Industry Sales Breakdown:

• Dairy products: approx. 60%
• Baby food: approx. 20%
• Health and wellness products: approx. 15%
• Other: approx. 5%

TOP 3 Markets:

• Japan: approx. 70%
• China: approx. 15%
• Southeast Asia: approx. 10%

Morinaga Milk Industry Co., Ltd. generates the majority of its revenue from the dairy product sector, which accounts for about 60% of total sales. This includes products such as milk, yogurt, and cheese. Another significant portion of revenue comes from the baby food sector, followed by health and wellness products.

Geographically, Japan is the main market for Morinaga, representing approximately 70% of sales. China and Southeast Asia are also important markets, accounting for about 25% of sales combined. These markets are crucial for the company's growth, especially due to the increasing demand for high-quality dairy products and baby food.

Production sites of Morinaga Milk Industry Co., Ltd.:

Morinaga Milk Industry Co., Ltd. mainly produces its products in Japan. The company operates several production facilities domestically, including locations in Tokyo, Kanagawa, and other prefectures. These plants are responsible for manufacturing a variety of dairy products, including milk, yogurt, and other dairy products.

In addition, in recent years Morinaga has expanded its production capacities internationally to meet the growing global market demands. This includes production facilities in Asia and other regions strategically placed to efficiently serve local demand.

This geographical diversification enables Morinaga to effectively supply both domestic and international markets while optimizing logistics costs.

Revenue growth: 4.5% (estimated for 2025)
Investment in research and development: 3.2% of revenue (2025)

Morinaga Milk Industry Co., Ltd. pursues a growth strategy that heavily focuses on innovation and international expansion. The company continuously invests in research and development to develop new products that meet changing consumer needs. This includes particularly the development of functional foods and beverages that offer health benefits.

Another focus is on expanding into international markets, especially in Asia and North America. Morinaga leverages strategic partnerships and joint ventures to increase its market presence and capitalize on the growing demand for high-quality dairy products in these regions.

Additionally, the company emphasizes sustainability and efficiency improvements in production to remain competitive in the long term and reduce operating costs. These measures are intended not only to promote growth but also to position the Morinaga brand as a responsible and innovative market leader.

Main raw materials: Milk powder, sugar, cocoa beans

Countries of origin:

• Milk powder: Australia, New Zealand
• Sugar: Thailand, Brazil
• Cocoa beans: Ghana, Ivory Coast

Morinaga Milk Industry Co., Ltd. imports a variety of raw materials needed for the production of their dairy products and confectionery. Milk powder is mainly imported from Australia and New Zealand, as these countries are known for their high-quality milk production. Sugar is sourced from Thailand and Brazil, as these countries are among the largest sugar producers in the world.

For the production of chocolate products, Morinaga imports cocoa beans from Ghana and Ivory Coast, both leading exporters of cocoa beans. These raw materials are crucial for the quality and taste of Morinaga's products.

Market Share in Japan: 20% (estimated, 2025)
Research and Development Investments: 5% of revenue (2025)
International Expansion: 10% revenue share outside of Japan (2025)

Morinaga Milk Industry Co., Ltd. has a significant competitive advantage due to its strong market presence in Japan, where it holds an estimated market share of 20%. This is supported by a wide range of products and strong brand awareness.

The company continuously invests in research and development, accounting for about 5% of its revenue. These investments enable Morinaga to develop innovative products and adapt to changing consumer habits.

International expansion is another strategic focus, with currently about 10% of revenue generated outside of Japan. This demonstrates the potential for further growth in global markets, which could strengthen the company's competitive advantage in the long term.

Institutional Investor Share: Estimated at around 45% (2026)

Insider Buys/Sells: No significant transactions in the last year (2026)

The institutional investor share in Morinaga Milk Industry Co., Ltd. is estimated to be around 45%. This indicates a strong interest from institutional investors, reflecting confidence in the company's stability and growth potential.

In 2026, there were no significant insider buys or sells, suggesting that the management does not anticipate significant changes in the stock value or that the current valuation is considered fair.

Market share of Morinaga Milk Industry Co., Ltd.: 12% (estimated, 2026)

Top competitors and their market shares:

1. Meiji Holdings Co., Ltd.: 20%
2. Yakult Honsha Co., Ltd.: 15%
3. Morinaga Milk Industry Co., Ltd.: 12%
4. Megmilk Snow Brand Co., Ltd.: 10%
5. Nippon Suisan Kaisha, Ltd.: 8%
6. Kagome Co., Ltd.: 7%
7. Kikkoman Corporation: 6%
8. Ajinomoto Co., Inc.: 5%
9. Suntory Holdings Limited: 4%
10. Asahi Group Holdings, Ltd.: 3%

Moat of Morinaga Milk Industry Co., Ltd.:

Morinaga Milk Industry Co., Ltd. has a moderate moat, mainly supported by its strong brand recognition and diversified product portfolio. Innovation in product development, especially in functional foods and baby food, also contributes to their competitive advantage.

Compared to Meiji Holdings, which has a larger market share and a stronger international presence, Morinaga's moat is less pronounced. Meiji benefits from a wider range of products and a stronger global brand presence, giving them a significant advantage.

Yakult Honsha has a very specific and strong moat in the probiotic beverage sector, securing them a leading position in this segment. This poses a challenge for Morinaga, who are less dominant in this area.

Overall, Morinaga Milk Industry Co., Ltd. has a solid but not outstanding moat compared to its main competitors. The competitive advantage could be further enhanced through increased international expansion and innovation in new product categories.

Revenue Growth: 4.2% (2025) Profit Growth: 3.8% (2025) Market Share in Japan: 20% (2025)

Morinaga Milk Industry Co., Ltd. recorded a revenue growth of 4.2% in 2025, attributed to stable demand for dairy products in Japan and successful expansion into Asian markets. The 3.8% profit growth indicates the company's ability to efficiently manage costs and increase profitability.

The company holds a significant market share of 20% in the Japanese dairy market, highlighting its strong market position. This position enables Morinaga to benefit from the growing demand for high-quality dairy products.

Additionally, Morinaga is investing in research and development to develop innovative products that align with changing consumer preferences. This could lead to further growth and a stronger market position in the long term.

Overall, the financial stability and strategic direction of the company suggest that Morinaga Milk Industry Co., Ltd. may be a potentially good investment, especially for investors interested in a stable company with growth potential.

Dividend Yield: 2.1% (2025)
Dividend Growth: 3% annually (last 3 years)

Morinaga Milk Industry Co., Ltd. regularly pays dividends to its shareholders. The dividend yield was recently around 2.1% for the year 2025. Over the past three years, the company has achieved an average annual dividend growth of 3%.

The reliability of Morinaga Milk Industry's dividend payments is high, as the company has a solid financial foundation and has made consistent payouts in the past. This is supported by stable revenues and profits, allowing the company to continuously increase dividends.