Rakto JPN Research Memo (3): Expanding Business Areas Through Hybrid Management Combining Trading Company and Manufacturer Functions (1)

Fisco Japan · Aug 20 14:03

■事業概要

ラクト・ジャパン＜3139＞は、乳製品原料、食肉及び食肉加工食品などの食品原料を輸入する独立系の食品専門商社であり、乳製品原料の輸入販売事業をベースに事業領域を拡大し、着実な成長を続けてきた。単一セグメントで事業部門は、乳原料・チーズ部門、食肉食材部門、機能性食品原料部門、アジア事業（乳原料販売部門）、アジア事業（チーズ製造販売部門）、その他で構成される。なお、今後の成長が期待される機能性食品原料部門は、前期までアジア事業・その他に含めていたが、事業規模の拡大に伴い、2024年11月期より独立した部門として売上高、販売数量を開示した。2024年11月期第2四半期の連結売上高構成比は、乳原料・チーズ部門が69.7%、食肉食材部門が12.5%、機能性食品原料部門が1.9%、アジア事業（乳原料販売部門）が11.5%、アジア事業（チーズ製造販売部門）が3.2%、その他が1.3%となっている。

1. 乳原料・チーズ部門

海外から乳原料やチーズを輸入し、国内の乳業・食品・菓子・油脂・飲料・飼料メーカーなどに販売している。乳原料は、生乳から派生した全粉乳、脱脂粉乳、バター、クリーム、ホエイや、それに砂糖や油脂などを加えて一次加工した乳調製品を取り扱う。乳調製品は、アイスクリームやヨーグルト、乳飲料などの乳製品のほか、パンや菓子の材料など加工食品の原料として幅広い食品に使用されており、粉乳調製品、バター調製品、ココア調製品など取扱品目は500種類超に及ぶ。チーズは、主にナチュラルチーズ（主にゴーダ、チェダー、モザレラ、クリームチーズなど）を輸入し、国内乳業メーカーなどにプロセスチーズ※やシュレッドチーズなどの原料として販売している。

※プロセスチーズ：数種類のナチュラルチーズに乳化剤などを加えて加熱して溶かし、再び成形したチーズで、加熱によって乳酸菌や酵素が死滅するので、カビが生えにくく保存性に優れる。また、数種類のナチュラルチーズを混合し消費者の嗜好に応じた味を作ることができる。

乳製品原料は海外との内外価格差が大きく、国内生産者の保護の観点から非関税措置により輸入が制限されてきたが、1988年に日米交渉によってプロセスチーズ、アイスクリームなどの乳製品の一部について輸入数量制限が撤廃された。その後、1993年に妥結した多国間貿易交渉（GATTウルグアイ・ラウンド）において、指定乳製品など※の1995年からの関税化と関税率の削減が合意された。この合意に基づき、1) 日本がWTOに約束している輸入最低数量（生乳換算で13.7万トン/年）のバター・脱脂粉乳などの独立行政法人農畜産業振興機構によるカレント・アクセス輸入、2) 民間需要者などに一定数量に対し低関税が割り当られる関税割当輸入、3) 定められた関税を支払えば誰でも指定乳製品などを輸入できる一般輸入、の3つの輸入形態が整備された。その後、日豪EPA（経済連携協定）、CPTPP（環太平洋パートナーシップに関する包括的及び先進的な協定（通称TPP11））、日EU・EPA（日EU経済連携協定）、日米貿易協定が次々と発効され、関税割当の数量拡大及び関税の低減が進んでいる。

※指定乳製品など：畜産経営の安定に関する法律で定められた規格に適合する、脱脂粉乳、バター、ホエイ及び調製ホエイ、練乳などの乳製品を指し、関税化により輸入が認められている。

国内の生乳生産量は、酪農家の廃業などにより中長期的に減少傾向にある。一方、国内の乳製品需要は、健康を志向した機能性ヨーグルトの定着や食生活の変化などにより堅調に推移している。2023年度の国内消費量1,170万トン（生乳換算）のうち、国内生産量は732万トン、輸入量は455万トンと、輸入比率は約38%である。同社は乳製品の輸入自由化を背景に、原料の需給ギャップを埋め、円滑な原料調達を支える「オーガナイザー」として存在価値を発揮してきた。また、日本の販売先に対しては多様化する開発ニーズや乳製品原料の製品特性に対応し、サプライヤーに対しては高品質・高付加価値原料の開発・製造を提案していく「ビジネスパートナー」として独自の地位を築いた。

