit for the first three quarters (9 months) of FY2026 (ending March 2026) was ¥973 million, down 15.0% year on year. As an external factor, elevated raw material costs such as surimi, energy, and labor costs continue to persistently pressure profits, and although the effect of the March 2025 price revision has supported revenue, it has not been sufficient to absorb the cost increases. Achieving the full-year operating profit forecast of ¥1,100 million (up 23.4% year on year) will depend on profit contribution in the fourth quarter.
Growth Strategy
Strengthening the competitiveness of core domestic products, promoting DX, and accelerating overseas expansion centered on the Indonesian subsidiary
The price revision implemented for deliveries from March 1, 2025 has contributed to sales growth. The company aims to absorb rising raw material and labor costs through price pass-through, stabilizing its earnings base. It targets full-year operating profit of ¥1,100 million (up 23.4% year on year) for FY2026 (ending June 2026).
The company continues to promote productivity improvement and cost reduction using DX and FA systems, centered on the dedicated mass-production line for kanikama (crab-flavored surimi products) at the Head Office Second Plant (completed in 2023). In the mushroom business as well, streamlining and labor savings in the packaging division have proven successful, achieving a segment profit turnaround on a cumulative basis for the first nine months of FY2026 (ending June 2026).
Through its consolidated Indonesian local subsidiary, the company is strengthening its production and sales network for fish paste products (surimi products) in Southeast Asia. It aims to establish an overseas growth foundation in anticipation of the maturing domestic market. This is positioned as a key initiative of the Second Medium-Term Management Plan (through June 2026).
The company is expanding its high-value-added product lineup, including the "100% domestic ingredients" Osechi (New Year's dishes) "Jun" series and "Kyoroku," a product that won the Minister of Agriculture, Forestry and Fisheries Award, thereby building an earnings structure that does not rely on price competition. Osechi products showed growth exceeding the same period of the previous year on a cumulative basis for the first nine months of FY2026 (ending June 2026).
Last updated: July 17, 2026