Australian plant-based meat producer v2food has acquired US brand Daring Foods and formed a strategic partnership with Japanese food giant Ajinomoto as the company expands globally.
The acquisition gives v2food immediate access to the US market through Daring Foods, which became the leading brand in the non-breaded plant-based chicken category after growing revenue 24% in 2023. Daring will continue operating under its own label while serving as a platform for v2food’s broader product range in the US market.
“For several years, v2food has been the number one plant-based meat company in Australia, and through the acquisition of Daring, we are excited to be able to introduce our world-class product range into the USA market,” said Tim York, CEO of v2food.
Strategic partnership leverages century of food science expertise
The partnership with Tokyo-headquartered Ajinomoto brings together v2food’s protein technology with over 100 years of amino acid science and food innovation expertise.
“This strategic collaboration between Ajinomoto Co and v2food is focused on our shared commitment to revolutionizing the global food system through innovation, sustainability, and co-creation,” said Shigeo Nakamura, President & CEO of Ajinomoto Co. “Our ‘Eat Well, Live Well’ philosophy aligns perfectly with v2food’s vision to develop next-generation food solutions that meet rising consumer demand for sustainable, nutritious alternatives.”
The technical expertise combination will accelerate product development, including an upcoming frozen meal range designed to demonstrate how clean-label, plant-based products can deliver on taste, nutrition, and affordability.
v2food’s research includes developing formulations without methylcellulose and using algae-derived technology for natural color changes, addressing consumer preferences for simpler ingredient lists. These innovations could differentiate the combined entity as the market consolidates around fewer major players.
Daring CEO Jeffrey Gendelman emphasized the cultural alignment among the three companies. “Daring was built on a commitment to clean-label plant protein that never sacrifices taste or experience,” he said. “Together, we see an opportunity to shape the future of our space in a way none of us could have achieved alone.”
Global expansion targets high-growth regions
Ajinomoto’s established global footprint provides pathways for rapid expansion beyond developed markets. The partners are targeting regions including Africa and Asia, where population growth is expected to be most significant over the next 25 years.
The collaboration builds on Ajinomoto’s Green Business Development Department, supporting the company’s sustainability commitments while capitalizing on rising consumer interest in plant-based diets in emerging markets.
Industry veteran Jack Cowin, founder of Hungry Jack’s and early v2food investor, described the move as logical market evolution. “Over the next five years, we expect to see a rationalization of the industry with various best-in-class plant-based meat companies coming together to gain scale and provide technical solutions that meet or exceed consumer requirements for great-tasting, affordable and nutritious food.”
The acquisition reflects broader consolidation trends in the plant-based protein sector. Companies with strong technical capabilities, established consumer bases, and financial backing are positioning to emerge as market leaders.
“This is not an easy space to play in,” Gendelman noted 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.”
The combined entity aims to address the challenge of feeding a projected global population of 10 billion while significantly reducing the environmental footprint of food production through sustainable protein alternatives that maintain consumer acceptance for taste and quality.
