Snacking and beverage giant PepsiCo and plant-based meat startup Beyond Meat are teaming up.
The two companies announced today that they are creating a joint venture called the PLANeT Partnership to develop, produce, and market snacks and beverages made from plant-based protein.
The companies said that the partnership will use Beyond Meat’s plant-based protein technology while leveraging PepsiCo’s marketing and scale.
The joint venture expects to have a product on shelves late this year, and has plans to expand internationally—to the U.K. And China for now.
In a press release, PepsiCo global chief commercial officer Ram Krishnan called plant-based proteins a “growth opportunity” and a “new frontier in our efforts to build a more sustainable food system.”
Beyond Meat founder and CEO Ethan Brown said in the release that the companies plan to unlock “new categories and product lines” and that PepsiCo’s “global reach” made it the ideal partner.
The companies did not disclose the terms of the partnership nor the types of products they plan to launch.
For PepsiCo, the deal gives the company access to an already established player in the plant-based space—one of the fastest-growing areas in the food business. The sector also aligns with its sustainability goals as PepsiCo has worked to make its supply chain and products more sustainable and environmentally friendly.
The joint venture is a new approach to the market for Beyond Meat, which previously has placed its plant-based meat alternatives in grocery stores and restaurants including McDonald’s.