LENS

Moving food at scale

Companies that connect procurement, production, logistics and sales to move food at very large scale.

Look beyond a single chain to the full flow of food.

10 companies through this lens

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TORIDOLL Holdings CorporationYear ended March 2026

Marugame's kitchen starts with a bag of flour

887 storesDirectly operated Marugame stores in Japan, March 2026
¥137.193bnMarugame segment revenue, year ended March 2026
¥21.955bnMarugame segment business profit, year ended March 2026
What emerges

Marugame makes noodles from flour inside its restaurants and uses its noodle-master program to develop the judgment needed to work with dough. It had 887 directly operated Japanese stores at March 2026 and earned ¥21.955bn in segment business profit that year. Cooking in each kitchen, and developing the people who do it, support Toridoll's largest earnings contributor. The company does not isolate the training program's effect on revenue or profit.

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KOMEDA Holdings Co., Ltd.Year ended February 2026

Komeda’s franchisees are its customers too

¥39.296bnFY ended February 2026 consolidated wholesale revenue
109.5%Domestic wholesale revenue to existing franchisees, as a percentage of the prior year
¥1,500/monthRoyalty per seat, excluding tax; terms checked October 2026
What emerges

Komeda supplies food to franchisees and supports their cafés. Wholesale revenue of ¥39.296bn represented about 68.7% of consolidated revenue in the year ended February 2026. Customers’ café bills and operators’ payments for supplies are separate transactions. Royalties depend on seats rather than sales, while wholesale revenue reflects changes in products and prices. Keeping these two selling relationships separate helps explain Komeda’s results.

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Calbee, Inc.Year ended March 2026

Calbee’s potato purchasing moves sorting beyond harvest

341,000 tFY March 2026 Japanese-origin potato procurement; domestic group, including processed products and merchandise
About 1,600Contracted potato growers shown in Integrated Report 2026
¥1.1bnFY March 2026 operating-profit headwind from Japanese-potato costs, year on year
What emerges

Calbee combines full-crop purchasing, loose bulk storage and sorting at dispatch to reduce work at harvest time. In FY March 2026, Japanese-origin potato procurement by its domestic group fell from 371,000 to 341,000 tonnes, including primary-processed products and merchandise. Raw-material quantity and quality affected sales volumes and costs, while starting a new factory also carried costs. Keeping snacks available involves helping with harvesting, storing the crop and supplying usable material to factories.

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NISSIN FOODS HOLDINGS CO., LTD.Year ended March 2026

Nissin's U.S. results during a shelf-space recovery.

−8%U.S. local-currency revenue (FY3/26, Nissin U.S.A. + Myojo U.S.A.)
101%Nissin U.S. premium retail volume (chart Q4, prior-year = 100)
¥10.508bnAmericas core operating profit (FY3/26)
What emerges

Recovering U.S. shelf space involves distribution, consumer purchases, product mix and selling terms. Improvement at retail does not ensure that manufacturer revenue and profit recover at the same pace. Nissin's year ended March 2026 makes those differences visible.

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SG Holdings Co., Ltd.Year ended March 2026

Between parcels and full truckloads: SG Holdings’ cold chain.

+¥2.50bnFY ended Mar 2026 cold-chain program operating-profit improvement vs Mar 2024
+¥2.24bnWithin that total: existing-customer expansion, same profit comparison
+¥0.36bnWithin that total: new low-temperature TMS subtotal, same profit comparison
What emerges

SG Holdings’ cold-chain work combines transport suited to the size of a shipment with vehicles and storage in the right place at the right time. In the year ended March 2026, its initiatives reported a ¥2.50bn operating-profit improvement over the year ended March 2024. Existing-customer expansion contributed ¥2.24bn, while low-temperature TMS, joint delivery and BtoB lot delivery together contributed ¥0.36bn. Expanding the ways to move a shipment, earning a return and maintaining reliable service are connected operating tasks behind the familiar parcel network.

