Dive Brief:
- V2food, one of Australia’s biggest plant-based meat makers, has acquired vegan chicken producer Daring Foods for an undisclosed amount as it eyes an expansion into the U.S. market.
- The acquisition was announced alongside a partnership with Japan-based ingredients giant Ajinomoto Co., whose global network will allow v2food to expand into Africa and emerging markets in Asia.
- Daring will continue to operate under its own brand in the U.S., according to a statement. The transaction gives v2food a platform to launch other products under its own banner.
Dive Insight:
V2food is setting its sights on becoming a global leader in the plant-based meat category even as the segment has taken a nosedive in the U.S., where many companies have struggled amid declining consumer interest and a loss of venture capital.
Between 2022 and 2024, unit sales of plant-based meat declined 28% in the U.S., according to the Good Food Institute. The grim landscape has prompted layoffs at some of the largest players in the space, including Beyond Meat.
Daring, however, is one of the few U.S. brands to remain resilient despite the broader headwinds. The company grew revenue 24% in 2023 and became the No. 1 brand in the non-breaded plant-based chicken category.
“Daring has built an incredible, consumer-loved brand with strong reach across the U.S., and combining that with our food technology creates immediate opportunities to accelerate our mission to be one of the global leaders in plant-based protein,” Tim York, CEO of v2food, said in a statement.
The deep technical expertise between Ajinomoto and v2food will help accelerate development of new products, including an upcoming frozen meal range, according to a press release sent to Food Dive. V2food has worked to address consumer concerns around synthetic additives, offering more clean-label options that are free of methylcellulose and contain natural colors from algae.
As the plant-based market consolidates, v2food, Daring and Ajinomoto hope to be among the leading players left in the game.
“This is not an easy space to play in,” Daring CEO Jeffrey Gendelman wrote in a LinkedIn post. “Over the next five years, I expect to see further industry rationalization, with only a few major players left. We believe we’ve earned the right to be a Top 3 global player.”
