2/2
© Reuters. A woman sits next to a poster at the booth of plant-based food company Beyond Meat at VeggieWorld fair in Beijing

2/2

(Reuters) – PepsiCo (NASDAQ:) Inc and Beyond Meat (NASDAQ:) Inc said on Tuesday they would form a joint venture to develop and sell snacks and beverages made from plant-based protein.

Plant-based meat alternatives, such as burger patties and sausages from Beyond Meat, have gained in popularity in recent years as curious health-conscious consumers look to broaden or shift from chicken, pork and beef-based diets.

Beyond Meat suffered a surprise loss in its last reported quarter as demand for its products at restaurants and grocery stores tapered after an initial surge at the start of the COVID-19 pandemic.

The new partnership with PepsiCo will give the faux meat maker access to the beverage giant’s distribution and marketing resources and allow it to expand into new product lines, Beyond Meat Chief Executive Officer Ethan Brown said.

PepsiCo, which apart from its namesake soda owns the Lays, Quaker and Gatorade brands, has also been looking to expand its portfolio of health-focused snacks and beverages.

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

The financial terms of the partnership were not disclosed and the operations will be managed through a newly created entity, PLANeT Partnership LLC.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *