v2food CEO cites Daring Foods acquisition as a strategic move due to its rapid growth in the US market
In a significant shakeup of the US plant-based meat market, Australian market leader v2food has made a strategic move by acquiring Daring Foods, the US market leader in unbreaded plant-based chicken, in 2025 [1][4]. This acquisition gives v2food an immediate and strong foothold in the US, the largest alt-meat market globally, without the high costs typically associated with market entry from scratch [1][3].
Daring Foods, with a market share of approximately 45% and availability in over 15,000+ retail locations, including Walmart and Whole Foods [1][4], continues to operate under its own brand in the US while serving as v2food’s launch pad for new products [2][5].
The synergy between the two companies combines Daring’s powerful brand recognition and retail infrastructure with v2food’s proprietary technologies, such as methylcellulose-free formulations and algae-based, color-changing ingredients [1][5]. These innovations cater to increasing consumer demand for clean-label, nutrient-rich plant-based products that do not compromise on taste or texture [3].
Future prospects appear promising, driven by:
- Product innovation that leverages the combined R&D capabilities of both companies and a strategic partnership with Japanese food and biotech giant Ajinomoto Co., known for its deep expertise in food science and extensive frozen food distribution in the US [1][3][5].
- Expansion beyond Daring’s current niche in unbreaded plant-based chicken into a broader product pipeline, including clean-label frozen meals appealing to flexitarians and health-conscious consumers [1][3].
- Market dynamics favouring frozen plant-based products over chilled ones, with frozen items showing more stable growth due to shelf-life advantages and consumer acceptance [2].
- A market strategy harnessing Daring’s existing consumer loyalty and extensive distribution while introducing v2food’s products and innovations through the Daring brand platform, providing a flywheel effect of innovation driving adoption and expanding retail presence [1][2][5].
The partnership with Ajinomoto will also focus on growing Daring’s frozen entrees business in the US, as Ajinomoto is a large-scale frozen food company [5]. Ajinomoto has also made an investment into v2food, making them a part of v2food's cap table.
The acquisition aligns with both companies' goals to scale rapidly in the US and leverage complementary strengths. This combined entity is well-positioned to capitalize on the growing US plant-based meat market by offering innovative, clean-label alternatives and expanding product categories under strong retail and brand positions [1][3][5].
Tim York, CEO of v2food, stated that the acquisition of Daring was due to the crowded US market for plant-based meats and the strong distribution and consumer appeal of Daring [6]. Jack Cowin, an early v2food investor and founder of Hungry Jack's, sees the Daring acquisition as a logical next phase of growth as the market consolidates [4].
However, v2food's expansion into QSRs in Asia has yielded mixed results, with plant-based offerings in QSRs in Asia not gaining lasting popularity [7]. Despite this, Cowin expects to see a rationalization of the plant-based industry over the next five years, with various best-in-class companies coming together to gain scale and provide solutions that meet consumer requirements [8].
References:
- v2food Acquires Daring Foods
- v2food Acquires Daring Foods: A Strategic Move
- v2food and Daring Foods: A Powerful Combination
- Cowin Backs v2food's US Expansion
- v2food and Ajinomoto Partner for US Expansion
- v2food Acquires Daring Foods: The Inside Story
- Plant-based Offerings in QSRs in Asia: A Missed Opportunity
- Cowin Predicts Consolidation in the Plant-based Industry
- As v2food forges ahead in the US market, they will leverage technology to innovate clean-label, nutrient-rich plant-based products, moving beyond their current focus on unbreaded chicken, thanks to their strategic acquisition of Daring Foods and partnership with technology-driven companies like Ajinomoto.
- The combined technology and business strategies of v2food and Daring Foods aim to cater to the increasing demand for plant-based alternatives in investing, not only in the US but also globally, as they expand into the frozen food sector and explore opportunities in the even larger global market.
