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MarketLine Industry Profile

Ready Meals in AsiaPacific
December 2013
Reference Code: 0200-0978

Publication Date: December 2013

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Asia-Pacific - Ready Meals
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

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EXECUTIVE SUMMARY
Market value
The Asia-Pacific ready meals market grew by 3.6% in 2012 to reach a value of $11,282.4 million.

Market value forecast
In 2017, the Asia-Pacific ready meals market is forecast to have a value of $13,572.3 million, an increase of 20.3% since
2012.

Market volume
The Asia-Pacific ready meals market grew by 2.8% in 2012 to reach a volume of 1,332.2 million kg.

Market volume forecast
In 2017, the Asia-Pacific ready meals market is forecast to have a volume of 1,530.3 million kg, an increase of 14.9%
since 2012.

Category segmentation
Frozen ready meals is the largest segment of the ready meals market in Asia-Pacific, accounting for 49.4% of the
market's total value.

Geography segmentation
Japan accounts for 45.9% of the Asia-Pacific ready meals market value.

Market share
Nissin Food Products Co., Ltd. is the leading player in the Asia-Pacific ready meals market, generating a 5.2% share of
the market's value.

Market rivalry
Rivalry in the ready meals market is intensified by the fact that products are largely undifferentiated, making it difficult to
retain buyers and forcing players to compete on a combination of price and quality.


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TABLE OF CONTENTS
Executive Summary ....................................................................................................................................................... 2
Market value............................................................................................................................................................... 2
Market value forecast ................................................................................................................................................. 2
Market volume............................................................................................................................................................ 2
Market volume forecast .............................................................................................................................................. 2
Category segmentation .............................................................................................................................................. 2
Geography segmentation ........................................................................................................................................... 2
Market share .............................................................................................................................................................. 2
Market rivalry.............................................................................................................................................................. 2
Market Overview ............................................................................................................................................................ 7
Market definition ......................................................................................................................................................... 7
Market analysis .......................................................................................................................................................... 7
Market Data ................................................................................................................................................................... 8
Market value............................................................................................................................................................... 8
Market volume............................................................................................................................................................ 9
Market Segmentation ................................................................................................................................................... 10
Category segmentation ............................................................................................................................................ 10
Geography segmentation ......................................................................................................................................... 11
Market share ............................................................................................................................................................ 12
Market distribution .................................................................................................................................................... 13
Market Outlook ............................................................................................................................................................. 14
Market value forecast ............................................................................................................................................... 14
Market volume forecast ............................................................................................................................................ 15
Five Forces Analysis .................................................................................................................................................... 16
Summary .................................................................................................................................................................. 16
Buyer power ............................................................................................................................................................. 17
Supplier power ......................................................................................................................................................... 18
New entrants ............................................................................................................................................................ 19
Threat of substitutes................................................................................................................................................. 20
Degree of rivalry ....................................................................................................................................................... 21
Leading Companies ..................................................................................................................................................... 22


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H.J. Heinz Company ................................................................................................................................................ 22
Nestle SA ................................................................................................................................................................. 25
Nichirei Corporation ................................................................................................................................................. 28
Nissin Food Products Co Ltd.................................................................................................................................... 31
Appendix ...................................................................................................................................................................... 34
Methodology............................................................................................................................................................. 34
Industry associations ................................................................................................................................................ 35
Related MarketLine research ................................................................................................................................... 35


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LIST OF TABLES
Table 1: Asia-Pacific ready meals market value: $ million, 2008–12.............................................................................. 8
Table 2: Asia–Pacific ready meals market volume: million kg, 2008–12 ........................................................................ 9
Table 3: Asia–Pacific ready meals market category segmentation: $ million, 2012 ..................................................... 10
Table 4: Asia–Pacific ready meals market geography segmentation: $ million, 2012 .................................................. 11
Table 5: Asia-Pacific ready meals market share: % share, by value, 2012 .................................................................. 12
Table 6: Asia-Pacific ready meals market distribution: % share, by value, 2012 ......................................................... 13
Table 7: Asia-Pacific ready meals market value forecast: $ million, 2012–17 .............................................................. 14
Table 8: Asia–Pacific ready meals market volume forecast: million kg, 2012–17 ........................................................ 15
Table 9: H.J. Heinz Company: key facts ...................................................................................................................... 22
Table 10: H.J. Heinz Company: key financials ($)........................................................................................................ 22
Table 11: H.J. Heinz Company: key financial ratios ..................................................................................................... 23
Table 12: Nestle SA: key facts ..................................................................................................................................... 25
Table 13: Nestle SA: key financials ($) ........................................................................................................................ 26
Table 14: Nestle SA: key financials (CHF) ................................................................................................................... 26
Table 15: Nestle SA: key financial ratios ...................................................................................................................... 26
Table 16: Nichirei Corporation: key facts ..................................................................................................................... 28
Table 17: Nichirei Corporation: key financials ($) ......................................................................................................... 28
Table 18: Nichirei Corporation: key financials (¥) ......................................................................................................... 29
Table 19: Nichirei Corporation: key financial ratios ...................................................................................................... 29
Table 20: Nissin Food Products Co Ltd: key facts........................................................................................................ 31
Table 21: Nissin Food Products Co Ltd: key financials ($) ........................................................................................... 32
Table 22: Nissin Food Products Co Ltd: key financials (¥) ........................................................................................... 32
Table 23: Nissin Food Products Co Ltd: key financial ratios ........................................................................................ 32


