PepsiCo and Beyond Meat announced they are forming The PLANeT Partnership, LLC (TPP), a joint venture to develop, produce and market innovative snack and beverage products made from plant-based protein.
According to a press release, the joint venture will leverage Beyond Meat’s leading technology in plant-based protein development and PepsiCo’s world-class marketing and commercial capabilities to create and scale new snack and beverage options. The parties did not disclose the financial terms of the partnership.
The newly formed entity, The PLANeT Partnership, LLC (TPP), will manage the joint venture operation.
“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. “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 joint venture follows longstanding efforts by PepsiCo to help build a more sustainable food system, the company said. Among the key pillars of that effort are using positive ingredients and expanding its 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.
It also makes it easier for consumers focused on health and wellness to eat products on the go through innovations such as LAY’S oven-baked chips, 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 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 Founder and CEO.