A joint venture between PepsiCo and Beyond Meat will reportedly launch a plant-based jerky.

Beyond Meat “Beyond Burger” patties made with plant-based meat substitutes are up for sale in New York City.

Angela Weiss | AFP | Getty Images

A joint venture between Beyond Meat and PepsiCo plans to launch plant-based jerky as its first product. Bloomberg reported Wednesday.

Nearly a year ago, Beyond and Pepsi announced a joint venture called The PLANeT Partnership to jointly create plant-based snacks and drinks. The partnership gives Beyond, relatively new to the food world, the opportunity to use Pepsi’s manufacturing and marketing expertise for new products. For its part, Pepsi can deepen its investment in the increasingly popular plant-based categories by working with one of the leading meat substitute manufacturers. It also helps Pepsi work towards meeting the sustainability and health goals for its portfolio.

Pepsi CEO Ramon Laguarta said in September that the company plans to launch the first product of the partnership in early 2022. Pepsi veteran Dan Moisan has been named chief executive of the venture.

A photograph of a product sample published by Bloomberg shows the packaging, which states that the jerky does not contain soy, gluten or genetically modified organisms, but contains 10 grams of vegetable protein per serving. Beyond and Pepsi declined to comment on the report.

Both companies will face competition in the vegan jerky market. It is already being sold by Conagra Brands Gardein, as well as a number of smaller startups.

Beyond shares edged slightly lower in extended trading, while Pepsi was flat. Shares of Beyond have fallen 54% over the past 12 months as Wall Street questioned growth prospects and supply chain issues hit sales. On the other hand, Pepsi’s stock has risen 23% over the same time, bringing its market value to $242 billion, about 59 times that of Beyond.

Read more about the joint venture plans here.

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