Global Vegan Meat brand, Beyond Meat and Beverage giant Pepsi have partnered recently to develop vegan snacks and drinks. Both the brands announced their joint venture almost a couple of weeks ago.
The operations will be managed through a limited liability joint corporation called The PLANeT Partnership. The objective of the partnership between Beyond Meat and Pepsi is to develop, produce, and market plant-based snacks and beverages.
“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,” Pepsi Global Chief Commercial Officer Ram Krishnan said.
This partnership with the global giant will help Beyond Meat leverage Pepsi’s extensive marketing and production networks. Whereas Pepsi can leverage the growth of the plant-based industry for its own growth. Beyond Meat CEO Ethan Brown said in a statement, “PepsiCo represents the ideal partner for us in this exciting endeavour, one of global reach and importance,”.
After the news broke out shares of Beyond jumped 31% and Pepsi’s stock rose about 1%. As per Jefferies, Beyond Meat controls about 13% of the meat alternatives category in the U.S. The partnership with Beyond Meat will help Pepsi in achieving its sustainability goals.
About Beyond Meat
Beyond Meat is an American company that produces plant-based meat substitutes ( Vegan Meat, Mock Meat and Faux Meat). Beyond Meat was founded in 2009 by Ethan Brown. The company launched its initial products in the United States in the year 2012. They have developed plant based products that resemble beef, meatballs, ground meat, and pork sausage links and patties. In 2014, Beyond Meat expanded its presence to 6,000 stores across the USA. Beyond Meat launched an e-commerce wesite to sell products directly to consumers in 2020.
The vegan meat firm announced a collaboration with McDonald’s in Nov, 2020 for development of the McPlant option. McPlant is a plant-based patty and chicken substitute. They also announced the launch of a vegan version of minced pork in China. Taco Bell announced a collaboration with Beyond Meat in Jan 2021.