Tofoo Co takes larger portion of vegetarian market with 89% turnover increase

A vegetarian food manufacturer has announced that its turnover has increased by 89 per cent in the past year.

The Tofoo Co., based in Malton, has seen year on year turnover increase from approximately £7.75m to £14.7m.

This comes just four years after the company’s first year of trading, when turnover topped out at £600k.

It said that it has “ambitious” growth plans for this year and expects turnover to reach £20m by the end of 2021.

It is also expanding its product line, launching the UK’s first frozen tofu.

David Knibbs, founder and managing director of The Tofoo Co., commented: “In the last four years we’ve been on a mission to share with consumers, the incredible ingredient that is tofu.

“Through consistent innovation and a strong brand presence, we’ve built a very loyal consumer base that enjoys making delicious and wonderfully unexpected meals using The Tofoo Co. products.

“Consumers have fallen in love with our products and as a result, January 2020 was the start of a very successful year, when the brand turned over a record £1m in just one month. Throughout the year we’ve surpassed this total and in November 2020, celebrated sales of £1.4m.

“This Veganuary we’re planning to replicate the same success we’ve experienced in the chilled sector, in the frozen category by launching Tofoo Chunkies.

“Our entry into this market is part of our quest to make tofu more accessible. We know from research that this crispy format makes consumers really think differently about tofu – its taste, texture and how to use it.

“As a product it really overcomes some of the barriers to trial and shows how truly versatile tofu can be.”