Beyond Meat and PepsiCo have formed The PLANeT Partnership. The joint venture will sell new plant-based snacks and drinks. Financial details were not made public.
The PLANeT Partnership
Beyond Meat, known for its meat substitutes, and beverage and snack giant PepsiCo will jointly create, produce and sell snacks and beverages using plant-based substitutes. The two companies have formed The PLANeT Partnership for this very purpose. That is what CNBC reports.
The partnership will give Beyond Meat, a recent entrant into the food industry, access to PepsiCo's manufacturing and marketing expertise to develop new products. For its part, PepsiCo can deepen its investment in plant-based products, which are becoming increasingly important globally, while partnering with one of the top players in the meat replacement market.
"PepsiCo is the ideal partner for us in this exciting venture, which has global reach and global importance," said Ethan Brown, CEO of Beyond Meat. Nothing has been said about the financial side of the business.
The partnership also helps PepsiCo achieve its sustainability goals. Last year, the company signed the United Nations (UN) pledge, committing to scientifically based emission reduction targets. A 2019 UN report shows that the food system is responsible for 37 per cent of greenhouse gas emissions. In recent years, the snacks giant has also tried to reduce the amount of sugar in its products and add healthier snacks and drinks to its portfolio.