Dive Brief:

• Hi-Chew owner Morinaga & Co. said Monday it reached an agreement to acquire My/Mochi, the largest U.S. mochi ice cream brand in the U.S., for an undisclosed amount.
• The deal enables Tokyo-based Morinaga to enter the U.S. frozen dessert market “at full scale” as the company aims to expand its snacking presence in the country, according to a release.
• For My/Mochi, the sale enhances the more than 30-year-old brand’s ability to innovate and reach a “broader group of consumers,” the brand’s CEO and President Craig Berger said.

Dive Insight:

My/Mochi, a producer of ice cream wrapped in sweet rice dough, has benefitted from strong demand from Generation Z snackers who are looking for multi-textural experiences and globally-inspired flavors and foods.

Mochi ice cream was invented by Frances Hashimoto, Japanese-American schoolteacher from Los Angeles who brought the snack into the mainstream in the 1990s through her family’s confectionery business Mikawaya. In 2017, Mikawaya launched My/Mochi to reach a broader set of consumers by pairing traditional options like green tea with more familiar flavors such as chocolate.

The brand reached $80 million in annual sales for the year ending Jan. 25, according to SPINS data cited by Morinaga.

Asian food is finding a larger presence at dinner tables and restaurants in the U.S. due to its unique flavor profile and association with healthier eating. Sales of items in the “Asian/ethnic aisle” in U.S. grocery stores grew nearly four times more than overall sales in 2024, according to data from analytics company Circana cited by The New York Times.

Morinaga has identified the U.S. as one of its primary markets for growth, investing heavily to expand awareness of Hi-Chew among Gen Z and Gen Alpha. The company is set to open its second U.S. factory in 2027.

As Morinaga looks to expand its position in U.S. snacking, it said it’s earmarked the frozen treats category as among the most attractive and fast-growing segments. My/Mochi has looked to introduce new offerings such as ice cream sandwiches, and Morinaga said it would be able to leverage its expertise in categories like popsicles and ice cream bars to expand innovation further. 

“In welcoming My/Mochi to the Morinaga family, we see a tremendous opportunity to build a sustainable snacking business positioned for future growth,” Teruhiro “Terry” Kawabe, president and CEO of Morinaga America, said in a statement.