ITOCHU Announces to Invest in Maypro Group LLC in the U.S., becoming an Equity-Method Affiliate
October 25, 2024
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President and COO; hereinafter "ITOCHU") announced today that ITOCHU, through a wholly owned subsidiary, ITOCHU CHEMICAL FRONTIER Corporation (headquartered in Minato-ku, Tokyo; Tsutomu Miyazaki, President and CEO; hereinafter "ICF"), has agreed to a strategic investment in Maypro Group LLC, (headquartered in New York, USA; Steve Yamada, Chairman; May Yamada-Lifton, President/CEO; hereinafter "Maypro"), one of the leading international companies of health food ingredients who develops, manufactures, and markets health food ingredients. This investment gives ITOCHU a 25% stake of Maypro, becoming ITOCHU’s equity-method affiliate.
The global health food ingredients market is experiencing steadily growth due to the global population growth, aging population, and increasing health consciousness, reaching a revenue size of US$184.4 billion* in 2023. Among these, the U.S. is driving the growth of the health food ingredients industry as the world’s largest market, accounting for about 37%* of the global market.
Maypro, since its establishment in the U.S. in 1977, has been engaged in the supply of scientifically proven health food ingredients (general-purpose ingredients such as amino acids and natural extracts, as well as proprietary branded ingredients) and the manufacturing and marketing of finished products in the U.S., Japan, China, and other countries. The company's strength lies in its long experience and know-how, covering the entire value chain from selection, marketing, publicity, and sales of health food ingredients, as well as its ability to provide products that meet consumers' needs based on consumer feedback obtained through the sales of its own products and OEM products. In recognition of these achievements, the company has won four NutrAwards from NEXT™ Innovation Summit™ (now NEXTY Award), the U.S.-based health food ingredients trade show, and has established a strong position in the U.S. nutrition industry. Over the years, Maypro has also contributed to the popularization of products such as coenzyme Q10, chondroitin, and glucosamine, which are now widely recognized as one of the major health food ingredients worldwide.
ITOCHU and ICF have been developing life science businesses in the fields from daily living to prevention/pre-symptomatic state, diagnosis/treatment, and prognosis and expanding not only in the B-to-B area but also in the B-to-C area contributing to consumers' health enhancement. In this field, ITOCHU and ICF consider the food-science area (functional food ingredients, health foods, etc.) to be a focus area, and have long sold health food ingredients such as Collagen and GABA. To further expand and strengthen our business, ITOCHU and ICF believe it is essential to establish our business from the market-oriented perspective and further expand our business overseas. By combining the know-how Maypro has cultivated in the U.S. market over the past 47 years with the ITOCHU group's worldwide network, we believe we will be able to provide high-quality ingredients and products that accurately meet the needs of consumers worldwide.
ITOCHU has adopted the management policy "The Brand-New Deal: Profit opportunities are shifting downstream" and is expanding its business domain by developing and evolving downstream businesses closer to consumers to meet diversifying needs in line with changes in society.
■Maypro's logo
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■Maypro's supplements "AHCC"(left), "Melatonin-SR"(right)
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Maypro Group LLC
Company Name | Maypro Group LLC |
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Representative | Steve Yamada |
Head Office Location | 2975 Westchester Ave Purchase, NY 10577 |
Business Overview | Sourcing and development of health food ingredients and supplement materials, and fabless manufacturing, sales and branding of supplement products |
ITOCHU CHEMICAL FRONTIER Corporation
Company Name | ITOCHU CHEMICAL FRONTIER Corporation |
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Representative | Tsutomu Miyazaki |
Head Office Location | 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo |
Business Overview | Organic chemicals, fine chemicals, functional materials, pharmaceuticals, agrochemicals, feed additives and Domestic sales, import/export and consignment processing of raw materials and intermediates, as well as intermediation of such sales, import/export and consignment processing |
- *From Nutrition Business Journal