EL SEGUNDO, CALIF. – Beyond Meat Inc. is living up to its name with a new joint venture with PepsiCo Inc. that will see both companies develop and market products in the snack and beverage categories. The joint venture will be called Planet Partnership LLC, and financial terms were not disclosed.
Beyond referencing the snack and beverage markets, the companies did not provide details of product concepts that may be developed.
“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, global chief commercial officer for PepsiCo. “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.”
Beyond Meat has been aggressive in bringing new applications to market. In late December, FiveStar Gourmet Foods, Ontario, Calif., introduced a ready-to-eat salad featuring Beyond Meat’s crumbles. In November, Pizza Hut, a business unit of Yum! Brands Inc., introduced two pizzas featuring the company’s plant-based sausage.
“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, founder and chief executive officer of Beyond Meat. “PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance.”