Sumitomo Corporation, one of Japan's leading trading houses, is to stock a range of nutritious plant-based dairy alternatives produced by the US group Galaxy Nutritional Foods,a nd the company said it expected Japanese sales to grow faster than expected as a result.
The deal came after Galaxy took part in last week's FoodEx show in Japan, and the company said that it hoped to sign more Asian deals in the near future as a result of other contacts made during the exhibition.
"Based on an overwhelming response at FoodEx, the company believes sales to this market [Japan] will exceed its initial estimate of $2 million for fiscal year 2003. The company currently believes sales will now be in excess of $6 million in the Japanese market in 2003," Galaxy said in a statement.
At the show, Galaxy and Sumitomo worked in tandem to bring a new level of awareness to Galaxy's products in the Japanese market. Food retailers and distributors received information about distribution and sampled Galaxy's Veggie products.
"The overwhelming conclusion at the Tokyo Expo from interested retailers and distributors was that Galaxy's Veggie Brand Dairy Alternatives will be the only choice for Japanese consumers looking for the quality, selection, and taste desired in this market. With leading partners such as Sumitomo, we are confident we can quickly penetrate the Japanese market," commented Angelo Morini, Galaxy's chairman and president.
"In addition, we continue to believe the opportunity in the Japanese market is substantial due to consumer demand for alternatives to dairy products that provide the benefits of phytonutrient rich (more nutritious) Veggie Brand Dairy Alternatives, including being lactose-free, saturated fat-free, cholesterol free, and significantly lower in calories."