The Tofoo Co has had such an incredible year that the company has invested £1M in new equipment to further increase the factory capacity of its tofu products by 70% to meet demand. The UK manufacturer now projects sales of the company is now aiming for £20M in 2021.
In 2018 the company turned over £4.8m. We reported in April this year that the company was forecasting £30 + million by 2025 and in the shorter term the company is now aiming for £20 million next year. Progress has been incredible since its launch in 2016, increasing its turnover from £600,000 to a present £14m with 93 full time employees and continuing to hire.
The Yorkshire-based firm is now installing a new soy milk cooker that is being shipped over from Japan, to generate an additional 50 tonnes of plain tofu per week to create its products. The Business Desk reports that The Tofoo Co is also expanding operational output with new packing hall machinery, pressing equipment and is planning a recruitment drive to ensure it has enough capacity to meet the anticipated high demand going forward.
The Tofoo Co’s founder David Knibbs said to the Yorkshire newspaper: “With cafés and restaurants currently closed, people are experimenting more with what they can cook at home. The tofu category penetration is continuing to increase, up 40% compared to two years ago. The opportunity for growth within the sector is significant.”
He further added: “It’s gratifying to see how much Tofoo has been embraced by consumers and how many people we’ve engaged who previously didn’t understand how to use tofu. It’s a versatile product which has been enjoyed in Eastern diets for thousands of years and we want to encourage consumers to see it as a staple ingredient.”