Calbee Takes Majority Stake in Hodo, Targeting U.S. Plant-based Growth

Japanese multinational food company Calbee, Inc. has taken a majority stake in sustainable tofu brand Hodo, Inc., marking its entry into the U.S. plant-based food market and accelerating its growth in the international health and wellness businesses.

Additionally, Sagamiya Foods Co. – a leading tofu manufacturer in Japan – has acquired a 10% stake in Hodo, according to a press release.

“As demand for sustainable foods grows, tofu is increasingly valued by health-conscious consumers. With its plant-based protein content and minimal processing, tofu is drawing particular attention in the U.S. market, where health and environmental concerns are driving growth. Our vision at Calbee is to build a global portfolio of foods that are enjoyable and meaningful, ” said Makoto Ehara, CEO of Calbee, in a statement.

Founded in 2004, Hodo produces a diverse portfolio of soy milk-based products, from Yuba Noodles to Moroccan Tofu Cubes to Organic Chili Crisp Dip. Its products are available in thousands of doors nationwide, including Harris Teeter, H-E-B, Whole Foods Market and Meijer, among others.

In 2020, the brand secured a Series B investment from VC firm Renewal Funds to expand the production capacity of its Oakland facility. The brand previously partnered with QSR chains Chipotle and sweetgreen, as well as Michelin-starred restaurants Daniel and SingleThread Farms.

Calbee’s majority stake (58%) in Hodo is part of a three-year transformation plan dubbed “Change 2025,” through which the company identified overseas expansion as a key pillar of growth. The U.S. serves as a key market for this initiative.

The acquisition comes amidst a significant shift in the plant-based category. Many heavily-capitalized entities that were once the darlings of the segment, such as Beyond (formerly Beyond Meat), Impossible Foods and Meati, are now faltering. However, not all meat alternatives are faring equally – last year, products featuring traditional plant proteins like tofu, tempeh and seitan brought in $221 million in dollar sales in 2024, as reported by Green Queen.

“Success in 2025 is building a loyal, repeat customer base through taste, nutritional integrity and price point. Where the plant-based category faltered in the past is chasing a value proposition the consumer never asked for,” Elly Truesdell, founder and managing partner at investment firm New Fare Partners, previously told Nosh. “The few brands that developed their own distinct offering, and have proven success through performance in natural and conventional channels, are winning.”

Earlier this year, Calbee North America, a holding company of Calbee, Inc., strengthened its innovation capabilities by opening a new R&D innovation center in Madera, Calif. The facility is expected to help the company grow by double-digits annually through accelerated innovation and development by introducing Asian-flavored snack offerings to the mainstream marketplace.

“We are so proud of the great-tasting, high-quality products that our team has brought to the North America marketplace to date and look forward to expanding our ability to innovate with a new hub here in the U.S.,” said Takuro Kris Tasumi, director of R&D at Calbee North America, in a statement at the time of the facility’s opening.