Plant-based meat maker Beyond Meat and food giant PepsiCo joined forced to increase production of plant-based protein.
PepsiCo and Beyond Meat announced that they are forming a new joint venture called PLANeT Partnership. The company will work to produce new snack and beverage products that use plant-based protein. One of the snack companies owned by PepsiCo is Frito-Lay which has multiple snack food brands in its portfolio, including Lays, Doritos and Cheetos.
PepsiCo’s global chief commercial officer Ram Krishnan, 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."
“With PepsiCo’s unmatched reach and distribution, we’ll be able to accelerate bringing these products to markets around the world as we provide more consumers with the nutritional and environmental benefits of plant-based protein,” said Ethan Brown, Beyond Meat founder and CEO.
The move comes after PepsiCo announced its commitment to reducing emissions across its supply chain by 40% by 2030 before reaching net-zero by 2040. The plans include measures to help farmers switch to renewable energy and low-emission fertiliser made using waste from factories. The company will also help educate farmers on how to adopt regenerative agricultural practices.
PepsiCo is going to invest in clean energy, energy efficiency technologies and minimising waste. The company has already reached 100% renewable electricity at its factories across 13 countries and aims to reach the goals in all countries by 2030.
With he latest partnership PepsiCo aims to get on the growing plant-based food market. Plant-based diets have been gaining popularity among consumers concerned about health, environment and animal welfare.