PepsiCo and Beyond Meat have tied up for a joint venture named The PLANeT Partnership to develop, produce, and market innovative snack and beverage products made from plant-based protein. The joint venture taps on Beyond Meat's technology in plant-based protein development and PepsiCo's marketing and commercial capabilities to create and scale new snack and beverage options. Financial terms of the partnership were not disclosed. Joint venture operations will be managed through the newly created entity The PLANeT Partnership.
Beyond Meat's shares reportedly jumped as much as 39% after the announcement of the venture, Bloomberg said. Meanwhile, there was little change to PepsiCo's shares. The joint venture comes amidst PepsiCo's longstanding efforts to help build a more sustainable food system.
These include expanding the company's portfolio of products that have been grown and made sustainably, making it easier for consumers focused on health and wellness to consume products on the go through innovations, and using positive ingredients. Some of the healthier products PepsiCo has come up with include Lay's oven baked chips, Sabra Snack Cups, Quaker Breakfast flats, and Gatorade Juiced. Similarly, Beyond Meat is also on a mission to create products using simple, plant-based ingredients with no bioengineered ingredients. MARKETING-INTERACTIVE has reached out to PepsiCo and Beyond Meat for additional information.
Ram Krishnan, PepsiCo's global chief commercial officer said plant-based proteins is "a new frontier" in its efforts to build a more sustainable food system and be a positive force for people and the planet. At the same time, Ethan Brown, Beyond Meat founder and CEO, said PepsiCo represents "the ideal partner" for the company in unlocking new categories and product lines.
Beyond Meat is currently working with various brands worldwide to serve plant-based protein offerings to consumers, including Carl's Jr., Starbucks, Pizza Hut, and Costco. Last November, Beyond Meat launched its plant-based pork in China, introducing Beyond Pork following the launch of the Beyond Burger and Beyond Beef. For Christmas last year, Beyond Meat tapped NBA stars JaVale McGee, DeAndre Jordan, and Chris Paul to create the first-ever rapping cookbook. The plant-based rendition of the iconic 12 Days of Christmas features several Beyond Meat products and dishes.
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