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NISSIN FOOD PRODUCTS CO., LTD. ANNUAL REPORT 2004

28-1, 6-chome, Shinjuku, Shinjuku-ku, Tokyo 160-8524
Japan
Telephone : 81-3-3205-5111
Fax : 81-3-3205-5059
http:// www.nissinfoods.co.jp

2004

Nissin Food’s slogan “NO BORDER” reflects a philosophy we hold dear: there should be no borders in people‘s hearts just as there are no borders to the enjoyment of tasty foods.

ANNUAL REPORT

ANNUAL REPORT 2004

Printed in Japan

Nissin Foods has always been the market pioneer.

Nissin Foods’ Slogan in 2004 is “NO BORDER”

Preface

According to the International Ramen Manufacturers Association (IRMA), annual

worldwide

demand for instant noodles has reached 65.3 billion servings in calendar 2003 and continues to expand. The following chart shows that Asia accounts for 87% of the total. The primary target of Nissin Food Products Co., Ltd., is no less than the No.

1 global share. As a result, the Company, the pio-

neer of instant noodles, is expanding sales and marketing activities around the globe, not just in Asia. 1958 –
Chicken Ramen

1971 –
Cup Noodle

1971 –
Top Ramen

1992 –
Nissin Rao

2002 –
Nissin GooTa

Basic Data
C O N T E N T S
Financial Highlights
To Our Shareholders
Review of Operations
Domestic Operations
Overseas Operations
Research and Development
Food Safety and Environmental Protection
Chairman Momofuku Ando
Promoting Sports and Culture
Board of Directors
Financial Section
Consolidated Six-Year Summary of
Selected Financial Data
Financial Review
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of
Shareholders’ Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Independent Auditors‘ Report
Worldwide Network
Corporate Data
Investor Information

Chicken Ramen launched
the world’s instant noodle market.

2003 Instant Noodle Markets and Nissin Foods Group’s Share 2
3
7
8
12
16
17
18
19
20

(Year ended December 31, 2003)
Annual demand for instant noodles
Nissin Foods
Total (1)
Units per capita Group’s share (2)

Segment / Unit

(Millions of servings)

(Servings)

56,630

15.0

14.7

North America

3,930

7.9

30.8

Latin America

1,880

5.3

34.6

730

1.3

6.8

2,080

---

---

65,250

---

15.7%

Asia

Europe (3)
Others

21
22
26
28
29
30
31
37
38
40
41

Forward-Looking Statements
This report contains forward-looking statements
regarding the Company’s plans, outlook, strategies and results for the future that are based on management's estimates, assumptions and projections at the time of publication. Certain risks and uncertainties could cause the Company’s

actual results to differ materially from any projections presented in this report. These risks and uncertainties include, but are not limited to, the
domestic and international economic circumstances surrounding the Company’s businesses, competitive activity, related laws and regulations,
product development programs and changes in
exchange rates.

Total

(Volume basis) (%)

Nissin Foods created the instant noodle market with its development of Chicken

Ramen, the world’s first

instant noodle product, in 1958. The characteristics of instant noodles —

taste, easy preparation, reasonable

price, safety and hygiene, and long shelf life — make them far superior to other processed foods. In 1971, the Company established a new food market with the debut of Cup

Noodle, the world’s first cup-type instant

noodle product that combined storage, preparation and serving dishes into one container. By 2003, Cup Noodle had grown into the biggest instant noodle brand in the world, with aggregate sales in major markets surpassing 20 billion servings.

Notes:
1. Source: International Ramen Manufacturers Association
2. Including Hebei Hualong F&N Industry Group Co., Ltd.
3. Excluding Russia.

The top position in Japan...
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