Sometimes you just want to dive into a bag full of snacks while bingeing your favorite series. Well, it seems like many agree. Somewhat.
Beyond Meat (BYND) and Pepsi (PEP) have teamed up to enter the meat-free snack arena. Under their PLANeT Partnership joint venture, which was announced over a year ago, the duo has released a meatless jerky as their first product. The new product is rolling out to grocery stores this month in three flavours: original, hot and spicy, and teriyaki. Protein from peas and mung beans serves as the base for the jerky. The Beyond Jerky product is the brand's attempt to arrest shocking stock falls and a bid to attack the grocery sector after stagnant returns from the fast-food arena.
Elsewhere cereal-aisle heavyweight General Mills (GIS) reported higher than expected earnings with shares spiking up to 6%. The brand was buoyed by consumers sticking to pandemic-driven habits of cooking more at home has boosted sales at packaged food makers, who are also benefiting from price hikes, with General Mills joining peers Kraft Heinz (KHC) and Kellogg (K) in reporting a better-than-expected quarterly profit.
Why it matters
Despite many nations coming out of the pandemic hibernation, the habits of the past two years will linger yet. Consumers are still seeking to spend an increased time cooking at home — which, of course, is boosted by the growth of people working from home.