PepsiCo and Beyond Meat Team Up for Plant-based Food and Drink Venture

As plant-based foods and beverages continue to be all the rage with consumers opting for them in an effort to be healthy and help the planet, PepsiCo has joined in on the action.

The beverage giant has teamed up with alternative meat company Beyond Meat for a joint venture for new plant-based food and drinks.

The venture has been called the PLANeT Partnership and will combine Beyond Meat’s skills with protein prestidigitation and PepsiCo’s marketing and manufacturing experience.

There were no financial details or terms provided. The joint ventur will be managed through the newly created PLANet Partnership however.

“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, in a statement.

PepsiCO made note of its history of snack innovation including baked LAY’S chips, Sabra Snack Cups, Alvalle ready-to-drink gazpacho, Quaker Breakfast flats and Gatorade Juiced.

“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.

“PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance,” he added.

The plant-based meat market is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0%, according to ReportLinker, an award-winning market research solution.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.