Australian plant-based food maker v2food has signed some key partnerships with Chinese manufacturers and a food content service platform in a bid to win over the giant Asian market.
Just months after announcing its entrance into China, v2food is taking steps to localise its offering, launching the local production of new products targeted at the population including dumplings, steamed buns, lasagna and pork rolls.
Headlining this push is a partnership with Shuhui, one of China’s largest steamed bun manufacturers which boasts 30,000 distribution points across the country.
In addition, the Australian company has welcomed a collaboration with Dong Chi, a leading manufacturer of weight management ready meals, serving more than 200,000 members per month.
Duoguo, China’s first domestic food content service platform, has also signed on as a strategic partner with v2food. The platform has 62 million active users per month and almost 400 million downloads to date, allowing the plant-based foods maker to tap into a vast pool of consumers experimenting with new recipes.
“We are committed to delivering delicious, culturally-relevant plant-based protein options to consumers all over the world, and our new partnerships are an exciting platform to further connect with Chinese consumers and bolster our global competitiveness,” v2food founder and CEO Nick 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.”
Fuelled by rising incomes, meat consumption in China has grown significantly. Today, China 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.
"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 China general manager Cyrus Pan said.
“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.”
These latest developments come after v2food closed a $72 million Series B Plus funding round in August this year, giving the company capital to make its push into China.
The raise, led by European investment fund Astanor Ventures, followed the company's $77 million Series B completed in October 2020, bringing the company's total funds raised to $185 million.
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