Leaders in their fields, the two global brands will be forming a joint venture to create and market plant protein-based snacks and beverages.
Beyond Meat and PepsiCo will launch The PLANeT Partnership, a joint venture to develop, produce and market beverages and snacks made from plant-based protein.
The partnership will utilise Beyond Meat’s leading technology in the development of plant-based proteins and PepsiCo’s commercial and marketing capacity to make and scale new snacks and beverages.
PepsiCo’s global chief commercial officer, Ram Krishnan, said the joint venture represented “a new frontier” in the company’s sustainability efforts, while also helping meet the growing consumer demand for more nutritious products. “Beyond Meat is a cutting-edge innovator in this rapidly growing category, and we look forward to combining their unparalleled expertise with our world-class capabilities in brand-building, consumer insights and distribution to deliver exciting new options.”
PepsiCo’s endeavours in building a more sustainable food system will be boosted by this collaboration with Beyond Meat. The company has highlighted some key actions to bring about this change, which include using positive ingredients, expanding the portfolio of sustainably grown and made products (with regenerative agriculture and net-water and carbon-neutral production plants), and catering to consumers focused on health and wellness.
Beyond Meat, among the world’s biggest plant-based meat companies, has a similar philosophy, using non-GMO and non-bioengineered ingredients in its products. While its current line features only alt-meat products, this joint venture opens up further possibilities, according to CEO Ethan Brown.
“We are thrilled to formally join forces with PepsiCo in The PLANeT Partnership, a joint venture that unites the tremendous depth and breadth of their distribution and marketing capabilities with our leading innovation in plant-based protein,” he said. “We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet.”
Both giants in their respective fields, the financial details of The PLANeT Partnership have not been disclosed. The details of the types of plant-based protein they will focus on is also under wraps, with a product portfolio still under development.