Beyond Meat is partnering with food and beverage giant PepsiCo to increase the accessibility of plant-based protein around the world. The announcement has seen both company’s share prices to increase.
The brand announced its ‘PLANeT Partnership’ today. It says the collaboration will enable Beyond Meat to ‘develop, produce and market innovative snack and beverage products made from plant-based protein’.
Beyond Meat X PepisCo
Ethan Brown is the founder and CEO of Beyond Meat. In an online statement, he said: “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.”
Brown also said PepsiCo represents ‘the ideal partner for us in this exciting endeavor, one of global reach and importance’.
‘A cutting-edge innovator’
PepsiCo’s Global Chief Commercial Officer Ram Krishnan added: “Beyond Meat is a cutting-edge innovator in this rapidly growing category.”
“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.”
Beyond Meat shares
Moreover, news of the partnership caused the company’s shares to skyrocket.
The plant-based meat brand saw its shares soar by nearly 40 percent in early trading. At the time of writing, shares in the company cost $207.65 each.
PepsiCo also saw its shares increase by 0.2 percent to $140.45 each.