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LIST OF FIGURES
Figure 1: Asia-Pacific ready meals market value: $ million, 2008–12 ............................................................................ 8
Figure 2: Asia–Pacific ready meals market volume: million kg, 2008–12 ....................................................................... 9
Figure 3: Asia–Pacific ready meals market category segmentation: % share, by value, 2012..................................... 10
Figure 4: Asia–Pacific ready meals market geography segmentation: % share, by value, 2012 ................................. 11
Figure 5: Asia-Pacific ready meals market share: % share, by value, 2012 ................................................................. 12
Figure 6: Asia-Pacific ready meals market distribution: % share, by value, 2012 ........................................................ 13
Figure 7: Asia-Pacific ready meals market value forecast: $ million, 2012–17 ............................................................. 14
Figure 8: Asia–Pacific ready meals market volume forecast: million kg, 2012–17 ....................................................... 15
Figure 9: Forces driving competition in the ready meals market in Asia-Pacific, 2012 ................................................. 16
Figure 10: Drivers of buyer power in the ready meals market in Asia-Pacific, 2012..................................................... 17
Figure 11: Drivers of supplier power in the ready meals market in Asia-Pacific, 2012 ................................................. 18
Figure 12: Factors influencing the likelihood of new entrants in the ready meals market in Asia-Pacific, 2012 ........... 19
Figure 13: Factors influencing the threat of substitutes in the ready meals market in Asia-Pacific, 2012 .................... 20
Figure 14: Drivers of degree of rivalry in the ready meals market in Asia-Pacific, 2012............................................... 21
Figure 15: H.J. Heinz Company: revenues & profitability ............................................................................................. 23
Figure 16: H.J. Heinz Company: assets & liabilities ..................................................................................................... 24
Figure 17: Nestle SA: revenues & profitability .............................................................................................................. 27
Figure 18: Nestle SA: assets & liabilities ...................................................................................................................... 27
Figure 19: Nichirei Corporation: revenues & profitability .............................................................................................. 29
Figure 20: Nichirei Corporation: assets & liabilities ...................................................................................................... 30
Figure 21: Nissin Food Products Co Ltd: revenues & profitability ................................................................................ 33
Figure 22: Nissin Food Products Co Ltd: assets & liabilities ........................................................................................ 33


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MARKET OVERVIEW
Market definition
The ready meals market consists of the retail sale of chilled, dried, canned and frozen ready meals. The market is valued
according to retail selling price (RSP) and includes any applicable taxes. Any currency conversions used in the
compilation of this report have been calculated using 2012 annual average exchange rates.
For the purposes of this report, Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia,
New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

Market analysis
The Asia-Pacific ready meals market has produced stable moderate growth in recent years, with the market expected to
continue to produce a similar rate of growth through to the end of the forecast period in 2017.
The Asia-Pacific ready meals market had total revenues of $11,282.4m in 2012, representing a compound annual growth
rate (CAGR) of 3.9% between 2008 and 2012. In comparison, the Chinese and Japanese markets grew with CAGRs of
8.9% and 1.8% respectively, over the same period, to reach respective values of $2,657.0m and $5,180.8m in 2012.
Market consumption volumes increased with a CAGR of 2.9% between 2008 and 2012, to reach a total of 1,332.2 million
kg in 2012. The market's volume is expected to rise to 1,530.3 million kg by the end of 2017, representing a CAGR of
2.8% for the 2012-2017 period.
The frozen ready meals segment was the market's most lucrative in 2012, with total revenues of $5,569.6m, equivalent
to 49.4% of the market's overall value. The chilled ready meals segment contributed revenues of $4,638.8m in 2012,
equating to 41.1% of the market's aggregate value.
The performance of the market is forecast to follow a similar pattern with an anticipated CAGR of 3.8% for the five-year
period 2012 - 2017, which is expected to drive the market to a value of $13,572.3m by the end of 2017. Comparatively,
the Chinese and Japanese markets will grow with CAGRs of 7.7% and 1.7% respectively, over the same period, to reach
respective values of $3,851.7m and $5,645.8m in 2017.


