Japanese seafood conglomerate Nissui is banking on healthy and convenient consumption trends as it concentrates its growth strategy on the United States and European Union.
In its 2023 integrated report, released 22 December, Nissui set the goal of achieving JPY 1 trillion (USD 6.7 billion, EUR 6.2 billion) in total sales and JPY 50 billion (USD 333 million, EUR 308 million) in operating profit by 2030, with 50 percent of net sales coming from outside Japan. To achieve this, Nissui plans to accelerate the growth of its Food Products and Marine Products businesses abroad and boost the profitability of its Fine Chemicals and Aquaculture businesses.
“The key strength of our group is our value chain – the ability to procure marine resources, add significant value, and market them internationally. In addition, we have a unique business model in which our three main businesses – Marine Products, Food Products, and Fine Chemicals – create synergy and mutually support one another, forming a robust framework,” Nissui said.
Nissui has allocated JPY 20 billion (USD 133 million, EUR 123 million) for acquisitions and JPY 120 billion (USD 800 million, EUR 740 million) for improving its food processing capacity and capabilities. A significant part of that investment will be focused on the U.S. and E.U., with the announcement Nissui will spend JPY 17 billion (USD 113 million, EUR 105 million) to add capacity at Gloucester, Massachusetts, U.S.A.-based Gorton’s – which manufactures and sells frozen seafood products in North America – and Plumerine, France-based Keranna Productions – which produces frozen and chilled fried whitefish and alternative protein products.
The company has set the goal of having processed products account for 40 percent of its food sales by 2030.
“With customers increasingly becoming more health-conscious and emphasizing convenience, we are proceeding with initiatives to realize a higher level of food processing and to create products prepared as foodstuffs, such as fish fillets, grilled fish, and pickled fish,” the company said. “By focusing on food processing that makes effective use of Nissui’s strengths in processing and distribution, we are able to provide high-value-added products and meet consumers’ needs in terms of health and convenience, and in doing so, we are aiming to reduce volatility and enhance profitability.”
Manufacturing more fried seafood products, health-oriented products, Asian-influenced products, and plant-based foods, with an expansion of product categories in North America and sales areas in Europe, are priorities, Nissui said in a supplementary document to its annual report. It celebrated the early successes of the strategy, such as ...
Image courtesy of Nissui
