January 27, 2021
American food and beverage giant PepsiCo and plant-based products maker Beyond Meat Inc. announced the formation of a new joint venture (JV), The PLANeT Partnership LLC, on Tuesday to develop, manufacture and sell snacks and drinks produced with plant-based protein.
The PLANeT Partnership will combine Beyond Meat’s plant-based protein development technology and expertise with PepsiCo’s marketing and commercial assets.
“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,” Ram Krishnan, chief commercial officer for PepsiCo, said in a company release. “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.”
PepsiCo said the formation of the JV is part of its existing efforts to foster a more sustainable food system. As part of this effort, the food and beverage firm focused on using “positive” ingredients, increasing the sustainability of its products, and expanding the availability of health and wellness-oriented snacks and drinks.
“We are thrilled to formally join forces with PepsiCo and 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,” said Beyond Meat’s founder and CEO, Ethan Brown, in a statement. “We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet.”
PepsiCo did not reveal the financial terms of the partnership.
Also this week, Powder & Bulk Solids reported that Post Holdings formed a new partnership to expand distribution of Hungry Planet Inc.’s plant-based meat products. Post’s Foodservice and Refrigerated Foods business units will distribute the Hungry Planet products. The faux meat supplier’s products are found across the US in foodservice, grocery stores, ecommerce and restaurants.
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