It’s a report of plant-based meat market in Japan. The market has been rapidly expanding, and there are already 6 startups, and 10 or more big food manufacturers. It shows you how you enter and win in this market.

1. [Analysis & Proposal]
Plant-based meat market in Japan
Work Capital Inc.
Founder & CEO, Shota Kikuoka
2F., 2-2-15 Hamamatsucho, Minato-ku, Tokyo, JAPAN
Work Capital Inc.

2. Work Capital Inc.
Market Overview: Product release date in consumer market
2015 2019 2020 2021
*BtoB

3. Work Capital Inc.
Market Analysis #1: Startups
No. Company Country Brand Ingredient Establishment
Product
release
Target Fund Raising Main Partner
1 DAIZ Japan Miracle Meat Soy 2015 2020
BtoB
(Supplier)
Seriese B
30.5 million
USD
Marubeni
Kanematsu
2 Next Meats Japan Next Meats Soy, Pea 2020 August 2020 Flexitarian
-
(SPAC IPO)
Kameda Seika
3 Green Culture Japan Green Meat Soy, Pea 2011 April 2021
Vegetarian
(+ Flexitarian)
2.5 million
USD
OISIX
Kameda Seika
4 Solaina Japan Pea 2015 May 2020 Flexitarian 0 -
5
Green
Monday
Hong Kong Omni Meat Soy, Pea 2012 May 2020
Flexitarian
Vegetarian
-
Alishan
(Distributor)
6
Vegetarian
Butcher Japan
Netherland
Vegetarian
Butcher
August 2020 Vegetarian -

4. Work Capital Inc.
Market Analysis #2: Food Manufacturer
No. Company Brand Ingredient
Product
release
Raw
Material
Finished
Product
Beef Pork Chicken
1 Marukome 大豆のお肉 Soy 2015 ✓ ✓ ✓
2 Nippon Ham NatuMeat Soy 2019 ✓ ✓ ✓
3 Ito Ham まるでお肉！ Soy 2019 ✓ ✓ ✓ ✓ ✓
4 Morinaga ZEN MEAT Soy 2019 ✓ ✓ ✓
5 Otsuka Food ZEROMEAT Soy 2019 ✓ ✓ ✓
6 Kameda Seika Vege Meat Soy 2020 ✓ ✓ ✓
7 Fuji Oil Soy ✓ ✓ ✓ ✓
8 Prima Ham Try Veggie Soy 2021 ✓ ✓ ✓
9 Nihon Access MAL de MEAT Soy 2021 ✓ ✓ ✓

5. Work Capital Inc.
Market Analysis #3: Fast food & Retail store
No. Company Category Product Company
Taste
(Personal feedback)
1 Burger King Fast Food Burger v2food Very good
2 Mos Burger Fast Food Burger Unknown So so
3 Freshness Burger Fast Food Burger DAIZ Good
4 Lotteria Fast Food Burger Fuji Oil
5 Dotor Coffee Fast Food Burger Unknown So so
6 Komeda Coffee Fast Food Burger Unknown
7 Yakiniku Like Restaurant Yakiniku Next Meats Good
8 LIFE Grocery Store Processed Food DAIZ So so
9 EAON Grocery Store Packaged plant-based meat Next Meats Good

6. Work Capital Inc.
Company Analysis #1: Next Meats
■ Production
Their
fi
rst factory is under construction (3,000MT/year).
■ Marketing strategy
1. Focus on the sales of
fi
nished products especially sliced meat.
2. Spend for ads, such as TV commercial and billboards.
3. Expand overseas market simultaneously.
■ Product lineup
- Burger ver 2.0. (80g * 4 : 1,287JPY)
- Harami ver 1.1. (80g * 5 : 1,950JPY)
- Galbi ver 1.1. (80g * 5 : 1,950JPY)
- Gyudon ver 1.2. (120g * 5 : 2,250JPY)
- Chicken ver 1.0. (180g * 3 : 2,331JPY)
■ Advantage / Disadvantage
Advantage: Name recognition
Disadvantage: Big companies will catch up with its technology soon.