2. 食肉食材部門

食肉食材部門では、豚肉（チルド及びフローズン）をメインに、生ハム、サラミなどの食肉加工品を世界各地から輸入し、国内のハム・ソーセージメーカーをはじめとする食品メーカー、及び卸売・小売店に供給している。豚肉は、豚の育成から加工までトレーサビリティを担保した一貫生産を行う米国トップクラスの大手食肉メーカーのSeaboard Foods LLC（以下、Seaboard Foods社）をメインサプライヤーとしながら、カナダやスペインなどのサプライソースを確保し、仕入先の多様化を進めている。生ハム、サラミなど食肉加工品は、FRATELLI GALLONI S.P.A./パルマハム、VILLANI S.P.A./ミラノサラミ（イタリア）やEsteban Espuna S.A./ハモンセラーノ（スペイン）といった主要な産地からブランド力のある高品質な商品を輸入し、大手スーパーなどに販売ルートを持つリパックメーカー（原料である生ハムの原木を販売用途に合った形・サイズに加工し、袋詰めするメーカー）などに販売している。また、多様化する販売先のニーズに応え、牛肉や鶏肉などの取扱品目を拡充し事業の多角化を進めている。

3. 機能性食品原料部門

新たな成長の柱として機能性食品原料販売に注力している。2015年に機能性表示食品制度がスタートして以来、「食と健康」「食の機能性」が注目され、ヨーグルト、ガム、チョコレートなど多くの食品で機能性を謳った商品が登場し消費者の健康志向が高まった。同社では、2020年4月に事業開発本部を新設し、ホエイプロテインなどの機能性食品原料の輸入販売を開始した。スポーツプロテイン原料を中心としてスポーツニュートリション業界、美容・健康業界、介護業界、食品業界向けに需要が伸びており、乳由来の高たんぱくなプロテイン原料をはじめ、様々な機能を持つ食品原料の取り扱いを拡充し、ホエイプロテインとの組み合わせを提案して差別化を進めている。また、ECサイトでプロテイン製品を販売する、工場を持たないブランドオーナーやスポーツジムなどに対して、同社が調達した原料を用いて、OEM生産が可能なパートナーとともに乳製品の特性を生かした最終商品の企画・開発を提案するなど、付加価値を高めたビジネスも展開している。今後は、乳由来の原料に加え、植物由来原料やゼラチン・コラーゲンなど、健康に資する機能を訴求できる原料にこだわり、取扱商品の幅を広げ事業を拡大していく計画だ。

（執筆：フィスコ客員アナリスト　松本章弘）

■Business Overview

Lacto Japan (3139) is an independent food specialty trading company that imports food ingredients such as dairy ingredients, meat, and meat processed foods, etc., and has expanded its business area based on the import and sale business of dairy ingredients, and has continued steady growth. In a single segment, the business division consists of the dairy ingredients and cheese division, the meat ingredients division, the functional food ingredients division, the Asian business (milk ingredients sales division), the Asian business (cheese manufacturing and sales division), and others. Note that the functional food ingredients division, which is expected to grow in the future, was included in the Asian business and others until the previous fiscal year, but as the business scale expanded, sales volume and sales volume were disclosed as an independent division from the 2024/11 fiscal year. The consolidated sales composition ratio for the second quarter of the fiscal year ending 2024/11 is 69.7% for the dairy ingredients and cheese division, 12.5% for the meat ingredients division, 1.9% for the functional food ingredients division, 11.5% for the Asian business (dairy ingredients sales division), 3.2% for the Asian business (cheese manufacturing and sales division), and 1.3% for others.

1. Dairy Ingredients and Cheese Division

Dairy ingredients and cheese are imported from overseas and sold to the domestic dairy industry, food, confectionery, oil, fat, drink, feed manufacturers, etc. Dairy ingredients handle whole milk powder, skimmed milk powder, butter, cream, whey derived from raw milk, and milk preparation products made by adding sugar, fats, etc. to it for primary processing. In addition to dairy products such as ice cream, yogurt, and milk drinks, milk preparation products are used in a wide range of foods as raw materials for processed foods such as bread and confectionery ingredients, and they handle over 500 types of items such as powdered milk products, butter preparations, and cocoa preparations. Cheese is mainly imported from natural cheeses (mainly gouda, cheddar, mozzarella, cream cheese, etc.) and sold as raw materials such as processed cheese* and shredded cheese to domestic dairy manufacturers.

* Processed cheese: Cheese made by adding emulsifiers or the like to several types of natural cheese, then remolding them, and since lactic acid bacteria and enzymes die due to heating, mold is less likely to grow and has excellent preservability. Also, it is possible to mix several types of natural cheeses to create flavors according to consumer preferences.

