The joint venture will take Beyond Meat's tech in plant-based protein development and PepsiCo's marketing and commercial muscle to create and scale up new snack and beverage products.
Ram Krishnan, PepsiCo Global Chief Commercial Officer, PepsiCo, says the company's interest in the plant-based protein category is threefold. "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," he said.
Founded in 2009, Beyond Meat has been pioneering the plant-based meat category with products designed to have the same taste and texture as animal meat while being better for the environment. Its products are now available in more than 80 countries worldwide.
It blends a variety of plant proteins – such as pea, mung bean, faba bean and brown rice – in order to provide ‘greater or equal levels of protein’ than the animal-based counterpart. Its current portfolio is limited to meat imitation products such as Beyond Meatballs and Beyond Sausage, while the new JV with PepsiCo will allow it to 'unlock new product categories', according to founder and CEO Ethan Brown.
Details of what types of plant-protein the business will focus on, however, are under wraps: and the portfolio is still in development, a PepsiCo spokesperson told this publication.
PepsiCo – which is behind brands such as Pepsi, Tropicana, Lay’s, Gatorade and Quaker – has been expanding its realm beyond its traditional beverage and snack products. Its latest Greenhouse Accelerator round is focusing on companies using emerging science and technology focused on areas such as personalized nutrition, functional foods and supplements; probiotics and microbiome health care.
Financial details of The PLANeT Partnership joint venture have not been disclosed.