Risk of earnings volatility from egg prices and supply-demand fluctuations
First written in FY2016. 19 of 36 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-11-09.
Ifuji Sangyo moved to the "Worse" side of this theme in 2016, 9 years before the typical company in this theme (2025).
The whole theme swung hardest in 2018: 3 of 6 companies on the "Worse" side.
0 other companies' latest entry also says "Materialised".
- FY2026WorsenedAnnual report
「In the egg industry to which this segment belongs, large-scale outbreaks of avian influenza have occurred almost every year since 2020, resulting in a chronic shortage of eggs. The company believes this situation will continue in the future unless the risk of avian influenza outbreaks is reduced.」
The company explicitly states that large-scale outbreaks of avian influenza have frequently occurred since 2020 and that egg supplies are chronically insufficient, more strongly indicating the persistence of supply-demand and market price fluctuation risks. It also discloses a structure in which approximately 80% of product and raw material volumes are linked to egg prices. - FY2026-H1RestatedAnnual report
「In addition to reduced supply caused by frequent outbreaks of avian influenza from October 2024 to February 2025, demand increased due to seasonal promotions, including moon-viewing menus centered on eggs offered by various food-service companies. As a result, the egg shortage has continued and egg prices have remained high.」
The egg shortage and high prices have continued against a backdrop of reduced supply due to avian influenza and increased demand. The disclosure again describes the actual manifestation of market and supply-demand fluctuation risks. - FY2025MaterialisedAnnual report
「Subsequently, in addition to reduced egg production caused by the extreme summer heat, outbreaks of avian influenza became frequent from autumn onward, particularly in Iwate, Chiba and Aichi prefectures, and the resulting extreme shortage of eggs drove up egg prices.」
Reduced production due to extreme heat and frequent outbreaks of avian influenza actually resulted in an extreme egg shortage and higher egg prices. - FY2025-H1MaterialisedAnnual report
「In the egg industry, egg prices have remained unstable due to reduced egg production and higher production costs caused by extreme heat, as well as government subsidy policies, including livestock cluster programs that encourage increased egg production and programs supporting the replacement of laying hens and extended empty-house periods that encourage production restraint.」
Egg prices remained unstable against a backdrop of extreme heat, higher production costs and government subsidy policies. During the six months ended 30 September, the market price of eggs fell 33.3% year on year, or ¥108/kg, actually affecting selling prices and net sales. - FY2024WorsenedAnnual report
「In the liquid egg-related business, during the fiscal year under review, the average market price of eggs, based on the Zen-Noh Tokyo M benchmark, was ¥324/kg in the first half and ¥228/kg in the second half, showing a marked difference from the usual pattern, while the range of market price fluctuations was also extremely large.」
The company explained that the average egg price differed significantly between the first and second halves and that the range of fluctuations was also extremely large, strongly indicating the instability of market and supply-demand fluctuation risks. - FY2024-Q3MaterialisedAnnual report
「In the egg industry, the market price of eggs remained at high levels through October 2023 due to the impact of the largest-ever outbreak of avian influenza, which occurred from autumn 2022 through early 2023.」
The market price of eggs remained high against a backdrop of the largest-ever outbreak of avian influenza, and during the nine months ended 31 December, the year-on-year increase of 32.4%, or ¥74/kg, actually affected selling prices and net sales. - FY2024-Q2MaterialisedAnnual report
「As egg prices (Zen-Noh Tokyo M-size benchmark) rose sharply by 52.4% year on year, or ¥111/kg, the linked selling price of liquid eggs also increased.」
Against a backdrop of supply shortages caused by avian influenza, the market price of eggs rose 52.4% year on year, or ¥111/kg, actually affecting the corresponding selling prices and net sales. - FY2024-Q1WorsenedAnnual report
「The largest-scale outbreak of avian influenza on record occurred from autumn 2022 to early 2023. Approximately 17 million laying hens were culled, equivalent to more than 10% of Japan's total laying-hen population, and egg prices continued to surge from the beginning of the year amid an extreme supply shortage.」
The largest-scale outbreak of avian influenza on record, the culling of approximately 17 million birds and an extreme supply shortage occurred, and egg prices rose 63.1% year on year, or ¥135/kg. The risk of supply-demand fluctuations materialized to an even greater extent. - FY2023-Q3WorsenedAnnual report
