PepsiCo. and Beyond Meat Form Joint Venture to Introduce Plant-Based Protein Offerings

PepsiCo. and Beyond Meat Form Joint Venture to Introduce Plant-Based Protein Offerings https://ift.tt/eA8V8J

Are you ready for some protein-based soda? Pepsi’s parent company, PepsiCo Inc., has announced a partnership that will leverage Beyond Meat’s leading technology in plant-based protein development and PepsiCo’s marketing and commercial abilities to help create innovative new snack and beverage options.

The two companies are forming The PLANeT Partnership L.L.C. (TPP), a joint venture to develop, produce, and market snack and beverage products made strictly from plant-based protein. The combined 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.’s global chief commercial officer in a written statement.

“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.”

The new venture continues the longstanding efforts by PepsiCo to help build a more sustainable food system, 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. Also, the company has made strategic acquisitions in this space, which include Bare Snacks (maker of baked fruit and veggie chips), BFY Brands (maker of PopCorners snacks), and SodaStream, the world’s leading sparkling water brand.

“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’s founder and CEO. “PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance.”

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