Surging Prices for Domestic Beef and Pork and Substitution Demand for Imported Meat

「In the meat business, sales fell substantially below the same period of the previous year as consumers increasingly favored low prices amid higher prices, imported meat and domestic pork remained expensive and volatile, and procurement of domestic beef products was difficult.」

「In the meat business, sales declined from the previous year not only because procurement market prices remained high, but also because it was difficult to procure domestic beef products.」

「Domestic beef and pork remained solid, and revenue exceeded the same period of the previous year. Profit, however, fell below the same period of the previous year because higher procurement costs for both imported and domestic products, driven by the weaker yen, as well as higher logistics costs, could not be sufficiently passed on in delivery prices.」

「In addition, demand shifted more strongly toward affordably priced chicken, and revenue for the meat business as a whole increased as the company worked to expand chicken sales.」

「Profit declined year on year. In domestic beef, profit from beef overall increased on expanded sales of crossbred cattle and greater procurement and stronger sales of rare offal cuts. However, domestic pork prices remained high because of the impact of swine fever in Saga Prefecture, making it difficult to pass on higher procurement costs. As a result, revenue was ¥14.385 billion, compared with ¥14.120 billion in the same period of the previous year, and the segment loss (operating loss) was ¥118 million, compared with a segment loss (operating loss) of ¥15 million in the same period of the previous year.」

「As a result, revenue was ¥11,069 million (¥10,872 million in the previous year's corresponding quarter), and segment loss (operating loss) was ¥26 million (compared with segment profit (operating profit) of ¥20 million in the previous year's corresponding quarter).」

「Profit increased in domestic beef as sales of crossbred beef expanded despite a decline in Wagyu, and as procurement and sales of profitable rare offal cuts expanded. …The company focused on strengthening sales of frozen products and expanding sales channels targeting food-service and prepared-meal businesses for imported pork, resulting in higher total pork revenue.」

「In beef, sales of high-priced domestic beef remained sluggish as consumers favored lower prices and saving amid repeated price increases, particularly for daily necessities. However, profit increased through a shift from Wagyu to crossbred beef, expanded procurement and stronger sales of profitable rare offal cuts. Imported beef handling volume declined due in part to higher import procurement costs caused by the yen's depreciation, and revenue fell, but profit increased as the company focused on strengthening sales through higher-margin channels. In pork, as domestic pork prices remained high, the company worked to expand handling volume by strengthening sales of branded pork, resulting in higher revenue. It also strengthened sales of frozen products and expanded sales channels targeting food-service and prepared-meal businesses for imported pork, resulting in increases in both revenue and profit.」

「In the meat business, despite a decline in domestic demand caused by sustained increases in procurement prices for imported meat, sales of domestic beef benefited from higher selling prices and stronger sales to the foodservice industry than in the previous year. Selling prices for domestic pork also increased as the company reviewed the products it handled and strengthened sales of branded pork. As a result, both revenue and profit exceeded the same period of the previous year.」

「For revenue, sales of both domestic and imported beef to mass retailers remained sluggish, but total beef revenue increased due to higher domestic beef selling prices and stronger sales to the food-service industry than in the previous year. Domestic pork revenue increased as the company reviewed its product lineup and strengthened sales of branded pork. By contrast, imported pork revenue declined under the impact of higher overseas prices and exchange-rate fluctuations, causing total pork revenue to fall below the previous year's corresponding period.」

「Domestic beef prices remained high as shipment volumes declined, and revenue increased. Domestic pork revenue declined because the increase in at-home consumption demand had eased from the previous year and shipment volumes fell due to poor growth during the summer. Imported beef and pork revenue increased due to higher selling prices and sales growth for North American beef and other products.」

「Domestic beef prices remained high as shipment volumes declined, and revenue increased. Domestic pork revenue declined, however, as the increase in at-home consumption demand had eased compared with the previous year's corresponding quarter and shipment volumes fell due to poor growth during the summer. Imported beef and pork performed steadily, with North American beef and other products driving sales growth, and total meat-business revenue increased.」

「In the meat business, demand for domestic pork increased as at-home consumption grew, but food-service demand remained weak because of the spread of COVID-19, resulting in a decline in total handling volume. Domestic pork performed steadily, but domestic beef remained sluggish as food-service demand weakened and its selling price declined after beef market prices fell sharply; as a result, revenue fell below the previous year's corresponding quarter amid efforts to prioritize profitability.」

「In the meat business, demand for domestic pork increased as at-home consumption grew due to changes in consumption patterns and market structures accompanying the spread of COVID-19, but total meat-business handling volume declined because of weak demand from the food-service sector. Revenue fell below the previous year's corresponding quarter because the selling price of domestic beef declined as beef market prices dropped sharply, and sales were reviewed with a focus on profitability.」

「In the meat business, domestic beef sales volume and revenue declined due to lower selling prices and intensifying competition caused by the spread of COVID-19. Imported beef sales volume and revenue increased as Australian beef performed steadily. Demand for domestic pork increased amid concerns about future stable supply because COVID-19 caused processing plants handling imported pork to suspend or restrict operations. Profit declined from the previous year's corresponding quarter due to higher procurement prices for domestic pork and lower sales volume and revenue for imported pork.」

「In the meat business, domestic beef sales suited to market needs remained steady, and although sales volume declined, revenue increased. Domestic pork revenue and sales volume both increased. Australian and New Zealand beef performed steadily, driving increases in imported beef sales volume and revenue. Imported pork sales volume and revenue both declined due to higher procurement prices and intensifying competition.」