「In the egg industry, production costs have risen due to higher feed prices and other factors, reducing egg producers' incentive to produce. In addition, avian influenza has spread globally, and Japan has experienced an outbreak on an unprecedented scale. As egg supply and demand have tightened, egg prices have surged.」
The company explains that higher production costs due to soaring feed prices, reduced production incentives among producers and the largest-scale outbreak of avian influenza on record have caused egg supply and demand to tighten and egg prices to surge. - FY2023-Q2MaterialisedAnnual report
「Although sales volume increased, egg prices (Zen-Noh Tokyo M-size benchmark) fell 10.9% year on year, or ¥26/kg, which reduced the linked selling price. As a result, liquid egg sales fell 2.9% year on year to ¥7,744 million.」
Egg prices fell 10.9% year on year, or ¥26/kg, and the linked selling price and liquid egg sales actually declined. Sales volume increased, so the decline in egg prices was a factor in the decrease in sales. - FY2023-Q1MaterialisedAnnual report
「Although sales volume increased, egg prices (Zen-Noh Tokyo M-size benchmark) fell 15.2% year on year, or ¥38/kg, which reduced the linked selling price and other factors led liquid egg sales to fall 5.2% year on year to ¥3,944 million.」
Egg prices fell 15.2% year on year, or ¥38/kg, and the linked selling price and liquid egg sales actually declined. The impact of price volatility on results became apparent. - FY2022MaterialisedAnnual report
「Egg prices (Zen-Noh Tokyo M-size benchmark) rose sharply by 26.6%, or ¥45/kg, which increased the linked selling price. Together with higher sales volume, this resulted in liquid egg sales of ¥15,219 million, up 29.6% from the previous consolidated fiscal year.」
Tight supply and demand following the avian influenza outbreak and other factors caused egg prices to rise 26.6%, or ¥45/kg, actually affecting the selling price and liquid egg sales. - FY2022-Q3MaterialisedAnnual report
「Egg prices (Zen-Noh Tokyo M-size benchmark) rose sharply by 38.0% year on year, or ¥63, which increased the linked selling price. Together with higher sales volume, this resulted in liquid egg sales rising 39.0% year on year to ¥12,008 million.」
Following the aftereffects of tight supply and demand caused by avian influenza, egg prices rose 38.0% year on year, or ¥63, actually affecting the selling price and liquid egg sales. - FY2022-Q2MaterialisedAnnual report
「Egg prices (Zen-Noh Tokyo M-size benchmark) rose sharply by 45.9% year on year, or ¥75, which increased the linked selling price. Together with higher sales volume, this resulted in liquid egg sales rising 49.3% year on year to ¥7,977 million.」
Egg prices rose 45.9% year on year, or ¥75, actually affecting the linked selling price and liquid egg sales. The impact of price volatility continued to appear in results. - FY2022-Q1MaterialisedAnnual report
「In the egg industry, a large-scale outbreak of avian influenza from November 2020 to March 2021 tightened egg supply and demand, causing egg prices to remain at extremely high levels.」
The large-scale outbreak of avian influenza actually caused tight egg supply and demand and higher egg prices, leading to a 43.0% year-on-year increase in egg prices, or ¥76, and a sharp rise in raw material purchase prices. - FY2021MaterialisedAnnual report
「The decline in the linked selling price following a 6.4% decrease in egg prices (Zen-Noh Tokyo M benchmark), or ¥11.7, had a significant impact, and liquid egg sales fell 3.1% from the previous consolidated fiscal year to ¥11,747 million.」
Egg prices fell 6.4% year on year, or ¥11.7, actually affecting the selling price and liquid egg sales. The large-scale nationwide outbreak of avian influenza also raised concerns about the future direction of supply and demand. - FY2021-Q3WorsenedAnnual report
「Sales were significantly affected by the decline in the linked selling price resulting from an 8.2% year-on-year decrease in egg prices (Zen-Noh Tokyo M benchmark), or ¥14.8. Liquid egg sales fell 6.4% year on year to ¥8,641 million.」
Egg prices fell 8.2% year on year, or ¥14.8, affecting the linked selling price and liquid egg sales. In addition, successive outbreaks of avian influenza in Japan raised concerns about the future direction of supply and demand. - FY2021-Q2RestatedAnnual report
「Many of the segment's main products, including liquid eggs, have product selling prices and raw material purchase prices that fluctuate in line with egg prices. When egg prices remain high, both product selling prices and raw material purchase prices tend to remain high, and when egg prices remain low, both tend to remain low.」
The company continues to disclose its exposure to fluctuations in egg prices through their linkage to liquid egg selling prices and raw material purchase prices. - FY2021-Q1RestatedAnnual report
