Dive Brief:
- V2food, a leading plant-based meat company in Australia, has acquired Daring Foods, a vegan chicken producer, to expand into the U.S. market.
- The acquisition, along with a partnership with Ajinomoto Co., a Japanese ingredients company, will help v2food expand into Africa and emerging Asian markets.
- Daring Foods will continue to operate under its own brand in the U.S., providing v2food with a platform to launch new products.
Dive Insight:
V2food aims to become a global leader in the plant-based meat industry, despite a decline in the U.S. market due to waning consumer interest and funding challenges.
While plant-based meat sales dropped by 28% in the U.S. between 2022 and 2024, Daring Foods managed to grow its revenue by 24% and become a top brand in the non-breaded plant-based chicken category.
V2food’s CEO, Tim York, sees the acquisition of Daring as an opportunity to combine their strengths and accelerate the plant-based protein mission.
The collaboration between Ajinomoto and v2food will lead to the development of new products, including a frozen meal range with clean-label options free of synthetic additives.
As the plant-based market consolidates, v2food, Daring Foods, and Ajinomoto aim to emerge as key players in the industry.
Daring’s CEO, Jeffrey Gendelman, predicts further industry consolidation, with only a few major players remaining, and believes Daring has what it takes to be a top global player.