Australian plant-based meat company, v2food, has acquired the largest US brand for unbreaded plant chicken, Daring Foods, and announced a partnership with Japanese food science giant Ajinomoto Co. Inc., as it signals a new platform for growth.
V2food CEO, Tim York, told Food & Drink Business the company is focused on science-led innovation and expanding its global market reach.
“This is really fundamental to the v2 mission – how to feed 10 billion people by 2050 and the need to develop more affordable protein solutions to do so,” York said.
Daring will continue to operate under its own brand in the US while leveraging v2food’s proprietary technology and manufacturing capabilities. For v2food, the acquisition offers a ready-made launchpad into America’s plant-based sector as well as building on its dominance in the Australian market.
“At some point you’ve got to leave the safety of home shores and go into bigger markets… the US is about a $1.5 billion market, so it’s a great place for us to go next.
Daring sits in a nice consumer position in the US with the cleanest ingredient deck of anyone in plant-based – only six simple ingredients. It is also one of only two brands in the US still in growth and has continued to grow year on year since it launched… It’s a really strong concept we’re keen to expand,” York said.
The acquisition was part of a joint announcement, with v2food also announcing a collaboration with Ajinomoto, that will bring expertise in amino science, food formulation, and large-scale distribution.
Ajinomoto president and CEO, Shigeo Nakamura said the company’s philosophy, Eat Well, Live Well, aligned perfectly with v2food’s vision for sustainable, nutritious alternatives.
“This strategic collaboration is focused on our shared commitment to revolutionising the global food system through innovation, sustainability, and co-creation in technology and business development,” Nakamura said.
Ajinomoto’s Green Business Development Department will support projects already underway in emerging markets across Africa and Asia – regions expected to account for the majority of global population growth in the next 25 years.
“Having the scale of Ajinomoto to help us on select R&D problems and in distribution and manufacturing in different markets is going to be really helpful,” York said.
Central to the partnership is the development of next-generation clean protein products that meet consumer demand for great taste, affordability, and short, recognisable ingredient lists. Planned innovations include a new frozen meal range showcasing methylcellulose-free formulations and natural colour-changing technology derived from algae.
“It’s a big job to build the food system of the future – and I’m really excited to have partners to do it with, because the more people we have rowing in the same direction, the better,” York said.
