To a “New World with Food” - The first step toward becoming the go-to company for food -
Profile
Ken Muta
Managing Director
Head of R&D Department No. 4
Industry Research and Creation Division
MUFG Bank
Masamichi Haga
Managing Director
Head of Corporate Banking Department No.3
Corporate Banking Group Chemicals & Well-being Division
MUFG Bank
Norihito Hiruma
Vice President
Corporate Banking Department No.3
Corporate Banking Group Chemicals & Well-being Division
MUFG Bank
Mika Imahori
R&D Department No. 4
Industry Research and Creation Division
MUFG Bank
Takashi Shitashige
Vice President
Corporate Banking Department No.3
Corporate Banking Group Chemicals & Wellbeing Division
MUFG Bank
Leveraging our role and knowledge as a financial institution to contribute to the food industry.
The food industry ecosystem has been changing significantly in recent years. On a global scale, these changes include food shortages driven by rising populations, rising risks of food systems fragmentation due to climate change, and shifting consumer values driven by growing individual concerns about health and the environment.
Within these changes, Japan is facing unique challenges, such as having a food self-sufficiency ratio of only 38 percent*, a declining and aging worker population progressing at a rate that exceeds the decline and aging of the country’s overall population, and the lack of domestic companies that can compete with global giants.
If this trend continues, there are concerns that Japan will face increasing difficulty competing with its rivals in the food market due to its declining economic position, as well as a further drop in its food self-sufficiency ratio and growing dependence on imports resulting from the shrinking number of farmers.
* Source: Ministry of Agriculture, Forestry and Fisheries, FY2023 Food Self-Sufficiency Ratio
To address these issues, MUFG launched the Food-X Project in April 2022 to transform the food industry. The Project is led by the Chemicals & Wellbeing Division, which oversees customers in the food business, and the Industry Research and Creation Division, which is in charge of industry research and the creation of new businesses. In the Project, customers, including manufacturing, retail, and restaurant businesses, are collaborating with stakeholders, such as the local government and academia, to build a sustainable food value chain and an international system.
Mr. Muta, one of the members who launched the Project, commented, “The Project was originally formed to study individual issues like food loss, but the food industry is facing a variety of issues. We believed that MUFG could help the entire food industry by leveraging our role and knowledge as a financial institution that connects industries. Our goal is to make MUFG the go-to company for food industry.”
The role MUFG plays in the fragmented industry
The Project started with a steady exchange of business cards. Reflecting on this time, Mr. Haga said, “We have many customers involved with food, but from the view of experts, we are amateurs. We gathered firsthand insights from customers on the challenges they face and how MUFG can help.” Through this process, the team identified a fragmented and dispersed industrial structure in the food sector.
Mr. Haga continued, “In order to resolve global issues, we must think about the future of food in 20 or 30 years. As it relates to the food industry, we have been stressing the need to think beyond short term interests and focus on long-term, sustainable goals.” Through this, the team created Food Ark 8, which introduces MUFG’s ideal state for 2050. Illustrating Japan as a giant ship equipped with next-generation food production hubs and research facilities, the MUFG team described the ship as the vessel that, will deliver Japan’s rich food culture around the world. Using this imagery, the team engaged in lively discussions with food-related stakeholders on what the future can look like.
To a new world with food: setting sail with partners on board
As a result of the steady efforts of Project members, the number of partners in support of the Food-X Project is growing. For example, in October 2024, MUFG concluded a memorandum of understanding with Mitsui Fudosan, who launched “&mog,” a food innovation project aimed at finding solutions to the social issues faced by the food industry. By complementing each other’s strengths, the two companies aim to create a new business.
Ms. Imahori said, “As we promoted discussions with numerous stakeholders, we came to realize that other industries, including real estate developers, recognize food-related social issues. Food is vital to our daily lives: We want to partner with stakeholders in order to build cross-industrial connections and realize a new business.”
Maximizing connection value
