Australia's sushi sector nears $1 billion revenue
Australia's sushi industry is on the cusp of becoming a billion-dollar sector, with major players orchestrating significant deals and expanding their footprints nationwide. The bite-sized fusion of fish and rice is now generating an estimated $925 million in annual revenue, according to an IBISWorld report, solidifying its position as a fast, healthy, and accessible dining option.
The soaring popularity of sushi and sashimi has attracted substantial investment. Notably, Melbourne-born brand Sushi Sushi was acquired by private equity firm Odyssey Private Equity for $50 million in 2019, and the firm is now looking to divest it for over $160 million. A sale brochure prepared by corporate advisory Luminis Partners highlights sushi as the fastest-growing category within the quick-serve restaurant sector, ripe for further consolidation. The brochure also points to a burgeoning "sushi generation" – a younger demographic increasingly seeking healthy, high-quality convenience food.
Despite this robust growth, the sector has not been without its challenges. Sydney-based national chain Sushi Bay faced a financial tsunami last year, collapsing under $21 million in debt. A significant portion of this debt stemmed from a record $15.3 million fine imposed by the Fair Work Ombudsman for allegedly underpaying 163 workers, primarily Korean nationals, by $650,000 over several years and subsequently falsifying records. The latest liquidator report indicates that Sushi Bay's holding company alone still owes over $7.6 million.
However, analysts remain optimistic about the industry's trajectory. "We found that cost of living pressures have driven some customers towards affordable and quick serve options like sushi, sashimi," stated IBISWorld analyst Yentl Liu. "Overall, sushi remains resilient due to its health appeal, convenience and flexibility, aligning with the busy lifestyles that we have."
Liu also emphasised the critical role of location in a restaurant's success.
Key Figures in Australia's Sushi Boom:
The Australian sushi landscape is dominated by several key players, each contributing to the industry's impressive revenue and employment figures:
Sushi Izu: Owned by US company Advanced Fresh Concepts (AFC) Franchise Corp, Sushi Izu claims to be Australia's largest sushi franchise with approximately 240 locations across every state except Tasmania. Directed by global CEO Jeffrey Seiler, Yohei Ogawa, and Australian general manager Damien Blakeney, the company reported $139.5 million in revenue for the 2023-24 financial year, yielding a $2.5 million net profit. Sushi Izu also has a significant presence in supermarkets and petrol stations through its partnership with Woolworths.
Sushi Sushi: Founded in Box Hill, Melbourne in 1998, Sushi Sushi was sold to Odyssey Private Equity in 2019 by co-founder Anna Kasman, often referred to as Australia's "sushi queen." With over 170 locations across all Australian states and territories, the chain is currently on the market with an asking price exceeding $160 million. Sushi Sushi recently expanded its footprint by acquiring Sushi Musa, adding more locations in Sydney, Newcastle, and Canberra.
Sushi Hub: Established in 2006 by university friends Raymond Chen, James Chen, and Leon Li in a Western Sydney alleyway, Sushi Hub has grown to approximately 200 stores nationwide. The trio, who remain directors of Sushi Hub Holding, reported a substantial $91.7 million in income and a $14.5 million net profit last financial year.
Sushi Jiro: Known for its sushi train format, Sushi Jiro operates multiple stores, including one in Brisbane boasting what it claims is the longest conveyor belt in the Southern Hemisphere (115 meters). Anna Kasman, co-founder of Sushi Sushi, acquired the Sushi Jiro Express chain in September 2022. The franchise has since expanded to over 30 locations across Victoria, Queensland, and Western Australia.
Hero Sushi: Hero Food Corporation, the holding company for Hero Sushi, is directed by Deuk Hee "William" Lee and Hokun "Robert" Hwang, who are also its sole shareholders. With over 50 stores across NSW, Queensland, Victoria, and the ACT, Hero Sushi has faced corporate challenges, including a $600,000 fine in 2020 for underpayment of staff, with directors also facing personal fines.
Sushi Train: Gold Coaster Bob Jones, originally from Japan, founded Sushi Train in Surfers Paradise in 1993. The company, which claims to have pioneered the sushi conveyor belt concept in Australia, now operates 49 stores across Australia and two in New Zealand, with two more openings scheduled for the coming week. Sushi Train is recognized for its distinctive "irasshaimase!" and "arigato" greetings.
Wara Sushi: Launched in Logan, Queensland in 2014 by manager and former civil engineer Tony Choi, Brisbane-based Wara Sushi has expanded to 14 stores in Queensland and Western Australia, aspiring to be "the best tasting sushi in Australia."
Sushi Naya and Uobei: Naya Food, a Bankstown-based parent company directed by Bingqiang Ni, has been operating Sushi Naya for 11 years, with 11 stores open across Sydney and five more in the pipeline. The company also oversees two Uobei sushi train restaurants in Sydney.
Jonathan Jackson, 10th June 2025
