As the plant-based trend continues to grow, Beyond Meat and PepsiCo announced that they will collaborate on the development and distribution of snacks and drinks made with plant-based protein. Financial terms of the partnership were not disclosed.
Beyond Meat, founded in 2009, already makes plant-based alternatives to beef and pork. The joint venture will leverage Beyond Meat's development technology in plant-based protein and PepsiCo's marketing and commercial muscle to create and scale new snack and beverage options. The joint venture will be managed through a newly created entity, the PLANeT Partnership.
The news prompted a surge in Beyond Meat (BYND) stock, with shares closing up 18% Tuesday.
PepsiCo joins other consumer packaged goods companies that have entered the plant-based market through acquisitions and new product lines. Nestlé sells plant-based meat through Sweet Earth, a vegetarian food company it acquired in 2017, and Kellogg markets plant-based meat under its Incogmeato label.
“We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet," said , Beyond Meat founder and chief executive Ethan Brown. "PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance."
As of September, Beyond Meat had products available at an estimated 122,000 retail and foodservice outlets in more than 80 countries.