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MARKET DATA
Market value
The Asia-Pacific ready meals market grew by 3.6% in 2012 to reach a value of $11,282.4 million.
The compound annual growth rate of the market in the period 2008–12 was 3.9%.

Table 1: Asia-Pacific ready meals market value: $ million, 2008–12
Year

$ million

€ million

2008

9,691.7

7,538.6

2009

10,105.3

7,860.4

4.3%

2010

10,505.6

8,171.8

4.0%

2011

10,893.5

8,473.5

3.7%

2012

11,282.4

8,776.0

3.6%

CAGR: 2008–12
SOURCE: MARKETLINE

% Growth

3.9%
MARKETLINE

Figure 1: Asia-Pacific ready meals market value: $ million, 2008–12

SOURCE: MARKETLINE


MARKETLINE

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Market volume
The Asia-Pacific ready meals market grew by 2.8% in 2012 to reach a volume of 1,332.2 million kg.
The compound annual growth rate of the market in the period 2008–12 was 2.9%.

Table 2: Asia–Pacific ready meals market volume: million kg, 2008–12
Year

million kg

2008

1,186.4

2009

1,223.6

3.1%

2010

1,259.8

3.0%

2011

1,295.8

2.9%

2012

1,332.2

2.8%

CAGR: 2008–12
SOURCE: MARKETLINE

% Growth

2.9%
MARKETLINE

Figure 2: Asia–Pacific ready meals market volume: million kg, 2008–12

SOURCE: MARKETLINE


MARKETLINE

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MARKET SEGMENTATION
Category segmentation
Frozen ready meals is the largest segment of the ready meals market in Asia-Pacific, accounting for 49.4% of the
market's total value.
The Chilled ready meals segment accounts for a further 41.1% of the market.

Table 3: Asia–Pacific ready meals market category segmentation: $ million, 2012
Category

2012

%

Frozen ready meals

5,569.6

49.4%

Chilled ready meals

4,638.8

41.1%

Canned ready meals

592.5

5.3%

Dried ready meals

481.6

4.3%

11,282.5

100%

Total
SOURCE: MARKETLINE

MARKETLINE

Figure 3: Asia–Pacific ready meals market category segmentation: % share, by value, 2012

SOURCE: MARKETLINE


MARKETLINE

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Geography segmentation
Japan accounts for 45.9% of the Asia-Pacific ready meals market value.
China accounts for a further 23.6% of the Asia-Pacific market.

Table 4: Asia–Pacific ready meals market geography segmentation: $ million, 2012
Geography

2012

%

Japan

5,180.8

45.9

China

2,657.0

23.6

295.8

2.6

57.6

0.5

3,091.2

27.4

11,282.4

100%

South Korea
India
Rest of Asia-Pacific
Total
SOURCE: MARKETLINE

MARKETLINE

Figure 4: Asia–Pacific ready meals market geography segmentation: % share, by value, 2012

SOURCE: MARKETLINE


MARKETLINE

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Market share
Nissin Food Products Co., Ltd. is the leading player in the Asia-Pacific ready meals market, generating a 5.2% share of
the market's value.
H.J. Heinz Company accounts for a further 4.2% of the market.

Table 5: Asia-Pacific ready meals market share: % share, by value, 2012
Company

% Share

Nissin Food Products Co., Ltd.

5.2%

H.J. Heinz Company

4.2%

Nichirei Corporation

3.0%

Nestle S.A.

2.3%

Other

85.3%

Total

100%

SOURCE: MARKETLINE

MARKETLINE

Figure 5: Asia-Pacific ready meals market share: % share, by value, 2012

SOURCE: MARKETLINE


MARKETLINE

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Market distribution
Supermarkets / hypermarkets form the leading distribution channel in the Asia-Pacific ready meals market, accounting
for a 66.7% share of the total market's value.
Independent Retailers accounts for a further 16.6% of the market.

Table 6: Asia-Pacific ready meals market distribution: % share, by value, 2012
Channel

% Share

Supermarkets / hypermarkets

66.7%

Independent Retailers

16.6%

Convenience Stores

10.6%

Specialist Retailers

3.7%

Other

2.3%

Total

100%

SOURCE: MARKETLINE

MARKETLINE

Figure 6: Asia-Pacific ready meals market distribution: % share, by value, 2012

SOURCE: MARKETLINE


MARKETLINE

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MARKET OUTLOOK
Market value forecast
In 2017, the Asia-Pacific ready meals market is forecast to have a value of $13,572.3 million, an increase of 20.3% since
2012.
The compound annual growth rate of the market in the period 2012–17 is predicted to be 3.8%.

