Beyond Meat’s public stock skyrocketed by 25% on Tuesday following the announcement of its new joint venture with PepsiCo. The international beverage company has plans to leverage Beyond Meat’s extensive knowledge of plant-based protein to “develop, produce, and market” vegan protein-based snacks and drinks. Beyond Meat—makers of the iconic Beyond Burger and Beyond Sausage—will benefit from PepsiCo’s global marketing acumen.
This new alliance formed the PLANeT Partnership, LLC. Ethan Brown, CEO of Beyond Meat, remarked, “We are 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.”
The financial agreement of this partnership was not disclosed, but the company can now add PepsiCo to its ever-growing portfolio of international partners. In the past, it has worked with a number of mega fast food chains to develop plant-based proteins including KFC, Taco Bell, Del Taco, and McDonald’s.
