Matsutani

What Matsutani does

Matsutani Chemical Industry Co., Ltd. (松谷化学工業株式会社) is a Japanese specialty starch and rare sugar manufacturer founded in 1937 and headquartered in Itami City, Hyogo Prefecture, with 101–250 employees. The company operates a vertically integrated manufacturing platform spanning agricultural raw material processing, enzymatic conversion, and purification, serving food, beverage, nutritional, and industrial customers. Its product portfolio centers on three franchises: Fibersol-2, a resistant maltodextrin (indigestible dextrin) sold to Japanese food and beverage manufacturers and used in approximately 35% of Tokuho (Food for Specified Health Uses) approvals; ASTRAEA, a high-purity D-allulose rare sugar positioned as a low-calorie sweetener, where Matsutani is among a small group of commercial producers globally; and a range of modified food starches (Pine Ace, Butter Star, Matsunori lines) plus phosphate-crosslinked resistant starches for industrial applications.

The business model is predominantly B2B ingredient sales to Japanese food and beverage manufacturers, supplemented by a direct-to-consumer channel through the RareSweet online shop. Revenue mechanics are volume-driven, with pricing premiums attached to Fibersol-2 and ASTRAEA on the basis of regulatory (Tokuho and functional food) approval status and clinical substantiation, while modified starch lines operate in a more competitive, commoditizing pricing band. R&D is conducted both internally and in long-running collaboration with Kagawa University's rare sugar research program and Japan's MEXT, providing a sustained pipeline of clinical evidence and product extensions. The customer base is distributed across the Japanese F&B industry — evidenced by 375+ Tokucho-endorsed SKUs and multiple modified starch lines — with no dominant single-customer exposure visible; distribution extends selectively through specialty ingredient channels into international markets.

Name

Matsutani

Legal name

Matsutani Chemical Industry Co., Ltd.

Website

https://matsutani.co.jp

Company type

Private

Founded year

1937

Operating status

Operating

Headcount range

101–250 employees

Short description

Matsutani Chemical Industry Co., Ltd. is a Japanese specialty starch and rare sugar manufacturer producing Fibersol-2 (resistant maltodextrin), ASTRAEA (D-allulose), and modified starches for food, beverage, and industrial customers globally.

Ownership category

akta.pro rank

Product category

Specialty Food Ingredients

NAICS

Wet Corn Milling and Starch Manufacturing (311221), Starch and Vegetable Fats and Oils Manufacturing (31122)

SIC

Grain Mill Products (2040)

akta.pro primary industry

Starches & Grain Derivatives Manufacturing (cornstarch, maltodextrin, glucose solids) (AFAKABAG)

akta.pro secondary industries

Native Starches & Flours (Corn, Potato, Tapioca, Wheat, Rice) (AFAJABAB), Modified Food Starches (Acetylated, Crosslinked, Pregelatinized, Dextrins) (AFAJABAA), Glucose Syrups & Dextrose (Corn/Wheat/Tapioca Glucose, Dextrose Monohydrate) (AFAJAAAD), Starch-Based Thickeners (Native & Modified Starches, Dextrins) (AFAJAMAA), Starch-Based Stabilizers (Native/Modified Starches, Dextrins) (AFAJACAG)

Keywords

• Specialty starch ingredients
• Resistant maltodextrin fiber
• Modified food starch
• Rare sugar allulose
• Functional food materials

Headquarters

HQ city

Itami

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Functional Food Ingredient Sales: Matsutani generates revenue primarily through B2B sales of specialty starches, resistant maltodextrin (Fibersol-2), rare sugars (ASTRAEA allulose), and modified starches to food and beverage manufacturers. Ingredients are used in a wide range of applications including noodles, bakery, confectionery, seasonings, beverages, retort foods, and functional foods/Tokuho/functional claim products. The company also earns from regulatory consulting and application support services for customers using their ingredients in approved health claims.
2. Industrial Starch Sales: Sales of starch and starch-based materials for non-food industrial applications including binders, thickening agents, and processing aids. Positioned as a carbon-neutral alternative to petroleum-derived materials. Targets automotive, packaging, and manufacturing industries through trade show outreach.
3. Direct-to-Consumer Allulose Products: Matsutani operates the Matsutani & RareSweet online shop (raresugar.co.jp) selling ASTRAEA branded allulose products directly to consumers, including the large-capacity ASTRAEA W package launched in November 2024.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Matsutani Chemical Industry is a Japanese specialty starch manufacturer producing regular starch, modified starch, starch decomposition products, and functional food ingredients for B2B customers in the food and beverage industry. Its flagship functional ingredients include Fibersol-2 (indigestible dextrin/dietary fiber) and ASTRAEA (high-purity crystalline D-allulose rare sugar), supported by over 100 years of in-house starch processing technology. The company also supplies starch-based materials for industrial applications as carbon-neutral alternatives to petroleum-derived chemicals, and sells finished allulose products directly to consumers via an online shop.

