PepsiCo is one of the most well-known snack and drink brands in the entire world, but despite their numerous efforts over the years, they haven’t quite managed to crack the whole “all-natural, environmentally conscious” thing yet. Conversely, Beyond Meat is making big strides in sustainability thanks to their developments in plant-based proteins, but are being hampered by a lack of resources and recognition. If you think these two companies could have a mutually-beneficial discussion, don’t worry, they already beat you to it.
PepsiCo and Beyond Meat have announced a new joint venture called The PLANeT Partnership (weird capitalization intentional) that’s set to begin business in January of 2022. This partnership will give Pepsi an in with the sustainable snack industry and a chance to leverage their already prolific brand, while Beyond Meat gets access to Pepsi’s production utilities and marketing skills.
“This is only the beginning of what I think is going to be a game-changing JV,” Pepsi CEO Ramon Laguarta told CNBC.
PepsiCo targets early 2022 to roll out products from joint venture with Beyond Meat! Pepsi and Beyond announced the JV, called The PLANeT Partnership, in January! $PEP $BYND #vegan #plantbased https://t.co/CmF9fhNLKV
— AlphaBronze (@Alpha_Bronze) September 15, 2021
The announcement of The PLANeT Partnership follows an announcement made by Pepsi on Wednesday detailing their new Pep+ initiative. This program is intended to research and develop more sustainable options for Pepsi’s various products, including reducing their use of plastic, increasing use of plant proteins, dialing back added sodium and sugar, and investing in burgeoning agricultural pursuits. Pepsi is going whole-hog on the sustainability wagon, even adopting a hybrid in-person/remote working model in their offices to cut down on things like paper and gasoline usage.
“Don’t come to the office to make phone calls or write emails,” Laguarta told CNBC. “That’s a waste. That’s a lot of commute, a waste of personal time, unnecessary pollution.”