According to the International Co-operative Alliance (ICA), a cooperative is an association voluntarily established, operated, and owned by its members, conducting business with the purpose of meeting their needs and desires. The seven principles of cooperatives emphasize they are jointly owned and operated based on voluntary participation, which constitutes a unique characteristic distinguishing them from conventional for-profit enterprises. Meanwhile, value co-creation refers to the value co-created by members involved in a value chain of company. Value co-creation is emphasized as an important concept through which companies can achieve sustainable competitive advantage, and collaboration plays a crucial role in the process of value co-creation. The purpose of this research is to analyse the collaboratives process among members through the concept of ‘value co-creation’. As a theoretical background for explaining value co-creation, three key variables from the Service-Dominant Logic (SDL)—operant resources, voluntary Copyright 2025 participation, and horizontal cooperation—were derived. A survey and analysis were conducted with general cooperative members. The results show that voluntary participation and horizontal collaboration have an significant impact on value co-creation, while operant resources are not significant. In a context where the concept of collaboration and value co-creation is increasingly emphasized, this study is expected to provide implications not only for cooperatives but also for various organizations, including for-profit companies and nonprofit organizations, where collaboration is required as a key capability for sustainability.