PepsiCo is muscling its way into the meat alternatives market.
The Purchase, N.Y.-based global snack and beverage purveyor is teaming up with El Segundo, Calif.-based Beyond Meat for a joint venture that will call on the latter's expertise in plant-based meat alternatives to develop new lines of protein-packed snacks.
Terms of the deal creating the joint venture, known as The Planet Partnership, were not disclosed. In a news release, the companies said they'll look to combine PepsiCo's "world-class marketing and commercial capabilities" with Beyond Meat's technology and know-how in the rapidly growing meat alternatives space.
- See also: Plant-Based Meat Hits Stride in Pandemic
"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, PepsiCo global chief commercial officer, said in the release.
PepsiCo's other products targeted toward consumers seeking healthier snacks include Lay's baked chips, Sabra Snack Cups, Bare Snacks fruit and vegetable chips (via PepsiCo's acquisition of Bare Foods in 2018) and PopCorners (via PepsiCo's acquisition of maker BFY Brands, announced in late 2019).
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