V2food to acquire Daring Foods in U.S. expansion push

AUSTRALIA – V2food, an Australia-based producer of plant-based meat, is purchasing U.S. vegan chicken maker Daring Foods as part of its strategy to extend operations beyond its home market.

The acquisition, announced on August 13, 2025, provides V2food with a presence in the United States, where Daring will continue to operate under its own name while also serving as a launchpad for V2food’s future product introductions.

Alongside the purchase, V2food revealed a partnership with Japanese ingredients supplier Ajinomoto Co., giving the company access to international networks that could open opportunities in regions such as Africa and Asia.

The deal comes at a time when plant-based meat sales have declined sharply in the U.S., with figures from the Good Food Institute showing a 28% drop in unit sales between 2022 and 2024.

This downturn has led to reduced investment and workforce cuts at several companies, including Beyond Meat, creating a difficult environment for many players in the category.

Despite these challenges, Daring has shown steady growth, increasing revenue by 24% in 2023 and becoming the top brand in the U.S. market for non-breaded plant-based chicken.

V2food chief executive Tim York said in a statement that combining Daring’s consumer reach with V2food’s technology would support the company’s goal of being a leading global producer of plant-based protein.

The collaboration with Ajinomoto is also expected to support the development of new products, including a frozen meal line that will use clean-label ingredients and natural colors from algae rather than synthetic additives such as methylcellulose.

Industry observers note that the plant-based sector is undergoing consolidation, with only a limited number of companies likely to remain active in the coming years.

In a LinkedIn post, Daring’s chief executive Jeffrey Gendelman said he anticipates further rationalization in the industry over the next five years, predicting that just a handful of companies will dominate the global market.

He added that through the acquisition and new partnership, Daring and V2food are positioning themselves to be among the top three players worldwide in the sector.

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