Product overview

Matsutani Chemical Industry is a comprehensive starch manufacturer with over 100 years of experience, producing a portfolio of base starches, modified starches, starch decomposition products, and functional ingredients. The core product lines include regular denpun (starch), kakou denpun (modified starch), bunkaibutsu (starch decomposition products), and kinousei sizai (functional materials). The company's functional ingredient portfolio centers on Fibersol-2 (indigestible dextrin with six health functions), ASTRAEA (high-purity allulose rare sugar brand with zero calories and metabolic benefits), and resistant starch products (phosphate cross-linked starches with over 75% fiber content). These functional ingredients are supported by application-specific modified starch products including Matsutani Yuri 8 (for chewy texture), WR-2 (for anti-staling bread texture), Pine Ace 1 and Gristar P (for sauce applications), Select Amyl XF (for thickener applications), P Index #1 (for milk-rich beverages), and Max 1000/TK-16 (for crispy textures). The company also develops industrial starch applications for carbon-neutral materials, positioning starch as a sustainable alternative to petroleum-derived materials. Products serve food manufacturers across bakery, confectionery, noodle, sauce, beverage, and ready-meal segments, with technical support for Tokuho (Food with Function Claims) and functional food product development.

Differentiator

Problem solved

Functional benefit

Brands

• ASTRAEA (アストレア): Brand name for their high-purity rare sugar allulose crystalline product.
• Fibersol-2 (ファイバーソル2)
• Rare Sweet

Products and services

• Denpun (でん粉) - Regular Starch Base starch products derived from natural sources (tapioca, potato, corn, and other starch varieties) serving as foundational ingredients for food manufacturers across multiple categories.
• Modified Starch (加工でん粉) Chemically or physically modified starches with enhanced functional properties (stability, texture control, freeze-thaw resistance, heat resistance) for specialized food processing applications.
• Starch Decomposition Products (でん粉分解物) Enzymatically or chemically decomposed starch products including maltodextrins, cyclodextrins, and reducing sugars used for texture modification, viscosity control, and masking effects in food applications.
• Fibersol-2 (ファイバーソル2) - Indigestible Dextrin Water-soluble dietary fiber (resistant maltodextrin/indigestible dextrin) derived from natural starch with over 85% fiber content and six validated physiological functions including intestinal regulation, postprandial blood sugar suppression, triglyceride suppression, serum lipid reduction, visceral fat reduction, and mineral absorption promotion. US FDA GRAS approved.
• Resistant Starch Type 4 (難消化性でん粉) High-crosslink phosphate Type 4 resistant starch with over 75% dietary fiber content and zero caloric fiber fraction, used for fiber fortification and low-carb formulations in bakery, confectionery, and noodle applications.
• ASTRAEA (アストレア) - D-Allulose Rare Sugar Ingredient High-purity crystalline D-allulose (D-psicose) rare sugar ingredient providing approximately 70% sucrose sweetness with zero calories, offering physiological functions including GLP-1 secretion promotion, blood glucose suppression, fat combustion, and exercise performance enhancement.
• Fibersol-2H (ファイバーソル2H) - Reduced Indigestible Dextrin Reduced indigestible dextrin variant with over 85% fiber content used for salt taste reduction, potassium chloride flavor masking, and other functional food formulation applications.
• Industrial Starch Applications (工業用途) Starch-based materials for industrial applications (binders, thickeners, viscosity/stabilization for water-based materials) positioned as carbon-neutral plant-derived alternatives to petroleum-derived chemicals.
• ASTRAEA W (アストレアW) - Large-Capacity Allulose Pack Large-capacity pack of ASTRAEA allulose launched in November 2024 for expanded commercial use in food manufacturing applications and direct consumer sales via the Matsutani & RareSweet online shop.
• ASTRAEA Pro (アストレアプロ) - Allulose Functional Product Branded allulose powder product in stick packaging for fat combustion promotion, with functional food notifications G679 (daily activities) and G1305 (exercise), containing 5g allulose per serving.
• ASTRAEA Pro G / Pro GC (アストレアプロG/GC) - Allulose Stick Sugar Branded allulose stick sugar products for postprandial blood sugar suppression (G326) and sugar absorption suppression (G329), containing 5g allulose per stick and consumed with meals as a sweetener.

