Japanese sauce specialist Kikkoman Corp. said it plans to expand its number of overseas plants from six to 12 in a bid to more than double its worldwide sales of soy sauce.
The goal, to double the company’s global market share to 12% by 2020 in terms of sales volume, as well as capturing world market leadership in sales value, came as the company unveiled its “Global Vision 2020”, according to local reports.
Kikkoman reportedly has plans to build more plants in North America, Europe and China, while beginning soy sauce production in South America.
The report was prepared after the 50th anniversary of Kikkoman’s entry into the US last year, and is believed to have long-term plans to boost the company’s annual global soy sauce.
Kikkoman is targeting sales volumes of 1m kl by 2020, up from 450,000 kl in the business year ended in March, and hopes to raise the value of sales to JPY300bn (US$2.93bn) from JPY115.4bn during the same period.
Kikkoman’s plan also seeks to develop its wholesale business for Japanese and other Asian food, reports said.