Purchase-based PepsiCo and Beyond Meat, which is based in El Segundo, California, and specializes in producing food products made from plant protein that replicate the texture and taste of meat, this morning announced a joint venture they call The PLANeT Partnership LLC.
The companies plan to develop, produce and market snack and beverage products made from plant-based protein. Financial terms of the partnership were not disclosed.
Ram Krishnan, PepsiCo”™s global chief commercial officer, said, “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. 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.”
Ethan Brown, founder and CEO of Beyond Meat, returned the praise, saying, “PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance.” He cited PepsiCo”™s “tremendous depth and breadth of their distribution and marketing capabilities.”
PepsiCo pointed out that as part of its sustainability efforts, it has brought to market its own organic products and acquired companies such as Bare Snacks, a maker of baked fruit and veggie chips, BFY Brands that produces PopCorners and SodaStream, which it described as the world’s leading sparkling water brand.
For its part, Beyond Meat said that the company believes that making positive choices, no matter how small, can have a great impact on personal health and the health of the environment.
PepsiCo pointed out that its products are consumed in more than 200 countries and territories. A filing with the U.S. Securities and Exchange Commission (SEC) shows that the company generated $67.1 billion in net revenues for 2019 with an operating profit of $10.2 billion.
Beyond Meat said that its products are available at approximately 122,000 retail and food outlets in more than 80 countries. In a filing with the SEC, Beyond Meat reported that its Beyond Burger product “is designed to look, cook and taste like a traditional beef burger.” It also reported that other plant-based meat products included Beyond Sausage, Beyond Beef, Beyond Breakfast Sausage, and Beyond Beef Crumbles, as well as Beyond Fried Chicken and Beyond Meatball. It reported net revenues of $297.9 million in 2019 and a net loss of $12.4 million.
