Pulmuone Foods USA Captures 75 percent of US Tofu Market

◦ Amid the growing trend of plant-based protein in US, tofu is emerging as a healthy meat alternative

◦ Pulmuone Foods USA’s Organic High Protein Tofu Super Firm posts 46 pct. growth rate in Q3 2019.

◦ Pulmuone Foods USA leads US tofu market by launching ready-to-enjoy plant-based protein products for US consumers.

SEOUL – January 1st, 2019 – Pulmuone announced on 25th that Pulmuone Foods USA, a wholly-owned US subsidiary of the company, gained aggregate US tofu market share of 75 percent in 3Q 2019.

Pulmuone entered the US tofu market by acquiring the nation’s top tofu brand Nasoya in 2016 to establish nationwide distribution channels. US tofu market share of Pulmuone Foods USA, according to US Nielsen’s data, increased from 4.9% in 2015 to 69.5% in 2016.

Pulmuone Foods USA’s achievement of 75% tofu market share is due to the growing demand for plant-based protein food and aggressive marketing strategies of Pulmuone Foods USA to go beyond Asian markets and penetrate mainstream scene by launching new tofu products to satisfy palates of US consumers.

The solid market performance of Pulmuone Foods USA’s tofu products led to an increase in total sales. Total sales of Pulmuone Foods USA was around $90M in 2015 prior to the acquisition of Nasoya, and the number is projected to reach $180M within this year. An aggressive acquisition and strategic focus on Pulmuone’s flagship tofu products have been the main drivers for a two-fold increase in total US sales within the last four years.

Among the factors behind the recent growth of Pulmuone Foods USA is the global interest in plant-based protein food. As plant-based protein emerge as an environmentally sustainable alternative protein source, food tech companies such as Beyond Meat and Impossible Foods are striving to develop meatless alternatives.

Against this backdrop, tofu is grabbing the limelight as a healthy meat alternative. In fact, Organic High Protein Tofu Super Firm of Pulmuone’s US brand Wildwood, which contains 1.8 times the amount of protein as that of a regular tofu, posted a 46 % growth rate in the third quarter of 2019.

In October, to leverage the plant-based protein trend, Pulmuone Foods USA launched in Costco stores its new lineup of ready-to-enjoy plant-based protein products Superfood Skillet in two varieties, Zesty Mexican Style and Savory Tuscan Style, which combine tofu, cauliflower, carrots, paprika and various vegetables. After just 3 minutes in the microwave, the skillets are good on their own and perfect addition to nachos, pastas and more.

Pulmuone Foods USA is ready to release yet another protein ready meal Taco Kit, a convenience Mexican meal kit including a combination of tortilla and taco sauce made with tofu.

“The growing demand for plant-based protein options in US has been the main engine of Pulmuone Foods USA’s tofu business growth,” said Jong-hee Park, a Category Manager of Pulmuone Foods USA. “We are planning to continue innovating new ready-to-enjoy plant-based protein foods to maintain our dominance over the US tofu market.”

Another positive factor for Pulmuone Foods USA’s tofu business is the solid number of potential consumers in US where eight percent of the entire population, or 26 million people, are vegetarian. Moreover, 37 percent of non-vegetarian US millennials answered they are willing to buy plant-based protein foods in the coming future, according to Mintel’s report in 2018.

Meanwhile, New York City adopted Meatless Monday, which encourages to enjoy meat-free meals on Mondays to improve health and environmental sustainability, for residents, businesses and government organizations in November 4th. Currently, meatless Monday programs are available in all of 1,800 public schools and 11 public hospitals in New York City.

▲ Wildwood Organic High Protein Tofu Super Firm and Nasoya Organic Tofu Super Firm

▲ Nasoya Super Food Skillet - Zesty Mexican Style and Savory Tuscan Style

▲ Pulmuone Foods USA's tofu, ready-to-enjoy tofu, pasta, dumpling and kimchi products

Previous press releases on Pulmuone Foods USA tofu:

[Jan 13] Pulmuone Foods USA Posts 11.1 Growth in US Tofu Sales to Retain No.1 Market Share:

http://www.pulmuone.kr/en/newsroom/viewPulmuoneNews.do?id=988

About Pulmuone Co., Ltd.

Pulmuone, Korea’s leading company for wholesome foods, conducts business in a wide variety of areas, including functional foods, meal services, concession businesses, whole food distribution, mineral water, and fermented milk.

Pulmuone first entered overseas markets in 1991 by establishing a subsidiary in the U.S. Now with additional subsidiaries in China and Japan, and as an owner of U.S.’s #1 tofu brand Nasoya, the company is growing into a global enterprise.

About Pulmuone Foods USA.

Pulmuone Foods USA, a wholly-owned US subsidiary of Pulmuone, is the only tofu maker of South Korea to have manufacturing plants both in eastern and western parts of US and nationwide retail distribution channels.

After acquiring the to US tofu brand Nasoya in 2016, Pulmuone Foods USA is providing tofu products to over 20,000 stores in US. Amid the growing global demand for plant-based protein food, Pulmuone Foods USA is leading the US tofu market with a 75 percent market share.