Risk of a shift to plant-derived capsules
First written in FY2016. 3 of 5 entries say "Restated". Latest entry: FY2025.
4 other companies' latest entry also says "Restated".
- FY2025RestatedAnnual report
「• Future difficulty in procuring animal-derived raw materials due to the development of meat substitutes using plant-based raw materials such as soybeans and cultured meat produced by culturing animal cells • Consideration of the possibility of the Group entering alternative markets • Creation of new businesses」
The Group continues to address the risk of substitution for, and increasing difficulty in procuring, animal-derived raw materials by considering entry into alternative markets and creating new businesses. - FY2021ReframedAnnual report
「Future difficulty in procuring animal-derived raw materials due to the development of meat substitutes using plant-based raw materials such as soybeans and cultured meat produced by culturing animal cells」
The scope has been expanded from the risk of substitution by plant-based capsules to the broader risk of substitution for, and increasing difficulty in procuring, animal-derived raw materials, including meat substitutes and cultured meat. - FY2018RestatedAnnual report
「Going forward, if plant-based capsules become widespread rapidly due to regulations concerning animal-derived products or changes in consumer sentiment, demand for gelatin capsules could decline, potentially affecting the Group's operating results and financial position.」
The Group continues to identify the expansion of substitution by plant-based capsules as a risk of declining demand resulting from changes in regulations and consumer sentiment. - FY2017RestatedAnnual report
「Going forward, if plant-based capsules become widespread rapidly due to regulations concerning animal-derived products or changes in consumer sentiment, demand for gelatin capsules could decline, potentially affecting the Group's operating results and financial position.」
The Group continues to identify the expansion of substitution by plant-based capsules as a risk of declining demand resulting from changes in regulations and consumer sentiment. - FY2016First statedAnnual report
「However, if regulations concerning animal-derived products or consumer sentiment change, plant-based capsules could rapidly become widespread, reducing demand for gelatin capsules and potentially affecting the Group's operating results and financial position.」
While indicating that adoption of plant-based capsules remains limited, the Group identifies increased substitution due to changes in regulations or consumer sentiment as a risk.