Canadian Rapper, Entertainer and Entrepreneur Drake has participated in Daring Foods Inc. recent capital raise of $40 million from investors after debuting its plant-based chicken last year. With the money pouring in from investors, Daring should triple its retail distribution to over 4,500 U.S. stores in 2021, which already includes grocery giants Costco and Kroger. Drake is reportedly a vegetarian and follows Jay-Z as rappers financially backing plant-based food companies.
While faux beef has demanded much of the attention in the imitation meat category, chicken is the most popular meat in the U.S., making it an obvious target for plant-based manufacturers. The global plant-based chicken category is projected to reach $8 billion by 2030, according to an estimate from Future Market Insights.
Daring is expanding in an increasingly crowded field. Kellogg’s new Incogmeato line recently debuted two “Chik’n Tenders” products. Nestle’s Sweet Earth brand includes multiple faux chicken items and has distribution in more than 26,000 stores. Livekindly Collective, a group of plant-based protein brands that includes two with “chicken” options in the U.S., recently raised $335 million. Category leader Beyond Meat has also been telling customers that it will launch chicken this summer, after having run several short-lived trials with KFC.