Companies have joined forces to develop, produce, and market snacks and beverages made from plant-based protein
Sugary drinks maker PepsiCo and plant-based giant Beyond Meat have formed a joint venture to develop, produce and market 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-up products to market. Financial terms of the partnership have not been disclosed.
The operations of the joint venture will be managed through the newly created entity The Planet Partnership, LLC (TPP).
“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.
Krishnan added: “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 argued the new joint venture follows longstanding efforts to help build a more sustainable food system.
The snacks and soft drink giant argued that 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.
PepsiCo also argued that it has been working on 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, which is now in 23 markets around the world.
The company has made strategic acquisitions in this space, including Bare Snacks, the maker of baked fruit and veggie chips; BFY Brands, the maker of PopCorners snacks; and sparkling water brand SodaStream.
Ethan Brown, Beyond Meat founder and chief executive, said: “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 endeavour, one of global reach and importance.”
Date published: 26 January 2021