「In this segment, the selling prices and raw material purchase prices of many of our main products, liquid eggs, fluctuate in line with the egg market. When the egg market remains high, both product selling prices and raw material purchase prices tend to remain high, while when it remains low, both tend to remain low. Accordingly, we work to secure a spread of at least a certain amount between product selling prices and raw material purchase prices while increasing sales volumes.」
The company continues to disclose its exposure to fluctuations in egg prices through their linkage to product selling prices and raw material purchase prices. - FY2020-Q3RestatedAnnual report
「In this segment, the selling prices of liquid egg products, our main products, and the purchase prices of raw materials often fluctuate in line with the egg market. When the egg market remains high, both product selling prices and raw material purchase prices tend to remain high, while when it remains low, both tend to remain low. Accordingly, we work to secure a spread of at least a certain amount between product selling prices and raw material purchase prices while increasing sales volumes.」
The company continues to disclose its exposure to fluctuations in egg prices through their linkage to product selling prices and raw material purchase prices. No new figures, such as the magnitude of price fluctuations, were provided in this disclosure. - FY2020-Q2MaterialisedAnnual report
「Sales volume, an important performance indicator for this segment, increased 2.8% year on year to a record high for the cumulative second-quarter period. Although sales volume increased, egg prices (Zen-Noh Tokyo M benchmark) fell approximately 5.9% year on year, or approximately ¥10, causing the linked selling price to decline. As a result, liquid egg sales fell 3.2% from the previous consolidated fiscal year to ¥5,592 million.」
Egg prices fell approximately 5.9% year on year, or approximately ¥10. Although sales volume reached a record high, the linked selling price and liquid egg sales declined. Price volatility actually affected results for the period. - FY2020-Q1MaterialisedAnnual report
「Sales volume, an important performance indicator for this segment, increased 0.8% year on year to a record high for the cumulative first-quarter period. Although sales volume increased, the decline in product selling prices caused by lower egg prices resulted in liquid egg sales falling 0.5% from the previous consolidated fiscal year to ¥2,826 million.」
Although sales volume increased to a record high, lower egg prices reduced product selling prices and liquid egg sales, and the impact of price volatility continued to affect actual results. - FY2019-Q3MaterialisedAnnual report
「This was mainly because, although the egg-related business recorded its highest-ever sales volume for the cumulative third-quarter period, egg prices (Zen-Noh Tokyo M benchmark) fell approximately 14.1% year on year, or approximately ¥29.4, causing the linked selling price to decline substantially as well.」
Egg prices fell approximately 14.1% year on year, or approximately ¥29.4. Although sales volume reached a record high, the linked selling price and sales declined. Price volatility again affected actual results in the current quarter. - FY2019-Q2MaterialisedAnnual report
「This was mainly because, in the egg-related business, egg prices (Zen-Noh Tokyo M benchmark) fell approximately 14.0% year on year, or approximately ¥28.2, causing the linked selling price to decline substantially as well.」
Egg prices fell approximately 14.0% year on year, or approximately ¥28.2, and the linked selling price and sales in the egg-related business actually declined. However, the segment's operating profit increased because raw material purchase prices also fell. - FY2019-Q1WorsenedAnnual report
「This was mainly because, in the egg-related business, egg prices (Zen-Noh Tokyo M benchmark) fell approximately 20.5% year on year, or approximately ¥43.7, causing the linked selling price to decline substantially as well.」
Egg prices fell approximately 20.5% year on year, or approximately ¥43.7, affecting selling prices and sales. The actual decline in egg prices exceeded the declines disclosed through the previous fiscal year. - FY2018WorsenedAnnual report
「As a management issue, the group recognizes that raw material procurement may become more difficult in the future in its egg-related business due to factors including a decline in the number of farms raising laying hens. At the same time, consumption in the prepared-food and food-service sectors is increasing, reflecting the rise in single-person households and the growing participation of women in the workforce, while labor shortages are also expected to drive future growth in demand for liquid eggs.」