Quantifiable outcome

• Fibersol-2 accounts for 35.0% of all Japanese Tokuho (specific health use food) approved products — 375 out of 1,062 total products as of April 2020
• +5 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Kagawa University — International Rare Sugar Research and Education CentercoreStrategic or Co-development Partner · 28 April 2026Long-standing research partnership between Matsutani and Kagawa University on D-allulose rare sugar science and applications. The partnership spans from fundamental rare sugar research to commercial product development, and includes joint exhibition at the Osaka-Kansai Expo 2025. The collaboration has produced multiple scientific publications including a Nature SpotlightNutrition feature. Kagawa University celebrated the 10th anniversary of its Rare Sugar Research Institute in April 2026.
• Ministry of Education, Culture, Sports, Science and Technology (MEXT) — JapancoreStrategic or Co-development PartnerCo-exhibited with Kagawa University at the 2025 Osaka-Kansai Expo under MEXT's 'Science for the Future' program, presenting rare sugar science to the general public. This partnership positions Matsutani's rare sugar research as part of Japan's national scientific outreach.
• Rare Sugar Co., Ltd. (マツタニ&レアスウィート)minorChannel Partner/ Reseller/ DistributorSubsidiary or affiliated online retail entity (raresugar.co.jp) handling direct-to-consumer sales of ASTRAEA allulose products. Part of Matsutani's consumer-facing distribution for the RareSweet brand.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• CJ CheilJedang: Korean food and ingredient conglomerate with starch, sweetener, and bio-product lines, including polydextrose and functional carbohydrates. Identified alongside Matsutani as a leader in the polydextrose market.
• ADM (Archer Daniels Midland): Global food ingredients and agricultural processor with broad starch, sweetener, and polydextrose product lines competing for the same B2B food manufacturer customers as Matsutani.
• Cargill: Diversified global agribusiness with a large food ingredients business including starches, sweeteners, and texturizers. Listed alongside Matsutani in polydextrose and rare sugar market reports as a leading player.

Emerging players

• Samyang Corporation: Korean ingredient manufacturer producing specialty starches, sweeteners, and allulose. An emerging Asian player in the functional sweetener and resistant starch categories where Matsutani competes.

Direct peers

• Ingredion: Major starch and sweetener producer operating globally across specialty carbohydrates, polyols, and clean-label ingredients. Identified alongside Matsutani as a leading player in the global allulose and rare sugar markets.
• Tate & Lyle: Global specialty food ingredient manufacturer with significant starch, sweetener, and dietary fiber portfolios — including allulose (DOLCIA PRIMA) and resistant maltodextrin products — directly competing with Matsutani in functional sweeteners and resistant fibers.
• Tereos: French cooperative producing starch, sweeteners, and alcohol from cereals and sugar beets. A direct competitor in industrial starch and specialty starch derivatives for global food manufacturers.
• Roquette: Global starch-derivative specialist producing polyols, modified starches, and plant-based ingredients for food, nutrition, and pharmaceutical applications. Direct peer in modified starch and specialty carbohydrate categories.

Regional players

• Fuji Nihon Seito: Japanese sugar and starch manufacturer with overlapping functional ingredient and polydextrose offerings, primarily serving the Japanese market. Listed as a peer in the global polydextrose market report.
• San'ei Sucrochemical: Japanese specialty sweetener and starch-derivative producer focused on rare sugars, oligosaccharides, and sucrose-derived ingredients — overlapping with Matsutani's rare sugar / ASTRAEA franchise in Japan.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xmatsutani.co.jp/english

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matsutani