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May 19, 2021

US rapper Drake invests in faux-chicken firm Daring Foods

Plant-based chicken business Daring Foods has raised US$40m in a Series B funding round backed by US rapper Drake.

Daring Foods, set up in 2018, wants to “dramatically scale” its growth in the retail sector, where, in the US, its customers include Kroger and Costco.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Founded in the Scottish city of Glasgow by former corporate banker Eliott Kessas and entrepreneur Ross Mackay, Daring Foods launched into the US last year. Its products include chicken-free burgers which it claims are the first to be made with just five non-GMO ingredients.

“This past year has been transformative for us, from launching new products and growing our presence in retail and foodservice to expanding our market share,” Mackay said.

Daring Foods plans to use the funding, from a round led by US investment firm D1 Capital Partners, “dramatically scale its rapid retail and foodservice growth”, it said in a statement. The company said it has added more than 1,000 retail outlets to its distribution since its Series A round last October. It did not disclose how many stores stock its products, nor its annual sales.

Rapper Jay-Z’s entertainment company, Roc Nation, is an investor in Oatly, the Sweden plant-based dairy business set for a stock-exchange listing.

Another rap artist, Snoop Dogg, has backed Outstanding Foods, a plant-based snacks business in California.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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