In addition to fluctuations in egg prices, the company newly specifies the possibility that a decline in the number of farms raising laying hens could make future raw material procurement more difficult. - FY2018-Q3RestatedAnnual report
「In this segment, the selling prices and raw material purchase prices of many of our main products, liquid eggs, fluctuate in line with the egg market. When the egg market remains high, both product selling prices and raw material purchase prices tend to remain high, while when it remains low, both tend to remain low. Accordingly, we work to secure a spread of at least a certain amount between product selling prices and raw material purchase prices while increasing sales volumes.」
The company continues to disclose its exposure to fluctuations in egg prices through their linkage to product selling prices and raw material purchase prices. No new figures, such as the magnitude of price fluctuations, were provided in this disclosure. - FY2018-Q2RestatedAnnual report
「In this segment, the selling prices and raw material purchase prices of many of our main products, liquid eggs, fluctuate in line with the egg market. When the egg market remains high, both product selling prices and raw material purchase prices tend to remain high, while when it remains low, both tend to remain low. Accordingly, we work to secure a spread of at least a certain amount between product selling prices and raw material purchase prices while increasing sales volumes.」
The company continues to disclose its exposure to fluctuations in egg prices through their linkage to product selling prices and raw material purchase prices. No new figures, such as the magnitude of price fluctuations, were provided for the cumulative period through the current quarter. - FY2018-Q1RestatedAnnual report
「In this segment, the selling prices and raw material purchase prices of many of our main products, liquid eggs, fluctuate in line with the egg market. When the egg market remains high, both product selling prices and raw material purchase prices tend to remain high, while when it remains low, both tend to remain low. Accordingly, we work to secure a spread of at least a certain amount between product selling prices and raw material purchase prices while increasing sales volumes.」
The company continues to disclose its exposure to fluctuations in egg prices through their linkage to product selling prices and raw material purchase prices. No new figures, such as the magnitude of price fluctuations, were provided in the current quarter's disclosure. - FY2017MaterialisedAnnual report
「As egg prices (Zen-Noh Tokyo M benchmark) remained 9.7% lower than in the previous fiscal year (approximately ¥22), the selling price of liquid eggs also declined in line with them, and liquid egg sales fell 3.5% year on year to ¥12,033 million.」
Egg prices declined over the full fiscal year, resulting in lower liquid egg selling prices and liquid egg sales. - FY2017-Q3RestatedAnnual report
「As egg prices (Zen-Noh Tokyo M benchmark) remained 12.1% lower year on year (approximately ¥29), the selling price of liquid eggs also declined in line with them, and liquid egg sales fell 3.9% year on year to ¥9,170 million.」
The 12.1% year-on-year decline in egg prices, or approximately ¥29, continued and contributed to lower liquid egg selling prices and liquid egg sales. Although the decline was smaller than the 13.8% decrease in the previous quarter, the impact of price volatility continued to materialize. - FY2017-Q2WorsenedAnnual report
「As egg prices (Zen-Noh Tokyo M benchmark) remained 13.8% lower year on year (approximately ¥31), the selling price of liquid eggs also declined in line with them, and liquid egg sales fell 3.7% year on year to ¥5,672 million.」
The decline in egg prices widened to 13.8% year on year, or approximately ¥31, from 9.4%, or approximately ¥21, reported in the previous quarterly report. The greater risk that price fluctuations would affect selling prices and liquid egg sales was quantified. - FY2017-Q1MaterialisedAnnual report
「Although egg prices (Zen-Noh Tokyo M benchmark) remained 9.4% lower year on year (approximately ¥21), efforts to expand sales to industries other than confectionery and baking, including mayonnaise and frozen foods, resulted in a 5.0% year-on-year increase in sales volume. Liquid egg sales rose 1.7% year on year to ¥2,994 million.」
The anticipated 9.4% year-on-year decline in egg prices, or approximately ¥21, actually occurred. While price volatility materialized, the company also reported increases in sales volume and liquid egg sales. - FY2016First statedAnnual report
「However, if egg supply and demand change significantly and egg prices undergo a major shift due to changes in domestic food policy, a large-scale outbreak of avian influenza or other factors, the group's operating results may be affected.」
The company identifies egg prices, food policy, avian influenza and fluctuations in feed prices as factors that may affect raw material procurement, selling prices and earnings.