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  1. 1. MarketLine Industry Profile Ready Meals in AsiaPacific December 2013 Reference Code: 0200-0978 Publication Date: December 2013 WWW.MARKETLINE.COM MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 1
  2. 2. 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. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 2
  3. 3. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 3
  4. 4. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 4
  5. 5. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 5
  6. 6. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 6
  7. 7. 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. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 7
  8. 8. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 8
  9. 9. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 9
  10. 10. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 10
  11. 11. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 11
  12. 12. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 12
  13. 13. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 13
  14. 14. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 14
  15. 15. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 15
  16. 16. 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. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 16
  17. 17. 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. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 17
  18. 18. 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. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 18
  19. 19. 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. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 19
  20. 20. 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. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 20
  21. 21. 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. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 21
  22. 22. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 22
  23. 23. 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 SOURCE: COMPANY FILINGS MARKETLINE Figure 15: H.J. Heinz Company: revenues & profitability SOURCE: COMPANY FILINGS Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 23
  24. 24. Figure 16: H.J. Heinz Company: assets & liabilities SOURCE: COMPANY FILINGS Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 24
  25. 25. 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 SOURCE: COMPANY WEBSITE 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 $10,116m in the preceding year. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 25
  26. 26. Table 13: Nestle SA: key financials ($) $ 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 SOURCE: COMPANY FILINGS 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 SOURCE: COMPANY FILINGS 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 Revenue per employee Profit per employee SOURCE: COMPANY FILINGS Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 26
  27. 27. Figure 17: Nestle SA: revenues & profitability SOURCE: COMPANY FILINGS MARKETLINE Figure 18: Nestle SA: assets & liabilities SOURCE: COMPANY FILINGS Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 27
  28. 28. 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: SOURCE: COMPANY WEBSITE 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 SOURCE: COMPANY FILINGS Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 28
  29. 29. 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) SOURCE: COMPANY FILINGS 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% SOURCE: COMPANY FILINGS MARKETLINE Figure 19: Nichirei Corporation: revenues & profitability SOURCE: COMPANY FILINGS Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 29
  30. 30. Figure 20: Nichirei Corporation: assets & liabilities SOURCE: COMPANY FILINGS Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 30
  31. 31. 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 SOURCE: COMPANY WEBSITE 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 $232m in the preceding year. Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 31
  32. 32. Table 21: Nissin Food Products Co Ltd: key financials ($) $ 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 SOURCE: COMPANY FILINGS 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) SOURCE: COMPANY FILINGS 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 Revenue per employee Profit per employee SOURCE: COMPANY FILINGS Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 32
  33. 33. Figure 21: Nissin Food Products Co Ltd: revenues & profitability SOURCE: COMPANY FILINGS MARKETLINE Figure 22: Nissin Food Products Co Ltd: assets & liabilities SOURCE: COMPANY FILINGS Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED MARKETLINE 0200 - 0978 - 2012 Page | 33
  34. 34. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 34
  35. 35. 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 Asia-Pacific - Ready Meals © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED 0200 - 0978 - 2012 Page | 35
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