Table 7: Asia-Pacific ready meals market value forecast: $ million, 2012–17
Year

$ million

€ million

% Growth

2012

11,282.4

8,776.0

3.6%

2013

11,700.3

9,101.0

3.7%

2014

12,136.6

9,440.4

3.7%

2015

12,601.0

9,801.6

3.8%

2016

13,082.0

10,175.8

3.8%

2017

13,572.3

10,557.2

3.7%

CAGR: 2012–17
SOURCE: MARKETLINE

3.8%
MARKETLINE

Figure 7: Asia-Pacific ready meals market value forecast: $ million, 2012–17

SOURCE: MARKETLINE


MARKETLINE

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Market volume forecast
In 2017, the Asia-Pacific ready meals market is forecast to have a volume of 1,530.3 million kg, an increase of 14.9%
since 2012.
The compound annual growth rate of the market in the period 2012–17 is predicted to be 2.8%.

Table 8: Asia–Pacific ready meals market volume forecast: million kg, 2012–17
Year

million kg

% Growth

2012

1,332.2

2.8%

2013

1,370.7

2.9%

2014

1,409.4

2.8%

2015

1,450.1

2.9%

2016

1,490.1

2.8%

2017

1,530.3

2.7%

CAGR: 2012–17
SOURCE: MARKETLINE

2.8%
MARKETLINE

Figure 8: Asia–Pacific ready meals market volume forecast: million kg, 2012–17

SOURCE: MARKETLINE


MARKETLINE

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FIVE FORCES ANALYSIS
The ready meals market will be analyzed taking a as players. The key buyers will be taken as a, and a as the key
suppliers.

Summary
Figure 9: Forces driving competition in the ready meals market in Asia-Pacific, 2012

SOURCE: MARKETLINE

MARKETLINE

Rivalry in the ready meals market is intensified by the fact that products are largely undifferentiated, making it difficult to
retain buyers and forcing players to compete on a combination of price and quality.
Large retailers, such as supermarkets, can make large purchases and negotiate on price with manufacturers, boosting
buyer power. Many food processors buy from a few large wholesalers, such as Cargill or Bunge, who trade in
commodities on a regional or global scale and may also offer some preliminary processing (e.g. conversion of oilseed to
oil), this structure serves to boost supplier power. Establishing a ready meals manufacturing facility, and the marketing
involved, requires a substantial capital outlay which could prove off-putting to new entrants. Substitutes for ready meals
include various fresh and processed food items intended for preparation by end-users and can be considered as a
genuine threat to ready meals.


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Buyer power
Figure 10: Drivers of buyer power in the ready meals market in Asia-Pacific, 2012

SOURCE: MARKETLINE

MARKETLINE

The main distribution channel in the Asia-Pacific ready meals market is supermarkets and hypermarkets with 66.7% of
the market value. Large retailers, such as supermarkets, can make large purchases and negotiate on price with
manufacturers, boosting buyer power. Retailers are unlikely to be swayed by brand loyalty, but they will have to stock
brands preferred by consumers. Ready meals often make up a significant proportion of retailer sales, which reduces
buyer power. Also, when the Asia-Pacific market is considered, it is true that some retail and/or wholesale markets are
more fragmented - for example, India. Overall, buyer power is assessed as strong.


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Supplier power
Figure 11: Drivers of supplier power in the ready meals market in Asia-Pacific, 2012

SOURCE: MARKETLINE

MARKETLINE

Key inputs for food processing firms include commodity foods. The primary suppliers are numerous, often relatively small
farmers and growers. However, many food processors do not buy directly from these sources, but rather from a few
large wholesalers, such as Cargill or Bunge, who trade in commodities on a regional or global scale and may also offer
some preliminary processing (e.g. conversion of oilseed to oil). This structure boosts supplier power from the point of
view of ready meal manufacturing companies. Leading players must maintain product quality if they are to maintain their
brand equity in the long term. Moreover, their need to source raw materials of appropriate quality, tend to strengthen
those suppliers who are able to provide the necessary products. However, lack of differentiation in commodity inputs
weakens supplier power. Additionally, substitutes are available for raw materials; for example, if the price of beef rises, a
manufacturer could buy less of it and more of a cheaper substitute (such as poultry based products). Overall, supplier
power is assessed as strong.