「In the meat business, domestic beef sales suited to market needs remained steady, resulting in increases in both revenue and sales volume. Domestic pork sales volume increased, but revenue declined due to intensifying competition and fluctuations in domestic pork prices. US, Australian and New Zealand beef performed steadily, driving increases in imported beef revenue and sales volume. Imported pork revenue and sales volume declined due to intensifying competition.」

「In the meat business, domestic beef revenue and sales volume increased as sales suited to market needs remained steady despite continued high prices caused by declining production volumes. Domestic pork revenue and sales volume increased, but profit declined substantially because domestic pork prices fluctuated due in part to an outbreak of swine fever in Gifu Prefecture. For imported beef, chilled beef sales remained steady for Australian and New Zealand products, but frozen beef sales volume declined due to intensifying competition, resulting in lower profit. Imported pork revenue and sales volume declined due to intensifying competition.」

「In the meat business, domestic beef revenue and sales volume increased on proposals suited to market needs. Domestic pork revenue and sales volume declined due to fluctuations in domestic pork prices and intensifying competition. Australian and New Zealand beef performed steadily, driving increases in imported beef revenue and sales volume. Imported pork benefited from substitution demand away from domestic pork, but revenue and sales volume declined due to intensifying competition.」

「In the meat business, domestic beef revenue and sales volume increased as the company proposed products suited to market needs while prices remained high due to declining production volumes. Domestic pork revenue and sales volume declined due to fluctuations in domestic pork prices and intensifying competition. Imported beef revenue and sales volume increased on active proposals for Australian and New Zealand beef. Imported pork benefited from substitution demand away from domestic pork, but revenue and sales volume declined due to intensifying competition.」

「In the meat business, domestic beef revenue and sales volume increased slightly as the company proposed products suited to market needs while prices remained high due to declining production volumes. Domestic pork revenue and sales volume declined due to fluctuations in domestic pork prices and intensifying competition. Imported beef and pork benefited from substitution demand away from domestic beef and pork, respectively, but revenue and sales volume declined due to intensifying competition.」

「In the meat business, domestic beef sales volume increased slightly as the company actively proposed products suited to market needs while prices remained high due to declining production volumes. Domestic pork revenue and sales volume declined despite lower prices than the previous year, owing to intensifying competition. Imported beef and pork benefited from substitution demand away from domestic beef and pork, respectively, but revenue and sales volume declined slightly due to intensifying competition.」

「In the meat business, consumption of domestic beef continued to contract as high prices persisted due to declining production volumes, resulting in declines in both revenue and sales volume. Although there was substitution demand away from high-priced domestic beef, imported beef revenue and sales volume were both roughly in line with the previous year. Domestic pork sales volume was slightly below the previous year partly because prices remained higher, but revenue increased. Imported pork revenue and sales volume both increased substantially on substitution demand away from domestic pork, but this was insufficient to offset the decline in higher-priced domestic beef.」

「In the meat business, domestic beef production volumes were trending lower, and consumption contracted as prices remained high following the sustained elevated market prices since the previous year, resulting in declines in both revenue and sales volume. By contrast, imported beef revenue increased as consumption grew because it was more affordable than high-priced domestic beef. Domestic pork sales volume was slightly above the previous year despite prices remaining higher than the previous year, while chilled imported pork products contributed to segment profit.」

「In the meat business, domestic beef consumption contracted as high prices persisted due to declining production volumes, and revenue and sales volume declined because shipment volumes fell and competition among companies intensified. Domestic pork revenue and sales volume increased on substitution demand for domestic beef, but profit declined as high domestic pork prices persisted. Imported beef sales remained sluggish, but imported pork performed steadily, with revenue and sales volume increasing and making a significant contribution to segment profit.」

「In the meat business, domestic beef revenue and sales volume declined amid continued high prices and contracting consumption, as shipment volumes fell and competition among companies intensified. Domestic pork revenue and sales volume increased on substitution demand for domestic beef. Imported meat also struggled with intensifying competition for imported beef, but revenue and sales volume increased as imported pork performed steadily.」

「In the meat business, consumption of domestic beef continued to contract as market prices rose, resulting in substantial declines in both revenue and sales volume. Although substitution demand for domestic beef supported domestic pork, revenue and sales volume declined slightly as competition intensified due to falling market prices. Revenue and sales volume for imported meat increased on substitution demand for domestic beef, but this was insufficient to offset the decline in higher-priced domestic beef.」

「In the meat business, consumption of domestic beef continued to decline as high market prices persisted, resulting in substantial declines in both revenue and sales volume. Although substitution demand for domestic beef supported domestic pork, its unit price and revenue declined as competition intensified, domestic pork supply recovered and imported meat prices fell. Revenue and sales volume for imported meat increased on substitution demand for domestic beef and lower local prices, but this was insufficient to offset the decline in higher-priced domestic beef.」

「For domestic beef, consumption continued to contract as market prices rose, resulting in substantial declines in both revenue and sales volume. For domestic pork, revenue and sales volume declined as intensified competition driven by substitution demand for domestic beef made it difficult to secure profits. For imported meat, revenue and sales volume increased due to substitution demand for domestic beef, lower local prices and the yen's appreciation trend, but this was insufficient to offset the decline in higher-priced domestic beef.」

「For domestic beef, consumption contracted as market prices surged, resulting in substantial declines in both revenue and sales volume. For domestic pork, market prices also rose as shipment volumes declined, but prices stabilized at high levels, allowing the company to secure an appropriate profit. For imported meat, revenue and sales volume increased on substitution demand and the expansion of new products amid high domestic beef and pork prices, but this was insufficient to offset the decline in domestic beef.」