The plant-based food market is anticipated to be worth over 74 million by 2027, and because of this projected growth, many companies are jumping into the plant-based world to get a slice of the (dairy-free) pie. As consumers switch to this diet for their health, the environment, and the planet, brands are looking to launch products that will resonate with this lifestyle change. One such company is PepsiCo, which just announced that it's teaming up with Beyond Meat, to launch plant-based snacks and drinks.

These plant-based snacks and drinks will launch under the joint venture The PLANeT Partnership LLC. Beyond Meat's stock skyrocketed 31 percent after this announcement, making it the largest single-day gain since the company went public in 2019.

PepsiCo and Beyond Meat Join Forces

"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," Ethan Brown, Beyond Meat Founder and CEO said in a press release.

Beyond Meat continues its ascension in popularity as an alternative that is healthier and more environmentally-friendly than actual meat. In comparison to real beef, "Beyond Burger generates 90% less greenhouse gas emissions, requires 46% less energy, has less than 99% less impact on water scarcity and 93% less impact on land use than a ¼ pound of U.S. beef," according to study commissioned by Beyond Meat.

This news may have left some sustainably-minded consumers scratching their heads, as PepsiCo is one of the top plastic polluters in the world. As the company now stands, PepsiCo has very few healthy and vegan-friendly options amongst its large portfolio of junk food brands including Doritos, Mountain Dew, and Fritos.

The PLANeT Partnership Offers PepsiCo an Opportunity to Be More Earth-Friendly

PepsiCo announced that the corporation is aiming to become a more environmentally-friendly company by using renewable electricity to produce snacks and drinks and source 100 percent renewable electricity globally across direct operations by 2030 and entire global operations by 2040.

"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," said Ram Krishnan, PepsiCo Global Chief Commercial Officer.

"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." While this partnership offers Beyond Meat access to larger-scale distribution as well as PepsiCo brands, PepsiCo has the opportunity to turn a new leaf and be more earth and health-conscious.