The partnership will enable the two companies to develop, produced and market snack and beverage products made from plant-based protein.
Through the venture, Beyond Meat will leverage its leading technology in plant-based protein development. Meanwhile, PepsiCo will deploy its marketing and commercial capabilities to create and scale new product offerings.
“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,” he continued.
“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 endeavour, one of global reach and importance.”
Operations will be managed through the newly created entity, The PLANeT Partnership.
Financial terms for the joint venture have not yet been disclosed.