Three months since completing a $72 million funding raise to drive its move into China, v2food says it has formalised three partnerships for manufacturing and distribution on the mainland.
Co-founder and CEO Nick Hazell said the company was committed to delivering culturally relevant plant-based protein food to consumers around the world, and the partnerships will bolster v2food’s global competitiveness.
The company is partnering with Shuhui, one of China’s largest steamed bun manufacturers, with 30,000 distribution points across the country. Chinese consumers will be able to purchase v2 products in specialised Western-style ready meals through Shuhui’s Food Vending, including plant-based lasagne and sausage rolls.
V2food will also collaborate with Dong Chi, a nutritious weight management ready meals company that serves more than 200,000 members per month.
Duoguo, China’s first domestic food content service platform, has also signed on as a strategic partner. The platform has 62 million active users per month, with almost 400 million downloads to date, allowing v2food to reach a vast pool of curious consumers experimenting with new recipes.
Hazell said: “China is the world’s largest consumer of meat, so it’s a very important market for us. As a global player, ensuring we align with like-minded partners is important to us as an organisation. We share our new partners’ ambition to build a better food future while paying homage to China’s rich heritage of Asian cuisine.”
Rising incomes have seen meat consumption in China rise significantly. China now consumes 28 per cent of the world’s meat, including half of all pork, with the average Chinese person now eating 63kg of meat a year.
Cyrus Pan, general manager of v2food China said: “Plant-based meat in China presents huge market potential. As Chinese living standards rise and consumption patterns shift, Chinese meat consumption demand has been continuously increasing, accounting for a quarter of global meat consumption.
“v2food understands this need for more protein, and in response, has worked closely with Chinese butchers and chefs to develop great-tasting bespoke pork, designed for the Chinese palette. v2 is the perfect choice for local partners looking to diversify their consumer offerings with a tasty plant-based alternative while staying true to cuisine that’s culturally relevant.”
The company entered the Chinese market in June after a Series B Plus funding round raised $78 million. New and existing investors include Altitude Partners, China Renaissance, Esenagro, Horizons Ventures, Marinya Capital, Novel Investments, Sequoia Capital China and Temasek.
Hazell said since entering the market the company has done a lot to localise its offerings by adapting is v2mince for Chinese consumers and creating ready-to-cook products, tailoring to the needs of those cooking and eating more at home after the pandemic.
Next, v2food will deepen its Chinese ties and expand its scale in China, including the local production of v2dumplings, v2buns, v2lasagna, and v2 pork rolls, he said.
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