PepsiCo and Beyond Meat form joint-venture for new plant-based snacks

PepsiCo Inc and Beyond Meat announced on Tuesday they would form a joint-venture to develop and sell plant-based snacks and beverages.

Beyond Meat’s shares were up 22.4% in premarket trading and PepsiCo’s were up 1% on the news.

The new partnership with PepsiCo will give Beyond Meat access to the beverage giant’s distribution and marketing resources.

In turn, the partnership will help PepsiCo expand its portfolio of health-focused snacks and beverages.

“Plant-based proteins represent an exciting growth opportunity for us, a new frontier in our efforts to build a more sustainable food system,” said Ram Krishnan, PepsiCo global chief commercial officer.