Pulmuone Reports Brisk Performance in First Half with Rapid Sales of Tofu and Convenience Foods in US, China and Japan

◦ Tofu and Asian noodles saw sales increases of nearly 20% and 30% in US in 1st half of 2020

◦ Sales of tofu and pastas in 1st half of 2020 jumped up by 87% and 176% in China

◦ Frozen Mozzarella Corn Dogs has sold 2.5M units per month in Japan to become new driver of growth

SEOUL – July 22nd, 2020 – Pulmuone reported brisk performance overseas in global markets including the U.S., China and Japan in the first half of 2020.

Pulmuone announced on 22nd that the rapid rise in sales of its flagship products including tofu, fresh noodles and frozen convenience foods in the U.S., China and Japan is leading the overall growth of its overseas business.

In the U.S., Pulmuone’ tofu and Asian noodle sales showed a remarkable jump of nearly 20% and 30% year-on-year respectively in the first half of 2020.

Sales of Pulmuone’s tofu in the U.S. has steadily increased annually with the recent surge in demand for plant-based protein foods. This year, Pulmuone’s tofu plants in Fullerton, Ayer and Tappan are being operated 100 percent of the time and more than 1 million packs of tofu are being exported from plants in South Korea, the home country of the company, in order to supplement the local production. According to Nielsen’s recent data, the volume of the U.S. tofu market surpassed $100 million in the last year and the number saw a year-over-year growth of 50 percent in the first half of 2020.

Fresh Asian noodles of Pulmuone also witnessed a substantial increase in sales. With positive performances of Black Bean Sauce Noodles and Teriyaki Stir-fry Udon in U.S. Costco stores since 2016, Pulmuone sold more than $30 million of Asian noodles in 2019. Hitting the shelves of Sam’s Club, a membership-only retail warehouse operated by Walmart, Pulmuone is expected to gain further momentum in sales of fresh noodles in the U.S.

▲ Pulmuone tofu products in US, from left, Wildwood Organic High Protein Tofu Super Firm and Nasoya Organic Tofu Super Firm

▲ Pulmuone Asian noodle products in US, from left, Black Bean Sauce Noodles and Teriyaki Stir-fry Udon

Pulmuone’s overseas business with the most remarkable performance is its Chinese bureau. Since the entrance to the Chinese market, Pulmuone has focused on new sales channels including e-commerce and online-to-offline (O2O), and the bold strategy has led to a boost in sales as the number of contactless transactions marked a sharp increase after the COVID-19 outbreak. Pulmuone turned its first profit in China in the first quarter of 2020, and the growth continued in the second quarter with sales increases of pastas and tofu up by 176% and 87% respectively.

As the sole manufacturer of pastas in the form of convenience food, Pulmuone plans to consolidate the presence of its brand “Pumeiduo” among China’s millennials and Gen Z consumers. From this year, Pulmuone is selling processed tofu products, the most common varieties of the soybean curd among the Chinese population, with an aim to further boost its market dominance.

▲ Pulmuone pastas in China, from left, Meat Tomato, Arabiata, and Cheese Bacon

▲ Pulmuone processed tofu products in China

The Japanese business of Pulmuone is discovering a new driver of growth with blockbuster sales of frozen convenience foods this year. To take advantage of the recent popularity of Korean-style corn dogs on street corners in Japan, Pulmuone began to export its Mozzarella Corn Dogs to the neighboring country in July 2019 and successfully launched the product to the local market this year. One out of every three of its nationally produced Mozzarella Corn Dogs is shipped to Japan, with monthly sales of more than 2.5 million units in the market. Pulmuone expects to sell more than 30 million units of Mozzarella Corn Dogs annually and continue to launch its top-selling frozen convenience food items to Japan in the coming years.

“Despite the COVID-19 pandemic affecting our domestic and international business, Pulmuone is converting the challenges into opportunities by focusing on our main products including tofu, fresh noodles and frozen convenience foods,” said Pulmuone General CEO Lee Hyo-yul. “By sustaining profitable growth of our overseas business, Pulmuone aims to achieve consolidated revenues of KRW 3 trillion (appr. $ 2.5 billion) by 2022 and become a global LOHAS company.”

Pulmuone first entered the U.S. market in 1991 and its business kicked off in earnest in 1995 when the tofu manufacturing plant was completed. The company has led the U.S. tofu market since its acquisition of America’s no.1 tofu brand Nasoya in 2016 and is actively expanding to include Asian noodles and kimchi to its lineup.

Pulmuone’s Chinese business ‘Pumeiduo’ was founded in 2010 in Beijing and Sanghai. Its plant in Beijing is producing tofu, pasta and other foods, and the first quarter of 2020 saw the company’s first profit in 10 years of operations.

In Japan, since Pulmuone acquired the country’s 4th largest tofu brand Asahico in 2014, annual sales of Pulmuone foods including plain and fried tofu have been surpassing KRW 100 billion (appr. $83.4 million). More recently, Pulmuone is securing a new momentum for growth with its Mozzarella Corn Dog products to expand presence in the country’s frozen convenience food market.

Previous press releases on Pulmuone's overseas business:

(Jun 1) Pulmuone Posts First Quarterly Profit in China in 10 Years with Pasta and Tofu Sales

(Mar 24) Pulmuone Asian Noodle Sales in US Rapidly Grow with 6-fold Increase in 4 Years

ABOUT PULMUONE

For decades, Pulmuone has been making plant-forward and Asian-inspired cooking easier and more delicious for people from all walks and stages in life. Pulmuone’s family of brands: Nasoya, Wildwood, Emerald Valley Kitchen, and Monterey Gourmet Foods are proud to inspire healthy eating while providing conscious choices for the planet and its people - putting us all on a path for a better tomorrow.