In a pathbreaking development in the plant-based food segment, PepsiCo and Beyond Meat have announced the launch of The PLANeT Partnership (TPP), a joint venture to develop, produce and market innovative snack and beverage products made from plant-based protein.
The joint venture will leverage Beyond Meat’s leading technology in plant-based protein development and PepsiCo’s marketing and commercial capabilities to create and scale new snack and beverage options.
Financial terms of the partnership have not been disclosed. Joint venture operations will be managed through the newly created entity.
“Plant-based proteins represent an exciting growth opportunity for us, a new frontier in our efforts to build a more sustainable food system and be a positive force for people and the planet, while meeting consumer demand for an expanded portfolio of more nutritious products,” said Ram Krishnan, PepsiCo Global Chief Commercial Officer. “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.”
“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. We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet,” said Ethan Brown, Beyond Meat Founder and CEO. “PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance.”
Beyond Meat stocks rose 31% post the announcement of The PLANeT Partnership. The California-based company offers a portfolio of plant-based meats made from simple ingredients without GMOs, bioengineered ingredients, hormones, antibiotics, or cholesterol. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet.