PepsiCo and Beyond Meat have announced they will form The PLANeT Partnership – a joint venture to develop, produce and market snack and beverage products made from plant-based protein.

“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,” said Ram Krishnan, PepsiCo Global Chief Commercial Officer.

“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.”

“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,” added Ethan Brown, Beyond Meat Founder and CEO.

“We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet.

“PepsiCo represents the ideal partner for us in this exciting endeavour, one of global reach and importance.”

PepsiCo is not the first big name that beyond Meat has teamed up with. Last year, the plant-based meat alternative firm announced it was teaming up with Pizza Hut to provide plant-based pizzas in the UK and US. Plant-based sausage and beef were made available on the popular pizza chain’s menu for the first time across the US and in selec locations in the UK, though the presence of mozzarella cheese made these new pizzas unsuitable for vegans.

According to the Financial Times, Beyond Meat’s stock shot up in reaction to the surprise partnership with PepsiCo, reaching a high of $199.38. this perhaps demonstrates the excitement around meat substitutes at the moment, and with big names such as PepsiCo jumping aboard, the plant-based train shows little sign of slowing down.