Japanese snack manufacturer Calbee Inc. acquired a 58% stake in U.S. tofu maker Hodo Inc. for approximately ¥2.5 billion ($17 million), Nikkei reported Thursday, as the company seeks to diversify beyond its traditional chip and snack offerings.
The acquisition gives Calbee access to Hodo’s premium tofu products, which supply major foodservice clients including Chipotle Mexican Grill’s Sofritas line and technology companies like Google and Nvidia. The Oakland-based company, founded by Vietnamese refugee Minh Tsai, has built a reputation in the high-end tofu segment with products sold at upscale grocery chains.
While the tofu market has shown growth—with the category expanding 8% from 2021 to 2023 according to industry data—Calbee’s entry comes at a challenging time for plant-based alternatives. Many plant-based meat categories have faced declining sales as consumers remain price-sensitive following years of inflation.
The deal represents a modest investment for Calbee, which generated over ¥270 billion in revenue last fiscal year. The company has set a target of increasing overseas sales to 30-35% of total revenue by 2025, up from 23% in 2022.
However, questions remain about whether acquiring a niche tofu producer aligns with Calbee’s core competencies in mass-market snack manufacturing. The company faces established competitors in the North American plant-based space, including larger players with deeper distribution networks and more diverse product portfolios.