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New entrants
Figure 12: Factors influencing the likelihood of new entrants in the ready meals market in AsiaPacific, 2012

SOURCE: MARKETLINE

MARKETLINE

The setting up of a ready meals manufacturing facility and the marketing of ready meals involves large capital outlay.
Consequently, small low-key ventures may struggle to succeed in the ready meals market. Shelf space is a vital but finite
resource, and it may be difficult to persuade retailers to allocate it to a new player's ready meals, especially in highly
competitive food retail markets. Although retailers will not incur switching costs by selling a new company's products,
they may fear losing sales of brands more familiar to consumers. This difficulty in accessing distribution channels is a
further barrier to entry. The relatively strong growth experienced in the Asia-Pacific market during 2008-2012 may prove
enticing to potential new entrants. Overall, there is a moderate likelihood of new entrants.


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Threat of substitutes
Figure 13: Factors influencing the threat of substitutes in the ready meals market in Asia-Pacific,
2012

SOURCE: MARKETLINE

MARKETLINE

Substitutes for ready meals include various fresh and processed food items intended for preparation by end-users.
Assessing the switching costs here is complicated: retailers will balance their purchases of ready meals and other foods
on a consideration of the different margins on these items. Moreover, the costs of storage, consumer demand and the
inclination towards convenience of ready meals should continue to boost a consumer base. Furthermore, the demand for
ready meals is driven by lifestyle and demographic trends. However, the negative press coverage regarding the high fat
and salt content in many ready meals coupled with growing consciousness towards healthy, fresh, self-prepared meals
could deter consumers from consuming ready meals on a regular basis. Overall, the threat from substitutes is assessed
as moderate.


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Degree of rivalry
Figure 14: Drivers of degree of rivalry in the ready meals market in Asia-Pacific, 2012

SOURCE: MARKETLINE

MARKETLINE

The Asia-Pacific ready meals market is highly fragmented with the top four players holding 14.7% of the market value
which may indicate higher levels of competition. Retailers can switch between different manufacturers' products quite
easily but brand loyalty of consumers exerts a pull-through on retailers, which makes it difficult for them to abandon the
more expensive branded products for private-label alternatives. Rivalry is intensified by the fact that products are largely
undifferentiated, making it hard to retain buyers. Exit barriers are high, since leaving the ready meals market would
require divestment of substantial and often quite specialized assets. Fixed costs are also likely to be high, and
automated processes mean that production can be ramped up when necessary. These factors tend to intensify rivalry.
Overall, there is a strong degree of rivalry in this market.


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LEADING COMPANIES
H.J. Heinz Company
Table 9: H.J. Heinz Company: key facts
Head office:

One PPG Place, Pittsburgh, Pennsylvania, 15222, USA

Telephone:

1 412 456 5700

Website:

www.heinz.com

Financial year-end:

April

SOURCE: COMPANY WEBSITE

MARKETLINE

Heinz manufactures and markets a wide range of food products throughout the world. The company's principal products
include ketchup, condiments and sauces, frozen food, soups, beans and pasta meals, infant nutrition and other
processed food products. Heinz operates 63 owned and six leased manufacturing facilities across North America,
Europe, Asia Pacific and the rest of the world. The company sells its products through its own sales force and
independent brokers, agents and distributors to wholesale, co-operative and retail stores and foodservice distributors.
In February 2013, Berkshire Hathaway and private equity firm 3G purchased Heinz for $28bn.
The company's business is divided into five segments on the basis of its geographical presence. They include Europe,
North American consumer products, Asia/Pacific, US foodservice, and rest of the world.
The Europe segment sells products such as ketchup, sauces, ready meals, snacks and infant/nutrition products in
Europe. These products are sold under various brand names, including Heinz, Orlando, Karvan Cevitam, Brinta,
Roosvicee, Venz and Farley's among others.
The North American consumer products segment manufactures and sells ketchup, condiments, sauces, pasta meals,
frozen potatoes and snacks to grocery channels in the US and Canada. Major brands offered by this segment include
Heinz, Classico, Quality Chef Foods, Wyler's, Heinz Bell 'Orto, Bella Rossa, Chef Francisco, Ore-Ida and Tater Tots
among others.

Key Metrics
The company recorded revenues of $11,529m in the fiscal year ending April 2013, an increase of .2% compared to fiscal
2012. Its net income was $1,088m in fiscal 2013, compared to a net income of $923m in the preceding year.

