Pulmuone Has Sold 70 Million Tofu Bars in Japan, Begun Exports to Southeast Asian Market

◦ Asahico, Pulmuone’s Japanese subsidiary, has sold 70 million units of Tofu Bar in three and a half years, invigorating the Japanese tofu market with its innovative healthy protein snack
◦ Starting exports of its Tofu Bar to Singapore in April this year, Asahico plans to expand to Hong Kong, Taiwan, the US, and Europe
◦ Asahico CEO Mio Ikeda featured on major Japanese terrestrial broadcasts to promote the Tofu Bar through unique marketing efforts

▲ Pulmuone Tofu Bar Unit Sales in Japan

SEOUL – July 19th, 2024 – Pulmuone's Japan subsidiary Asahico has achieved a cumulative sales milestone of 70 million units for its hit healthy protein snack, ‘Tofu Bar’, which is sold in about 30,000 major convenience stores across Japan. With plans to enter the Southeast Asian market, Pulmuone is bringing a fresh wave to the local tofu market.

Asahico announced on 19th that the sales of Tofu Bar, a popular convenience store snack enjoyed by people of all ages in Japan, have reached 70 million units in three and a half years since its launch. The company plans to enter Southeast Asian market after starting exports to Singapore this April.

Launched at the end of 2020 by Pulmuone’s Japanese subsidiary Asahico, the Tofu Bar is a plant-based protein snack containing 10 grams of protein per unit, offering a satisfying and chewy texture. It has gained significant popularity as a healthy snack, meal substitute, post-workout protein source, and healthful appetizer, particularly among men aged 30 to 50. It reached 10 million units in sales by December 2021, 30 million by December 2022, and 50 million by September 2023, showing a steep growth trajectory. Currently, about 70,000 units are sold daily across Japan's three major convenience stores: 7-Eleven, FamilyMart, and Lawson. As of July 14th, 2024, cumulative sales have exceeded 70 million units.

▲ Pulmuone Tofu Bar products: Umami Kelp, Basil Salt, Lotus Root and Soybean, Dried Radish, and Roasted Soy Sauce

Asahico continues to launch new Tofu Bar products to suit local tastes, offering a variety of product lines including five main flavors: Umami Kelp, Basil Salt, Lotus Root and Soybean, Dried Radish, and Roasted Soy Sauce. Including private brand products like Yuzukosho, which is flavored with green pepper and yuzu, there are currently 16 types of Tofu Bar available in the Japanese market.

To meet the growing demand for Tofu Bar, Asahico has expanded the production line at its Kyoda plant in northern Saitama Prefecture three times: in January 2022, March 2023, and March this year. The plant now produces over 2 million units of Tofu Bar monthly.

▲ Pulmuone's Japan subsidiary Asahico's Tofu Bar are displayed at a local convenience store in Japan

Beyond establishing the Tofu Bar in the Japanese market, Asahico is targeting overseas markets starting with Southeast Asia. Asahico CEO Mio Ikeda announced the export plans to Singapore at a new business presentation on March 27, and began selling the Tofu Bar in Singapore convenience stores in April. With the rising popularity of J-POP and Japanese food in Singapore, along with growing interest in health foods, Asahico sees significant potential for the Tofu Bar. The product is being exported to Singapore using an ultra-fast freezer that rapidly freezes the Tofu Bar at -35 degrees Celsius, with plans to quickly expand to Hong Kong, Taiwan, and other Southeast Asian markets.

The success of the Tofu Bar has been highlighted by major Japanese terrestrial broadcasts, which have reported on the product’s development and popularity. A leading terrestrial broadcast network dedicated a total of 60 minutes across three episodes in April and May to feature Asahico and the Tofu Bar. CEO Mio Ikeda appeared on these programs to discuss sales achievements and recent export developments, and conducted unique marketing by unveiling two new product candidates live on air, engaging the hosts and guests in a voting process to select the final product.

Another current affairs program featured the Tofu Bar in April over two episodes, spotlighting the innovation it brings to the Japanese tofu market. Mio Ikeda also appeared on this show and revealed that the inspiration for the Tofu Bar came from firm tofu sold in American grocery stores and expressed her ambition to change the global tofu market with Asahico’s technology, honed over 50 years of producing tofu and yuba.

▲ Mio Ikeda, the CEO of Pulmuone's Japan subsidiary Asahico, is answering questions from the local Japanese media.

"The Tofu Bar has created a new category of protein health snacks in the stagnant Japanese tofu market, driving the growth of the entire tofu market,” said Asahico CEO Mio Ikeda. “Starting with Singapore, we plan to expand sales channels to Southeast Asia, the US, and Europe, aiming to increase the sales proportion of plant-based products to 30% of the total."

Mio Ikeda, who graduated from Tokyo University of Agriculture with a degree in Forestry, joined Pulmuone Japan in 2018 after a career in marketing and sales at food companies in Japan, Europe, and the US. She has held various roles, including head of the Plant Forward (PF) division and Sales Marketing Division, and was appointed as the new female CEO of Pulmuone Japan’s Asahico in May last year. She is currently leading Pulmuone’s Japanese business, focusing on expanding innovative plant-based protein products and exploring new markets to drive revenue growth.

▲ Flagship products of Asahico's own brand and convenience store private brand (PB) Tofu Bar being sold in Japan.