Japanese seafood group Nippon Suisan Kaisha is eyeing expansion in North America and Europe, pointing to rising international interest in the Asian country's cuisine.
Nippon Suisan Kaisha, better known as Nissui, has set out its business plan for the next three years, which also included plans to grow domestically through investment in areas such as functional food.
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Pointing to the rising number of Japanese restaurants worldwide and growing seafood consumption, Nissui said a focus on "Washoku" – or traditional Japanese cuisine – was a growth strategy for the business.
Overseas markets are estimated to have accounted for around 28% of Nissui's JPY610bn (US$5.14bn) in sales for the 2014/15 fiscal year, which ran until the end of March.
By 2017, Nissui forecasts sales outside Japan will generate slightly more of its sales, rising to 29.7%.
Nevertheless, Nissui is eyeing a 26.5% rise in North American sales to JPY103bn and a 21.5% increase in sales in Europe to JPY83bn. Nissui's North American assets include seafood businesses Bluewater Seafoods and Gorton's. In Europe, it owns businesses including France's Cité Marine.
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By GlobalData"Nissui’s differentiated products and fundamental strength in development would support global development," the company said.
Nissui believes investment in functional food and "deli" products can cater to changes to Japan's population. It said 22.8% of Japanese citizens were over 65 years old in 2010. That is forecast to rise to 39.9% of the population by 2060, Nissui said.
There will also be a rise in the number of households in Japan but a fall in the size of households, the company said, pointing to opportunities for "functional food for the elderly; ready-to-eat, easy-to-cook food; and smaller portions for single [people]".
Alongside the forecast for group sales, Nissui is also targeting operating income of JPY23bn in 2017. The company has forecast its operating income will hit JPY17bn for the year to the end of March.