Table 10: H.J. Heinz Company: key financials ($)
$ million

2009

2010

2011

2012

2013

10,011.3

10,495.0

10,706.6

11,507.6

11,528.9

923.1

864.9

989.5

923.2

1,087.6

Total assets

9,664.2

10,075.7

12,230.7

11,983.3

12,939.0

Total liabilities

8,444.3

8,184.4

9,121.7

9,224.7

10,090.2

Employees

32,400

29,600

34,800

32,200

35,000

Revenues
Net income (loss)

SOURCE: COMPANY FILINGS


MARKETLINE

0200 - 0978 - 2012
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Table 11: H.J. Heinz Company: key financial ratios
Ratio

2009

2010

2011

2012

2013

Profit margin

9.2%

8.2%

9.2%

8.0%

9.4%

Revenue growth

(0.6%)

4.8%

2.0%

7.5%

0.2%

Asset growth

(8.5%)

4.3%

21.4%

(2.0%)

8.0%

Liabilities growth

(2.7%)

(3.1%)

11.5%

1.1%

9.4%

Debt/asset ratio

87.4%

81.2%

74.6%

77.0%

78.0%

Return on assets

9.1%

8.8%

8.9%

7.6%

8.7%

$308,992

$354,560

$307,661

$357,379

$329,397

$28,490

$29,219

$28,434

$28,670

$31,074

Revenue per employee
Profit per employee

MARKETLINE

Figure 15: H.J. Heinz Company: revenues & profitability



MARKETLINE

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Figure 16: H.J. Heinz Company: assets & liabilities



MARKETLINE

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Nestle SA
Table 12: Nestle SA: key facts
Head office:

Avenue Nestle 55,1800, Vevey, CHE

Telephone:

41 21 924 2111

Website:

www.nestle.com

Financial year-end:

December

Ticker:

NESN

Stock exchange:

SIX Swiss


MARKETLINE

Nestle is one of the largest food and beverage companies in the world, with a product portfolio including baby foods,
bottled water, cereals, chocolate and confectionery, coffee, culinary, chilled and frozen foods, dairy products, drinks, food
service, healthcare nutrition products, ice creams, pet care products, sports nutrition products and weight management
services.
The company offers over 4,000 different brands, and operates a network of 468 factories located in 86 countries. The
company's products are sold in 194 countries around the world.
Nestle's primary operating segments are divided into three geographic regions and three globally managed businesses.
The three geographic regions are Americas, Asia/Oceania/Africa, and Europe.
Americas comprises operations in the US, Canada, Latin America and Caribbean regions. Asia/Oceania/Africa includes
the company's businesses across Asia-Pacific, Africa and the Middle East. Europe includes the company's operations
across continental Europe and Russia.
The company's major product divisions in these regions include powdered and liquid beverages, milk products and ice
cream, prepared dishes and cooking aids, confectionery and pet care.
The prepared dishes and cooking aids division includes frozen and chilled products together with culinary ingredients
such as seasoning products. Nestlé’s popular ready meal brands include Herta, Hot Pockets, low fat offering Lean
Cuisine and Stouffer's frozen entrees and side dishes.

Key Metrics
The company recorded revenues of $98,296m in the fiscal year ending December 2012, an increase of 10.2% compared
to fiscal 2011. Its net income was $11,314m in fiscal 2012, compared to a net income of $10,116m in the preceding year.


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Table 13: Nestle SA: key financials ($)
$ million

2008

2009

2010

2011

2012

117,192.1

114,750.3

99,179.5

89,185.3

98,295.6

20,313.6

12,574.6

36,501.8

10,115.7

11,314.2

113,254.3

118,266.9

119,039.9

121,652.3

134,594.7

Total liabilities

54,698.8

61,081.5

53,072.7

61,091.1

67,841.7

Employees

283,000

278,000

281,000

328,000

339,000

Revenues
Net income (loss)
Total assets


MARKETLINE

Table 14: Nestle SA: key financials (CHF)
CHF million
Revenues
Net income (loss)
Total assets
Total liabilities

2008

2009

2010

2011

2012

109,908.0

107,618.0

93,015.0

83,642.0

92,186.0

19,051.0

11,793.0

34,233.0

9,487.0

10,611.0

106,215.0

110,916.0

111,641.0

114,091.0

126,229.0

51,299.0

57,285.0

49,774.0

57,294.0

63,625.0


MARKETLINE

Table 15: Nestle SA: key financial ratios
Ratio
Profit margin

2008

2009

2010

2011

2012

17.3%

11.0%

36.8%

11.3%

11.5%

2.2%

(2.1%)

(13.6%)

(10.1%)

10.2%

(7.9%)

4.4%

0.7%

2.2%

10.6%

(15.3%)

11.7%

(13.1%)

