The company logo and trading information for Beyond Meat is displayed on a screen during the IPO at the Nasdaq Market site in New York, US, on May 2, 2019. (REUTERS/Brendan McDermid)
Food industry colossus PepsiCo and faux-burger makers Beyond Meat announced an alliance Tuesday to cook up plant-based snacks that tempt the palate while being easy on the planet.
The companies said they are forming a joint venture called "The Planet Partnership" to create and market drinks and snacks made from plant-based proteins, which is Beyond Meat's specialty.
Beyond Meat has found success with burgers and sausages made from plants that look and taste similar to the traditional versions consisting of animal flesh.
Plant-based diets are considered better for the planet because farming is less damaging to the environment than raising livestock.
"Plant-based proteins represent an exciting growth opportunity for us," PepsiCo chief commercial officer Ram Krishnan said in a joint release.
Krishnan added the venture was "a new frontier" in efforts to build a more sustainable food system.
PepsiCo brings marketing and global distribution prowess to the alliance, while Beyond Meat has been creating plant-based alternatives to meat since it was founded in 2009.
"We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet," Beyond Meat founder and chief executive Ethan Brown said.
Beyond Meat said that as of late last year, its products were sold in approximately 122,000 retail and food service outlets in more than 80 countries.
Shares in Beyond Meat jumped nearly 18 percent in mid-day trading following word of the PepsiCo partnership.
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