PURCHASE, N.Y., and EL SEGUNDO, Calif. — A new joint venture between PepsiCo Inc. and Beyond Meat Inc. will produce and market new snack and beverage products made from plant-based protein.
The Planet Partnership LLC (TPP) will leverage Beyond Meat's technology in plant-based protein development and PepsiCo’s marketing and commercial capabilities to create and scale the new snack and beverage options, according to the companies. They did not disclose the financial terms of the partnership.
“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. “We look forward to combining [Beyond Meat ‘s] unparalleled expertise with our world-class capabilities in brand-building, consumer insights and distribution to deliver exciting new options."
Beyond Meat Founder and CEO Ethan Brown said the partnership will be a strategic combination of PepsiCo’s distribution and marketing capabilities with Beyond Meat’s 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,” he said. "PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance."
The joint venture follows longstanding efforts by PepsiCo, Purchase, N.Y., to help build a more sustainable food system, it said. Among the key pillars of that effort are using positive ingredients; expanding the company's portfolio of products that have been grown and made sustainably, through tools and techniques like regenerative agriculture and net water- and carbon-neutral production plants; and making it easier for consumers focused on health and wellness to consume products on the go through innovations such as Lay’s oven-baked chips (now in 23 markets around the world), Sabra Snack Cups, Alvalle ready-to-drink gazpacho, Quaker Breakfast flats and Gatorade Juiced. In addition to organic innovation, the company has also made strategic acquisitions in this space, including companies such as Bare Snacks (maker of baked fruit and veggie chips), BFY Brands (maker of PopCorners snacks) and SodaStream, a leading sparkling water brand.
Beyond Meat, El Segundo, Calif., is focused on creating products that are good for both people and the planet, using simple, plant-based ingredients with no GMOs or bioengineered ingredients. The company believes that positive choices can have a great impact on personal health and the health of the environment.