Food and drink giant PepsiCo and alternative-meat manufacturer Beyond Meat have formed a joint venture to develop and produce plant-based snacks and beverages.

The two Nasdaq-listed businesses, both headquartered in the US, have created The Planet Partnership. No financial terms nor the investment split was revealed in a short statement announcing the venture today (26 January).

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“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,” Ram Krishnan, PepsiCo’s global chief commercial officer, said.

"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, based in California, is the owner of the Beyond Burger and Beyond Sausage, as well as other meat-alternative products, sold in the US and international markets, including Europe and Asia.

Beyond Meat's founder and CEO Ethan Brown added: "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."