Japan's antitrust watchdog, the Japan Fair Trade Commission, conducted searches at the offices of six major ice cream makers—Meiji Co, Morinaga Milk Industry Co, Lotte Co, Ezaki Glico Co, Morinaga & Co, and Akagi Nyugyo Co—on Tuesday. The investigation centers on suspicions that these companies colluded to raise suggested retail prices for ice cream and other frozen desserts, potentially violating the antimonopoly law [1]. According to sources familiar with the matter, the companies are suspected of exchanging information through emails and meetings over several years to coordinate both the timing and size of price increases [1].
This marks the first time the commission has investigated a suspected price cartel involving ice cream makers. The probe also seeks to determine whether the companies exploited inflation to raise suggested retail prices beyond what was justified by increased costs [1]. Although suggested retail prices are not binding, retailers often use them as a guide when setting shelf prices, which can significantly influence consumer costs [1].
Ezaki Glico Co confirmed its cooperation with the investigation, stating, "It is true that we are under investigation by the Fair Trade Commission. We are cooperating fully" [1]. The Japanese market for ice cream and frozen desserts reached a record 663.1 billion yen ($4 billion) in fiscal 2025, ended March, marking the sixth consecutive year of record highs. This growth was driven in part by increased demand during an extremely hot summer and price hikes [1].
Historically, the commission found Haagen-Dazs Japan Inc in violation of the antimonopoly law in 1997 for pressuring retailers not to discount products from suggested retail prices, highlighting the watchdog's ongoing scrutiny of pricing practices in the sector [1].
CONCLUSION
The Japan Fair Trade Commission's raid on six major ice cream makers signals heightened regulatory scrutiny over potential price-fixing in a booming market. With the investigation focusing on alleged collusion and inflation-driven price hikes, the event is likely to have significant implications for both industry practices and consumer prices. Market participants should monitor developments closely as the probe unfolds.