There is a large difference in domestic and foreign prices of raw materials for dairy products, and imports have been restricted due to non-tariff measures from the viewpoint of protecting domestic producers, but in 1988, import quantity restrictions were abolished for some dairy products such as processed cheese and ice cream due to Japan-US negotiations. After that, in multilateral trade negotiations (GATT Uruguay Round) concluded in 1993, it was agreed to increase tariffs on designated dairy products etc. from 1995 and reduce tariff rates. Based on this agreement, three import forms were developed: 1) current access imports by the Independent Administrative Institution Agriculture and Livestock Industry Promotion Organization (0.137 million tons/year in raw milk conversion) that Japan has promised to the WTO; 2) tariff quota imports where low tariffs are assigned to private sector consumers, etc.; and 3) general import where anyone can import designated dairy products etc. if they pay a fixed tariff. Since then, Japan-Australia EPA (Economic Partnership Agreement), CPTPP (Comprehensive and Advanced Agreement on Trans-Pacific Partnership (commonly known as TPP11)), Japan-EU EPA (Japan-EU Economic Partnership Agreement), and Japan-US trade agreements have come into effect one after another, and volume expansion of tariff quotas and reduction of tariffs are progressing.

* Designated dairy products, etc.: Indicate dairy products such as skimmed milk powder, butter, whey, prepared whey, condensed milk, etc. that conform to standards stipulated by the Act on the Stability of Livestock Farming Management, and imports are permitted due to tariffs.

Domestic raw milk production has been declining over the medium to long term due to dairy farmers going out of business, etc. Meanwhile, domestic demand for dairy products has been steady due to the establishment of health-oriented functional yogurts and changes in eating habits. Of the 11.7 million tons of domestic consumption (raw milk equivalent) in fiscal 2023, domestic production volume is 7.32 million tons, import volume is 4.55 million tons, and the import ratio is about 38%. Against the backdrop of import liberalization of dairy products, the company has filled the gap between supply and demand of raw materials and has demonstrated its existence value as an “organizer” that supports smooth raw material procurement. Furthermore, it has established a unique position as a “business partner” that responds to diversifying development needs and product characteristics of dairy ingredients to Japanese sales destinations, and proposes the development and manufacture of high quality and high value-added raw materials to suppliers.

2. Meat Food Division

In the meat food division, processed meat products such as prosciutto and salami are imported from all over the world, mainly pork (chilled and frozen), and supplied to food manufacturers, including domestic ham and sausage manufacturers, and wholesale/retail stores. As for pork, while Seaboard Foods LLC (hereinafter, Seaboard Foods), a major meat manufacturer in the United States that performs integrated production that guarantees traceability from pig breeding to processing, is the main supplier, we have secured supply sources in Canada, Spain, etc., and are proceeding with diversification of suppliers. Processed meat products such as prosciutto and salami are repack manufacturers that import high-quality products with strong brands from major production areas such as FRATELLI GALLONI S.P.A./ Parma ham, VILLANI S.P.A./ Milan salami (Italy) and Esteban Espuna S.A./ Jamon Serrano (Spain), etc., and have sales routes at major supermarkets (raw ham, which is the raw material, to the shape and size of raw ham for sales purposes It is sold to manufacturers that process and pack it in bags), etc. Furthermore, in response to the diversifying needs of sales destinations, we are expanding the items we handle, such as beef and chicken, and promoting diversification of our business.

3. Functional Food Ingredients Division

We are focusing on sales of functional food ingredients as a new pillar of growth. Since the start of the food system with functional claims in 2015, “food and health” and “food functionality” have attracted attention, and products claiming functionality have appeared in many foods such as yogurt, chewing gum, and chocolate, and consumers' health consciousness has increased. The company established a new business development headquarters in 2020/4, and began importing and selling functional food ingredients such as whey protein. Demand is growing for the sports nutrition industry, the beauty/health industry, the nursing care industry, and the food industry, centering on sports protein ingredients, and the food industry, and they are expanding the handling of food ingredients with various functions, including high-protein protein ingredients derived from milk, and promoting differentiation by proposing combinations with whey protein. In addition, businesses with increased added value are also being developed, such as proposing planning and development of final products utilizing the characteristics of dairy products together with partners capable of OEM production using raw materials procured by the company to brand owners and sports gyms that do not have factories that sell protein products on EC sites. In the future, in addition to milk-derived ingredients, it is planned to expand the business by sticking to raw materials that can promote functions contributing to health, such as plant-derived ingredients, gelatin, collagen, etc., and expanding the range of products handled.

(Written by FISCO Visiting Analyst Matsumoto Akihiro)

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

ラクトＪＰＮ Research Memo（3）：商社機能とメーカー機能を併せ持つハイブリッド経営で事業領域を拡大（1）

Rakto JPN Research Memo (3): Expanding Business Areas Through Hybrid Management Combining Trading Company and Manufacturer Functions (1)

Risk Disclaimer

Statement