PepsiCo and Beyond Meat form joint venture and more business news

FILE - In this July 9, 2015, file photo, Pepsi bottles are on display for sale at a supermarket in Haverhill, Mass. PepsiCo Inc. reports earnings, Wednesday, Oct. 4, 2017. PepsiCo, which makes Frito Lay chips and Quaker cereals, is getting a boost as more U.S. consumers eat breakfast and snack at home. The Purchase, New York-based company said Tuesday, April 28, 2020, that its organic sales grew 7.9% in the first quarter. (AP Photo/Elise Amendola, File) FILE - In this July 9, 2015, file photo, Pepsi bottles are on display for sale at a supermarket in Haverhill, Mass. PepsiCo Inc. reports earnings, Wednesday, Oct. 4, 2017. PepsiCo, which makes Frito Lay chips and Quaker cereals, is getting a boost as more U.S. consumers eat breakfast and snack at home. The Purchase, New York-based company said Tuesday, April 28, 2020, that its organic sales grew 7.9% in the first quarter. (AP Photo/Elise Amendola, File)

By Wire reports January 26, 2021 4 min read

Pepsi, Beyond Meat form joint venture

PepsiCo and Beyond Meat are creating a joint venture to develop snacks and drinks made from plant-based proteins.

The companies didn’t reveal what kinds of products they will make Tuesday, saying they’re still in development.

But the collaboration sent Beyond Meat’s shares to their largest single-day gain since they began trading in 2019.

The joint venture gives Pepsi access to one of the leading plant-based meat companies at a time when consumers are increasingly cutting back on meat consumption and looking for healthier, more sustainable foods. Beyond Meat’s burgers, sausages and chicken, which are made from pea protein, are sold worldwide, including at Starbucks in China and Pizza Hut in the U.S.