PepsiCo Inc. and Beyond Meat Inc. have formed The PLANeT Partnership, LLC, a joint venture to develop, produce and market snack and beverage products made from plant-based protein, according to a press release.

The venture will leverage Beyond Meat's technology in plant-based protein development and PepsiCo's marketing capabilities to create and scale new snack and beverage options. Financial terms of the partnership were not disclosed.

"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," Ram Krishnan, PepsiCo global chief commercial officer, said in the release.

"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 the release.

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