PepsiCo, Beyond Meat create JV for plant-based snacks and beverages
PepsiCo and Beyond Meat have agreed to create a joint venture (JV) called The PLANeT Partnership (TPP) for making snack and beverage products from plant-based protein.
The joint venture will utilize Beyond Meat’s technology in plant-based protein development and PepsiCo’s marketing and commercial capabilities.
Ethan Brown – Beyond Meat Founder and CEO said: “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.
“PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance.”
The financial terms of the partnership were not revealed by the parties.
Ram Krishnan – PepsiCo Global Chief Commercial Officer said: “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.
“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.”