15.1%

11.1%

Debt/asset ratio

48.3%

51.6%

44.6%

50.2%

50.4%

Return on assets

17.2%

10.9%

30.8%

8.4%

8.8%

$414,106

$412,771

$352,952

$271,906

$289,957

$71,779

$45,232

$129,900

$30,841

$33,375

Revenue growth
Asset growth
Liabilities growth

Profit per employee


MARKETLINE

0200 - 0978 - 2012
Page | 26

Figure 17: Nestle SA: revenues & profitability


MARKETLINE

Figure 18: Nestle SA: assets & liabilities



MARKETLINE

0200 - 0978 - 2012
Page | 27

Nichirei Corporation
Table 16: Nichirei Corporation: key facts

Telephone:

Nichirei Higashi-Ginza Building, 6-19-20 Tsukiji, Chuo-ku, Tokyo, 104
8402, JPN
81 3 3248 2101

Website:

www.nichirei.co.jp

Financial year-end:

March

Ticker:

2871

Stock exchange:

Tokyo

Head office:


MARKETLINE

Nichirei Corporation (Nichirei), a part of the Nichirei Group, primarily operates in the refrigerated warehousing and frozen
food industries. Its operations include domestic and international food processing, foodstuffs import, distribution and
storage, as well as real estate.
The Nichirei Group consists of the Nichirei Corporation, 74 consolidated subsidiaries and 13 affiliates.
Nichirei operates through six business segments: processed foods, logistics, meat and poultry products, fish products,
real estate, and other operations.
The processed foods segment includes the processing of frozen foods, acerola-based beverages, retort-pouch foods,
canned foods and health foods. The operations of the processed foods segment are carried out by the Nichirei Foods
subsidiary.
The meat and poultry products segment provides large retailers and restaurants with poultry, pork and beef procured
from established partners in Japan and overseas. The operations of this segment are carried out by the Nichirei Fresh
subsidiary.
The fish products segment imports and sells seafood procured from around the world. Products include shrimp, herring
roe, octopus, fish roe, shellfish, salmon and trout. The operations of this segment are also carried out by Nichirei Fresh.

Key Metrics
The company recorded revenues of $5,891m in the fiscal year ending March 2013, an increase of 3.3% compared to
fiscal 2012. Its net income was $123m in fiscal 2013, compared to a net income of $99m in the preceding year.

Table 17: Nichirei Corporation: key financials ($)
$ million
Revenues
Net income (loss)

2009

2010

2011

2012

2013

5,946.2

5,490.0

5,486.2

5,700.8

5,891.2

75.4

113.6

50.7

99.0

123.1

Total assets

3,600.1

3,477.3

3,565.9

3,640.7

3,733.1

Total liabilities

2,181.6

1,939.8

2,090.4

2,153.3

2,162.7



MARKETLINE

0200 - 0978 - 2012
Page | 28

Table 18: Nichirei Corporation: key financials (¥)
¥ million

2009

2010

2011

2012

2013

474,515.0

438,111.0

437,808.0

454,931.0

470,126.0

6,020.0

9,064.0

4,044.0

7,904.0

9,823.0

Total assets

287,296.0

277,496.0

284,562.0

290,537.0

297,903.0

Total liabilities

174,096.0

154,802.0

166,813.0

171,837.0

172,584.0

Revenues
Net income (loss)


MARKETLINE

Table 19: Nichirei Corporation: key financial ratios
Ratio

2009

Profit margin

1.3%

Revenue growth

2.4%

Asset growth

11.4%

Liabilities growth

2010

2011

2012

2013

2.1%

0.9%

1.7%

2.1%

(7.7%)

(0.1%)

3.9%

3.3%

(3.4%)

2.5%

2.1%

2.5%

23.2%

(11.1%)

7.8%

3.0%

0.4%

Debt/asset ratio

60.6%

55.8%

58.6%

59.1%

57.9%

Return on assets

2.2%

3.2%

1.4%

2.7%

3.3%


MARKETLINE

Figure 19: Nichirei Corporation: revenues & profitability



MARKETLINE

0200 - 0978 - 2012
Page | 29

Figure 20: Nichirei Corporation: assets & liabilities



MARKETLINE

0200 - 0978 - 2012
Page | 30

Nissin Food Products Co Ltd
Table 20: Nissin Food Products Co Ltd: key facts
Head office:

28-1, 6-chome, Shinjuku, Shinjuku-ku, Tokyo 160 8524, JPN

Telephone:

81 3 3205 5111

Fax:

81 3 3205 5059

Website:

www.nissinfoods-holdings.co.jp

Financial year-end:

March

Ticker:

2897

Stock exchange:

