According to CNBC, this new product type will be available in grocery stores starting this month in three flavors, original, hot and spicy and teriyaki, with the base protein for this new type of product coming from peas and mung beans.

Beyond Meat and Pepsi announced over a year ago that they will partner in order to create plant based snacks and drinks and through this partnership, the Californian-based startup can use Pepsi's production line, as well as their marketing know-how for future products.

Pepsi will be able to benefit from this partnership as well, since it can work with a company specialized in plant-based food in order to have access to new product categories.

This collaboration can also help the company to achieve their sustainability and health goals.

Ethan Brown, CEO at Beyond Meat, announced this new product in a teaser earlier this year, by saying "we have a major product, which I actually have in my hands right now and I’ve been snacking on during the call. It took an enormous amount of time and energy to get ready, and it’s a fantastic product."

Grocery sales for Beyond Meat have seen a decrease ever since the company was more invested into making deals with fast-food restaurants and in its fourth quarter of 2021, the company's retail sales in the US fell by nearly 20%.

Brown is pretty confident that the new product type will boost sales, so the beef jerky alternative represents an opportunity for the company to rise its revenue.

Analysts on Wall Street are not sure that Beyond will have much of a growth, as they fear competition got tougher and recently, demand for plant-based foods got smaller.

Conagra Brands' Gardein already has its own plant-based alternative to beef jerky, which makes it one of Beyond's competitors.