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PepsiCo and Beyond Meat finally launched the first product as part of their joint venture deal. The meatless jerky is being marketed under the companies' Planet Partnership JV firm.
As announced on Wednesday, March 23, PepsiCo and Beyond Meat have officially rolled out their plant-based jerky, and these will be out in grocery stores this month. The new snack line will be marketed in three flavors, including the original, teriyaki, and hot & spicy.
The Beyond Meat jerky's base is made from the protein of mung beans and peas. It does not have soy, gluten, GMOs, and cholesterol. Every serving of the meatless jerky only gives 10 grams of protein.
As mentioned by CNBC, the joint venture deal between PepsiCo and Beyond Meat was first announced last year. The companies said that the goal for their JV was to develop and offer plant-based snacks and drinks to consumers.
Apparently, the collaboration will give the Los Angeles–based producer of plant-based meat substitutes a chance to avail the beverage and snack maker's production and marketing expertise for new products. It was noted that Beyond Meat's grocery sales have declined as the company focused more on its fast-food partnerships and launches.
It was said that its retail sales in the United States dropped 19.5% to $49.98 million in Q4. Thus, the release of the jerky could help boost Beyond's grocery sales once again. This is also a new opportunity to revive its retail segment.
As for PepsiCo, it can amplify its investment in the plant-based division by working with a leading meat substitute company. This partnership will also help Pepsi with achieving its sustainability and health goals.
"We are thrilled to introduce the first product from Planet Partnership, our joint venture with Beyond Meat and PepsiCo," said Dan Moisan, CEO of Planet Partnership press release. "The nationwide launch of Beyond Meat Jerky will make plant-based meat accessible to millions of households. It tastes great, it's a good source of protein, and it's convenient to eat whether you're on the go, at the office, or out on adventures."
