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Beyond Meat has teamed up with yet another with a food industry major, this time with PepsiCo to establish a new joint venture focused on developing plant-based proteins. The venture, called The PLANeT Partnership (TPP), will see the vegan food tech’s enter into new product categories and distribution channels as PepsiCo doubles down on the fast-growing plant-based market.
Announced on Tuesday (January 26), Beyond Meat and PepsiCo’s new joint venture The PLANeT Partnership (TPP) will develop, produce and market new snack and beverage products that are made with plant-based proteins. While the Californian vegan burger pioneer will be tapped for its plant-based food tech know-how, PepsiCo says that the venture will bring its global commercial and marketing capabilities.
While this is only the latest in a line of partnerships with big food industry players, it marks the first time that Beyond Meat will enter into the new category of snacks. PepsiCo’s investment and teaming up with the plant meat maker is yet another signal of the changing tides that mainstream food players have to keep up with to stay relevant amid the unstoppable plant-based boom.
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.Ram Krishnan, Global Chief Commercial Officer, PepsiCo
Commenting on the decision to launch TPP, PepsiCo’s global chief commercial officer Ram Krishnan described the plant-based proteins as “an exciting growth opportunity for us, a new frontier in our efforts to build a more sustainable food system”.
“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,” Krishnan added.
We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet. PepsiCo represents the ideal partner for us in this exciting endeavour, one of global reach and importance.Ethan Brown, Founder & CEO, Beyond Meat
In a press statement, Beyond Meat founder and CEO Ethan Brown said that the firm is “thrilled to formally join forces with PepsiCo in 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.”
“We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet. PepsiCo represents the ideal partner for us in this exciting endeavour, one of global reach and importance.”
Shortly after the announcement, Beyond Meat saw its stock surge 39% on the day, while shares of Pepsi traded up 0.35%. The food tech was already on high following its Taco Bell partnership announced just over a week ago, with its shares jumping 13.7% in the early hours on January 14 after the restaurant chain revealed the news.
While the details of the Taco Bell-Beyond Meat collaboration has yet to be unveiled, the two companies did share at the time that it will involve “exploring a new plant-based protein” that will be tested over the coming months.
Other food behemoths that Beyond Meat now lists as partners include Pizza Hut and “holy grail” of fast food giants McDonald’s, who the startup says it has co-developed its new McPlant line with, though the restaurant chain failed to mention the partnership at the time. McPlant is slated to pilot this year, starting with a new plant-based burger, followed by more substitutes for McDonald’s classic menu items further down the line.
In terms of the company’s own developments, Beyond Meat is expected to launch two new iterations of its flagship burger in the first quarter of this year via retail channels. The first updated Beyond Burger will taste “meatier” than the rest, while the other will be the brand’s most nutritious patty to date, in a bid to cater to the growing number of health-conscious consumers.
All images courtesy of Beyond Meat.