As reported on Business Insider – Retail:
On Tuesday, soft-drink giant PepsiCo and plant-based protein purveyor Beyond Meat announced a new joint venture to "develop, produce, and market" plant-based-protein snacks and beverages.
The companies formed The PLANeT Partnership, LLC, to execute these plans, according to a press release. The partnership aims to leverage Beyond Meat’s success in the meat-alternative market with Pepsi’s global branding and marketing apparatus.
After the announcement of the partnership, Beyond Meat’s stock jumped over 25%.
A spokesperson for Beyond Meat said that, in terms of what the snacks and drinks would specifically look like, "our portfolio of snack and beverage products for this partnership is still in development."
Spokespeople from both companies declined to comment on the financial terms of the deal.
Read more: Beyond Meat’s chief growth officer says he ‘can’t remember when we’ve ever said no’ to creating a new menu item for a fast-food chain
Beyond Meat has partnered with other companies in the past, notably several fast-food giants.
In 2019, Beyond Meat tested plant-based pork at five restaurants in Shanghai. Last year, McDonalds announced the development of a "McPlant" plant-based menu, and worked with Beyond Meat to pilot a meatless burger at locations in Canada, Insider reported. Earlier in January, Taco Bell announced a partnership with Beyond Meat to test a plant-based protein for the fast food chain’s menu. The company’s meat alternatives have been featured at other fast-food restaurants, including Dunkin Donuts.
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Source: Business Insider – Retail
Author: Annabelle Williams
Date: 2021 01 26
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