The obvious answer is Service-Dominant Logic, but you won't find the answer to your question very appealing. Buying mass-produced chips in a supermarket and eating them at home is value co-creation according to this theory as without this eating by the customer no value (in use) is created.

Personally I like the Work System Theory of Steven Alter and its application to service systems. According to WST, value co-creation requires that producer and consumer activities overlap (at least partly) in time and space, so real interaction is required for co-creation.

From a pragmatic point of view, that is a more useful definition.

I agree with Geert. You can also read some articles written by Grönroos about co-creation. His work is considered 'a bridging theory' for applying S-D logic.