PepsiCo, Beyond Meat Sign Delicious Deal

PepsiCo and Beyond Meat have announced a joint venture to develop snacks and drinks made from plant-based proteins, according to The Chicago Sun Times.

The products themselves have not been revealed yet since they’re still in development, but the deal gives Pepsi access to the plant-based meat company to create new partnered foods, while Beyond Meat gets access to Pepsi’s distribution system and broad product line.

The deal comes at a time when consumers are increasingly cutting back on meat consumption and looking for healthier, more sustainable foods. Beyond Meat’s burgers, sausages and chicken, which are made from pea protein, are sold worldwide, including at Starbucks in China and Pizza Hut in the U.S.

“Plant-based proteins represent an exciting growth opportunity for us, a new frontier in our efforts to build more sustainable food system,” says Ram Krishnan, global chief commercial officer, PepsiCo.

Financial terms of the deal weren’t released, but the joint venture will be managed through a new entity called The Planet Partnership.