Tokyo


MARKETLINE

Nissin Foods Holdings (Nissin) is involved in the manufacture and sale of instant noodles, and chilled and frozen foods.
The group has operations in the Americas, Asia and Europe.
Nissin operates through the following five segments: Nissin Food Products, Myojo Foods, the Americas, China, and
chilled and frozen foods.
The group's Nissin Food Products, Myojo Foods, the Americas and China segments produce noodles.
The group's subsidiary, Nissin Food Products Co., operates the Nissin Food Products segment. It offers a range of
noodles under the brand names of Nissin Ra-O, Nissin-no-Donbei and Nissin Futomen Doudou, among others.
Nissin's subsidiary, Myojo Foods Co., operates the Myojo Foods segment that markets products under the brand name
of Myojo Charumera, offering a range of instant noodles.
The group's Americas segment offers noodles under the brand names of Top Ramen, Chow Mein, Bowl Noodles and
Souper Meal. Nissin's China segment offers noodles and frozen foods under the Nissin La Wang brand.
Nissin's chilled and frozen foods segment is engaged in the manufacture and sale of chilled and frozen foods through the
following Nissin subsidiaries: Chilled Foods, Frozen Foods, Cisco and York.
Nissin Chilled Foods markets its products under the brand names of Tsukemen-no-Tatsujin, Yokote-fuu Yakisoba and
Kitami-fuu Shioyakisoba. Nissin Frozen Foods markets its products under the brand names of Reito Nissin. It also offers
frozen versions of local specialties. Nissin Cisco markets its products under the Ciscorn Big brand, whilst Nissin York
markets its products under the brand names of Pilkul and Tokachi Yogurt Drinks.

Key Metrics
The company recorded revenues of $4,797m in the fiscal year ending March 2013, an increase of .6% compared to
fiscal 2012. Its net income was $236m in fiscal 2013, compared to a net income of $232m in the preceding year.


0200 - 0978 - 2012
Page | 31

Table 21: Nissin Food Products Co Ltd: key financials ($)
$ million

2009

2010

2011

2012

2013

4,537.0

4,651.3

4,698.3

4,770.3

4,796.8

199.1

256.8

260.1

232.3

236.3

Total assets

5,121.8

5,117.8

5,134.6

5,196.9

5,590.5

Total liabilities

1,543.3

1,710.0

1,656.0

1,604.7

1,642.9

7,408

7,388

7,505

7,533

7,822

Revenues
Net income (loss)

Employees

MARKETLINE

Table 22: Nissin Food Products Co Ltd: key financials (¥)
¥ million

2009

2010

2011

2012

2013

362,057.0

371,178.0

374,932.0

380,674.0

382,793.0

15,890.0

20,496.0

20,756.0

18,538.0

18,855.0

Total assets

408,729.0

408,410.0

409,748.0

414,717.0

446,132.0

Total liabilities

123,160.0

136,459.0

132,154.0

128,061.0

131,106.0

Revenues
Net income (loss)


MARKETLINE

Table 23: Nissin Food Products Co Ltd: key financial ratios
Ratio

2009

2010

2011

2012

2013

Profit margin

4.4%

5.5%

5.5%

4.9%

4.9%

Revenue growth

1.0%

2.5%

1.0%

1.5%

0.6%

Asset growth

4.1%

(0.1%)

0.3%

1.2%

7.6%

Liabilities growth

18.6%

10.8%

(3.2%)

(3.1%)

2.4%

Debt/asset ratio

30.1%

33.4%

32.3%

30.9%

29.4%

Return on assets

4.0%

5.0%

5.1%

4.5%

4.4%

$612,442

$629,571

$626,024

$633,249

$613,247

$26,879

$34,764

$34,656

$30,838

$30,206

Profit per employee


MARKETLINE

0200 - 0978 - 2012
Page | 32

Figure 21: Nissin Food Products Co Ltd: revenues & profitability


MARKETLINE

Figure 22: Nissin Food Products Co Ltd: assets & liabilities



MARKETLINE

0200 - 0978 - 2012
Page | 33

APPENDIX
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, crosschecked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
-

National/Governmental statistics

-

International data (official international sources)

-

National and International trade associations

-

Broker and analyst reports

-

Company Annual Reports

-

Business information libraries and databases

Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date


0200 - 0978 - 2012
Page | 34

Industry associations
China Food Industry Association
No.42, Fu Cheng Lu, Beijing 100036, CHN
Tel.: 86 10 8811 7136
Fax: 86 10 8811 7133
www.cfiin.com

Japan Food Service Association
Tel.: 81 3 5403 1060
www.jfnet.or.jp

Japan Frozen Food Association
6F Katsuraya Building No 2, 10-6 Nihonbashi Kobune-cho, Chuo-ku, Tokyo 103, JPN
Fax: 81 3 3669 2117

Related MarketLine research
Industry Profile
Ready Meals in Europe
Global Ready Meals
Ready Meals in the United Kingdom
Ready Meals in the United States


0200 - 0978 - 2012
Page | 35

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