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Kewpie CorporationYear ended November 2025

Kewpie shapes eggs to fit the kitchen

¥6.2bnFY2025 Food Service egg-category business profit
¥115.8bnFY2025 food-service egg sales
¥319/kgEgg market price shown for FY2025
What emerges

Kewpie supplies liquid eggs, omelets and egg salads to match how much preparation customers do themselves. It also designs processed products for their texture after heating or thawing. In the year ended November 2025, the Food Service egg category had sales of ¥115.8bn, up 14%, and business profit of ¥6.2bn, down 18%. Across Food Service, price revisions and higher egg-product volumes supported sales, while higher egg and other raw-material prices weighed on profit. Addressing kitchen preparation and consistency needs also requires reflecting changing costs in selling prices.

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Kagome Co., Ltd.Year ended December 2025

Lower tomato-paste prices hit Kagome’s processing business

¥129.8bnFY2025 International segment revenue
¥69.6bnFY2025 International primary tomato/vegetable processing sales
−13.0%FY2025 International segment revenue change
What emerges

In FY2025, Kagome’s International segment generated ¥129.8bn in revenue and ¥9.2bn in company-defined business profit. Primary processing supplies ingredients; secondary processing adds seasoning for products such as sauces. Price cuts as the global tomato-paste supply-demand balance loosened, customer pickup delays and other pressures contributed to a 13.0% revenue decline and a 33.4% fall in business profit. Domestic processed foods generated ¥157.3bn of revenue, while higher manufacturing input costs squeezed beverage profit. The level of processing and the customer explain why businesses using the same crops can face different operating pressures.

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Nichirei CorporationYear ended March 2026 (FY2025 in the company's English reporting)

One delivery point, many stores: Nichirei's cold-chain network.

¥301.0bnTemperature-controlled logistics sales, year ended March 2026
¥18.6bnTemperature-controlled logistics operating profit, year ended March 2026
2.59m tonnesGlobal cold-storage capacity in the company's FY2025 guide
What emerges

With NL+LiNk, a food vendor delivers to one transfer center; Nichirei Logistics Group connects its own and other companies’ centers for delivery to stores. In the year ended March 2026, logistics generated ¥301.0bn in sales and ¥18.6bn in operating profit, alongside Food’s ¥426.7bn and ¥19.9bn. Consolidated sales were ¥716.1bn and operating profit ¥39.0bn, after relevant adjustments. The ¥2.8bn logistics profit increase includes a ¥2.4bn impact from depreciation-method changes and related items. Overseas logistics sales of ¥92.6bn use January–December 2025 accounts included in the March-2026 results. From cold-preservation operations begun in 1943, making food and handling customers’ food distribution have grown into substantial businesses.

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Kikkoman CorporationFiscal 2026

Soy sauce, rice and miso: Kikkoman’s global wholesale network.

78.2%Overseas revenue / consolidated revenue (site calculation)
¥432.9bnOverseas food-wholesale revenue
57.0%U.S. home-use soy sauce share (company estimate)
What emerges

Kikkoman manufactures and sells soy sauce and other foods, while JFC supplies restaurants and retailers with a broad Japanese and Asian assortment. In FY2026, overseas wholesale revenue was ¥432.9bn and manufacturing-and-sales revenue was ¥173.5bn, with business-profit margins of about 7.1% and 23.6%. Comparing reported segment revenue, which includes intersegment transactions, with profit after costs shows the different economics of those jobs.

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Zensho Holdings Co., Ltd.FY ended March 2026

Sushi in supermarkets: Zensho’s network across Europe and North America.

¥1.264tnFY2026 revenue
14,947Worldwide locations at March 2026
42.9%Hama-sushi + Global Ready-Made Meals share of revenue (site calculation)
What emerges

Zensho’s network includes directly operated restaurants and takeaway-sushi outlets run by franchisees. Franchisees’ checkout sales and Zensho’s consolidated revenue cover different transactions. Group procurement, manufacturing and logistics companies support food supply, with arrangements varying by format and region and hygiene still essential at each location.

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