KIBUN FOODS INC.
2933・Prime Market・Foods
Business
Kibun Foods Inc., established in 1957 (predecessor founded in 1948), is a leading specialist in Surimi Products, manufacturing and selling Kanikama (Surimi Product), Chikuwa, Hanpen, and other Surimi Products, as well as Prepared Foods and marine delicacies, at seven domestic plants. The company's core business is its Domestic Food Business (net sales of ¥78,167 million), and it also operates in three segments: the Overseas Food Business (¥11,468 million), spanning Thailand, Taiwan, the United States, Europe, and various Asian countries; and the Food-Related Business (¥21,401 million), which includes Chilled Logistics (3PL, Joint Delivery) and information systems. Its main customers are domestic supermarkets and other retailers (BtoC), as well as food manufacturers and the food service industry (BtoB). The company listed on the First Section of the Tokyo Stock Exchange in 2021 and transitioned to the Prime Market in 2022. In 2024, it entered into a capital and business alliance with Umios Co., Ltd. (formerly Maruha Nichiro), strengthening collaboration both domestically and internationally.
Business Model
Domestically, the company manufactures surimi-based products and prepared foods at its own factories, supplying them through a nationwide sales network built on direct transactions with distribution companies, leveraging intra-group chilled logistics (Kibun Fresh System Co., Ltd.). Overseas, the Thailand plant serves as the production base for exports to North and Central America, Asia, and Europe, with local subsidiaries in each country handling sales and purchase-sales operations. In addition, Kibun Sangyo Co., Ltd. handles trading functions for marine and agricultural products, complementing BtoB revenue. The logistics business also generates revenue from external shippers through 3PL and joint delivery services.
Company Strengths
Holds a high domestic market share in surimi products such as kani kama (crab-flavored fish cake), chikuwa (tube-shaped fish cake), and hanpen (fish cake), and has built a nationwide sales network through direct transactions with distribution companies along with an in-group chilled delivery system. In FY2026 (ending March 2026), sales volumes of kani kama, chikuwa, hanpen, and processed egg products in the retail segment increased throughout the year, demonstrating sustained brand strength.
Operates a global supply chain centered on KIBUN (THAILAND) CO.,LTD., established in 1982 as its main production base, supplying North and Central America, Asia, Oceania, and Europe. The company has established sales subsidiaries in Hong Kong, Singapore, the Netherlands, China, South Korea, and the United States, building a framework capable of serving global markets under the "SURIMI" brand.
The chilled logistics business operated by Kibun Fresh System Co., Ltd. is centered on in-group logistics but also handles 3PL and joint delivery services for external shippers. In FY2026 (ending March 2026), the company achieved increased revenue and profit, with net sales of ¥21,401 million (up 6.3% year on year) and segment profit of ¥1,479 million (up 20.5% year on year), driven by new customer acquisition, increased volume from the food service industry, price revisions, improved loading efficiency, and automation within facilities.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods, rising from ¥99,203 million in FY2022 (ended March 2022) to ¥111,037 million in FY2026 (ending March 2026). Operating profit, however, peaked at ¥4,641 million in FY2024 (ended March 2024) before declining for two consecutive periods to ¥4,513 million in FY2025 (ended March 2025) and ¥3,265 million in FY2026 (ending March 2026). In FY2026 (ending March 2026), a rise in the price of the main raw material, surimi, combined with unexpectedly steep increases in the cost of secondary raw materials and supplies such as eggs and vegetables, directly hit both the Domestic Food Business and the Overseas Food Business, pushing down the gross profit margin. External factors such as consumers' growing frugality amid rising prices and the historically strong Thai baht also acted as headwinds. Although the Food-Related Business provided some support through higher profit, it was not enough to offset the decline, and profit attributable to owners of the parent fell to ¥1,099 million, the lowest level since ¥443 million recorded in FY2023 (ended March 2023). For FY2027 (ending March 2027), the company forecasts operating profit of ¥5,208 million (up 59.5% year on year), anticipating a recovery in profitability driven by pricing strategy, productivity improvements, and enhancement of the product mix.
Growth Strategy
Aiming to build a robust corporate structure under the Medium-Term Management Plan 2026, with the goal of becoming a global comprehensive food group by 2038
Implementing productivity improvements through consolidation of production lines and SKUs, promoting reductions in manufacturing loss and costs, and rationalizing procurement through consolidation and substitution of raw materials. Combined with a pricing strategy tailored to conditions (a price revision was already implemented in September 2025), the company aims to shift to a profit structure capable of absorbing cost increases.
Centered on surimi products such as the crab-flavored stick product "The SURIMI" and chikuwa (fish cake), the company is rolling out TV commercials, character collaborations, and promotions emphasizing high-protein health value to invigorate the market. In FY2026 (ending March 2026), spring and summer promotions were successful, leading to increased sales volume of crab-flavored sticks, chikuwa, hanpen, and other products.
In addition to the core crab-flavored stick product, the company is expanding sales of high-value-added surimi products such as Chiichiku®, which is gaining popularity in Asian markets, targeting not only Japanese-affiliated markets but also local markets. Focus areas include strengthening product development capability, improving the product mix through expanded sales of proprietary products, and enhancing productivity at the Thailand plant. Addressing the decline in export competitiveness due to the strong baht is an urgent priority.
Continuing to acquire new customers and deepen relationships with existing customers. Pursuing efficiency improvements through the penetration of fee revisions, higher loading rates in joint distribution, and promotion of in-facility automation. In FY2026 (ending March 2026), segment profit rose a strong +20.5% YoY, functioning as a stable source of earnings that supports overall group profitability.
During FY2026 (ending March 2026), the company completed an absorption-type merger with Kibun Nishi-Nihon Co., Ltd., achieving integration and efficiency improvement of its domestic manufacturing and sales operations. This has been disclosed as a change in the scope of consolidation (one company excluded), and is expected to simplify group management and generate cost reduction benefits.
Last updated: July 19, 2026