PepsiCo and plant-based meat substitute producer Beyond Meat have formed The PLANeT Partnership (TPP) joint venture (JV) to develop, produce and market innovative snacks and beverages made from plant-based protein.

The new JV will use Beyond Meat’s technology in plant-based protein products and PepsiCo’s marketing and commercial capabilities to create and scale new snack and beverage options.

Financial details of the partnership were not disclosed by the two companies.

The new JV operations will be managed by TPP.

Creation of the new JV follows PepsiCo’s longstanding efforts to build a more sustainable food system.

Among its efforts are enhancing its offerings portfolio with the inclusion of products that have been grown and made sustainably, as well as make it easier for consumers focused on health and wellness to consume products on-the-go through innovations.

Apart from organic innovations, PepsiCo has also strengthened its position in this segment by acquiring companies such as Bare Snacks, which makes baked fruit and veggie chips, as well as PopCorners snacks producer BFY Brands and sparkling water brand SodaStream.

PepsiCo 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.”

Beyond Meat also focuses on creating products using simple, plant-based ingredients with no GMOs or bioengineered ingredients.

Beyond Meat founder and CEO Ethan Brown 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 the planet. PepsiCo represents the ideal partner for us in this exciting endeavour, one of global reach and importance.”

Last May, Beyond Meat expanded its partnership with Zandbergen World’s Finest Meat to develop plant-based products at Zandbergen’s manufacturing facility, which is being constructed in Zoeterwoude, Netherlands.