Sojitz and Fuji Nihon Seito Invest in Plant-based Meat Company “Tastable”
– Providing Quality-Guaranteed, Sustainable, and Delicious Plant-based Products –
Jun. 15, 2022
Fuji Nihon Seito Corporation
Sojitz Corporation (“Sojitz”) and Fuji Nihon Seito Corporation (“Fuji Nihon Seito”) have reached an agreement to make a joint investment in Tastable Co., Ltd. (“Tastable”) through a third-party allotment of shares. Tastable, a fully owned subsidiary of Unitec Foods Co., Ltd. (Fuji Nihon Seito 100%; “Unitec Foods”), is engaged in the development, design, and marketing of processed products including plant-based meat NIKUVEGE. (The allotment of shares is expected to be completed on July 1st, 2022. Equity ownership: Sojitz 30%, Fuji Nihon Seito 10%, Unitec Foods 60%)
Sojitz Foods Corporation (Sojitz Corporation 100%; “Sojitz Foods”) concluded an exclusive sales contract with Tastable for sales of NIKUVEGE in December 2021. In January 2021, Sojitz, Unitec Foods, and Royal HD concluded a strategic business alliance for a plant-based meat business.*¹
Through this investment in Tastable, Sojitz and its partners aim to accelerate growth through a focus on R&D of new materials, increase sales both in Japan and overseas, and create business opportunities in related fields compatible with the plant-based meat business. Sojitz Foods and Meat One Corporation*² have well established sales channels for livestock products and advanced manufacturing and processing technology that bring together Sojitz Group’s know-how in the field. Sojitz Group provide raw material procurement, manufacturing, sales, and marketing functions to develop, manufacture, and sell these products for wholesale and commercial consumption.
Demand for plant-based foods is on the rise due to growing health awareness. Additionally, the world’s population is expected to reach 10 billion people by 2050. Demand for protein is expected to outpace supply in 2030 leading to a “protein crisis.” Plant-based protein can serve as a solution to this problem, and the plant-based meat industry is also anticipated to demonstrate rapid growth in Japan in the future.
Sojitz Group and Fuji Nihon Seito aim to deliver quality-guaranteed and delicious plant-based meat products to consumers while simultaneously addressing society’s issues through new solutions.
Tastable utilizes its expertise and advanced technological capabilities acquired through the development and handling of polysaccharide thickeners and functional materials to plan and conduct R&D of high-quality products such as NIKUVEGE , a plant-based meat that achieves a new level of closeness to the texture, umami, and flavor of real meat.
[Qualities of NIKUVEGE, product logo, and image]
*1: For further details regarding Sojitz’s strategic business alliance for plant-based meat, please refer to the related news release.
“Sojitz, Royal Holdings, and Unitec Foods Form Strategic Business Alliance for a Plant-based Meat Business.” Sojitz Corp. Press release, 28 February 2022.
*2: For further details regarding Meat One Corporation, please refer to the related news release.
“Sojitz Establishes “Meat One,” a Marketing Company for Livestock Products.” Sojitz Corp. Press release, 19 December 2017.
Company Overview – Tastable Co., Ltd.
|Head Office||14-4 Kodenmacho, Nihonbashi, Chuo-ku, Tokyo|
|Representative Director||Akihiro Yamanaka|
|Main Business||Development, design, and marketing of differentiated concept food (final processed products)|
(Current) Unitec Foods Co., Ltd. – 100%
Company Overview – Sojitz Corporation
|Head Office||1-1, Uchisaiwaicho 2-chome, Chiyoda-ku, Tokyo|
|Representative Director||Masayoshi Fujimoto|
|Main Business||General trading company|
Company Overview – Fuji Nihon Seito Corporation
|Head Office||6-7 Kabutocho, Nihonbashi, Chuo-ku, Tokyo
Kabutocho Heiwa Building No.7 7F
|Representative Director||Seiji Sakurada|
|Main Business||Sugar refining, production of dietary fiber, processing and sales of functional materials and food additives|
|Ownership||Sojitz Corporation – 30.36%
Wada Sugar Refining Co., Ltd. – 8.98%
Suzuyo & Co., Ltd. – 7.09%
Company Overview – Unitec Foods Co., Ltd.
|Head Office||14-4, Nihonbashi Kodenmacho, Chuo-ku, Tokyo|
|Representative Director||Shinichi Sekita|
|Main Business||Sale and production of food ingredients; Sale of functional materials; Sale of wholesale jams; OEM business ranging from development to contract manufacturing and quality management|
|Ownership||Fuji Nihon Seito Corporation – 100%|