7. Work Capital Inc.
Company Analysis #2: DAIZ
■ Technology
Focuses only on R&D and production based on their core technology called Ochiai high
pressure method.
■ Marketing strategy
DAIZ only makes raw materials and don’t make
fi
nished products.
The company supplies to big companies through their partner companies such as Marubeni
and Kanematsu.
■ Advantage / Disadvantage
Advantage: The company focuses only on the development of its unique technology and
production. It has a chance to become the biggest supplier of plant based meat.
Disadvantage: The quality is not high enough to make it so unique currently.
■ Production: 4,000MT/year

8. Work Capital Inc.
Company Analysis #3: Omni Meat
■ Partnership
Alishan Co., Ltd. works as a distributor, which has been an importer of vegetarian food
items.
Since Alishan has customers of both BtoB and BtoC from its 30 years business, the product
is mainly sold to existing customers.
■ Marketing strategy
1. Wholesale (Vegetarian restaurants)
2. Wholesale (Vegetarian retail stores)
■ Product lineup
Mince: 230g 529JPY
Mince: 1kg 1,717JPY
■ Advantage / Disadvantage
Advantage: It can reach vegetarian market.
Disadvantage: It can’t reach
fl
exitarian market.

9. Work Capital Inc.
Company Analysis #4 : Big Food Manufacturers
In Japan, people have been familiar with soy beans for variety items such as soy sauce, miso,
tofu, and so on.
Although the vegetarian market was small, many companies have made fake meat items which
use soy beans.
Many companies have released
fi
nished products especially since 2019.
They already have good technologies in soys, mass production capacity, and sales channels.
However, their products are not thought as “plant-based meat”.
They all avoid risks and call it as just “soy meat”.

10. Work Capital Inc.
Market Forecast
First of all, plant-based meat is not a blue ocean market in Japan.
There are not many powerful startups, but big companies have already entered the market.
Also big companies have developed the soy meat technologies, so the market will be taken by
those existing companies.
In US, the startups which got funded quickly become leading companies. However, big food
companies will take the market and the food industry won’t so change in Japan.
The only potential startup is DAIZ because they focuses on its unique technology.
However, Next Meats will face a hard time gradually when the market expands.
Who win? (And who lose?)
■ Winner
- DAIZ
- Big major food companies
■ Loser
- Next Meats
■ Not winner, but not loser (Slow speed growth)
- Omni Meat
- Green Meat

11. Work Capital Inc.
Potential segment in BtoB market
Business size
Large
Small
Big companies
(Chain fast food etc.)
Individual restaurants etc.
Potential market
- Local chain restaurants
- Local central kitchen
- Local wholesalers
*Omini Meat is mainly for
vegetarian market in Japan.

12. Work Capital Inc.
Customers’ pain
■ Fact
Plant-based meat is still in a very early development stage.
There is no big difference in qualities between manufacturers.
■ Hypothesis
Big companies have rich resource in R&D but SMEs don’t.
SDGs is a very big trend, and also more people now see plant-based meat (mostly soy meat) at
grocery stores. The recognition of plant-based meat has been risen.
Many SMEs are interested in using plant-based meat. However, they need a support because it’s
a new product for them.
None of plant-based startups have done that sales activities and provide support for them.
→ We’ll explain what’s plant-based meat, tell how to use, and support their menu development.
SMEs want to be given a support from suppliers.
We can show the applications of our clients, and will be recognized as a leading plant-based
company.

13. Work Capital Inc.
Flow & Sales actions
We can support all the
fl
ows below.
■ Flow
1. Establish a company in Japan.
2. Start importing.
3. Keep the stocks.
4. Conduct sales actions.
5. Support customers.
6. Promote the successful cases.
■ Sales actions
1. Exhibition
2. Direct sales
3. Seminars (Both face-to-face and online)
Cycle of BtoB sales: Sales → Support → Promotion
You’ll need a strong sales team, and the sales is the heat of the business in this early stage.
By getting supported from us, you’ll soon be recognized as a successful plant-based meat
company in Japanese market.