Morinaga Milk Industry (Morinaga Milk) is an iconic Japanese dairy company that celebrated its 100th anniversary in September 2017. It is one of three major players in an industry that includes more than 500 companies. The company has remained profitable over many years, underpinned by a value chain of products developed through vertical integration, starting with the sourcing of raw milk. Its extensive consumer and commercial products have strong brand recognition in Japan. In R&D, the company has been conducting research on bifidobacteria and lactoferrin for many years and has developed functional beverages and foods based on its findings.