PepsiCo reveals finalists for 2024 Greenhouse Accelerator Program: Juntos Crecemos Edition
PepsiCo’s Greenhouse Accelerator Program awards $20,000 to finalists with an additional $100,000 going to one winner. Applicants were required to have $100,000-2,000,000 in sales for their last financial year, have licensing in the US and not be in contact with a PepsiCo competitor, according to the program’s official rules.
Each brand also will be enrolled in a five-month mentorship program that provides tailor-made support to the brand, including sales, marketing, design, operations or R&D support, Esperanza Teasdale, VP and GM at PepsiCo, told FoodNavigator-USA. The program's winner will be announced in November, following the completion of the mentorship program.
For the second year in a row, PepsiCo has dedicated the program to brands and products “inspired by Hispanic flavors and culture” with the Juntos Crecemos Edition of the program. The program is an extension of PepsiCo's Juntos Crecemos platform, designed to bolster Hispanic-owned brands, restaurants, bodegas and carnicerías.
"What we are noticing [with this year’s finalists] is a lot of creativity and innovation. Obviously, in this entrepreneurial space, it is brands and companies that are leveraging new ingredients, new flavors [and] new inspiration to create concepts that are just really unique to the marketplace,” Teasdale said.
Commenting on the need for products that authentically reflect the diversity of Hispanic culture heritage, she added, “[The Hispanic community] is not a monolith. It is not one size fits all. ... It is very diverse. There are over 20 countries, and everyone has a different journey, different culture, different sounds and different foods. It is just so vibrant, so that is the other piece to recognize is that the Hispanic community is a diverse community within itself.”
From gut-healthy sodas to gluten-free offerings: Finalists tap into on-demand trends
The 2024 Greenhouse Accelerator Program: Juntos Crecemos Edition finalists are solely dedicated to CPG brands, unlike last year’s participants, which included several supply-chain service and technology companies. This year’s participants include:
- JAS: JAS is an alcohol-free cocktail brand that features ashwagandha for a functional boost. JAS Paloma Libre blends grapefruit and lime flavors, while a Mojito Fresco with mint and lime flavors is available for pre-order through the brand's website.
- JaziLupini: JaziLupini is an organic plant-based and gluten-free pasta brand inspired by Latin American cuisine. JaziLupini's pasta is formulated with lupini beans and pea protein isolate for 26 grams of protein per 2-ounce serving.
- Mayawell: Mayawell is a Mexican-inspired prebiotic soda formulated with organic agave and Active Agave inulin with 4 grams of sugars per 12-ounce can. Currently, the brand offers Strawberry Ginger, Pear Lime, Pineapple Mango, Watermelon Mint and Raspberry Cucumber flavors.
- Nemi: Nemi Snacks is a grain-free cactus snack stick brand inspired by Mexican flavors, including Pickled Jalapeño, Smoky Chipotle, Mexican Lime and Chile Turmeric.
- PAKTLI: PAKTLI is a puffed ancient grains snack brand that puts a modern spin on the classic Mexican alegrías, a candy created with amaranth seeds. PAKTLI offers its alegría in milk chocolate, white chocolate, dark chocolate with blueberries and cacao nibs and extra dark chocolate with cranberries and cashews varieties.
- Pricklee: Pricklee is a low-sugar hydration beverage formulated from pear puree from Mexico and is available in Tropical Mango + Ginger, Prickly Pear and Wild Strawberry + Hibiscus flavors. Each beverage is formulated with agave nectar and contains 5 grams of added sugars per 360ml can.
- TOAST-IT: TOAST-IT is a ready-to-toast gluten-free arepas and pandebono bites company, made from yuca root and baked plantains. Last fall, TOAST-IT secured $150,000 in funding from KIND Snacks founder Daniel Lubetzky on Shark Tank.
- ¡Ya Oaxaca!: ¡Ya Oaxaca! offers a variety of marinades and cooking sauces, including mole and adobo, inspired by cooking from Oaxaca, Mexico. The brand also offers a pickled onion and chiles escabeche.
Teasdale noted that “there is no shortage of need” from startup companies seeking additional support, and the program aligns with the PepsiCo Positive (pep+) framework.
“This is a program that really ladders up to this pep+ platform and space that we really want to continue to grow and be known for and leave a legacy of positive effects through our business models,” Teasdale said.
Developing authentic, on-trend products for the Hispanic community, younger consumers
The Greenhouse Accelerator Program: Juntos Crecemos Edition is part of a larger effort by PepsiCo to bolster Hispanic founders and better understand the Hispanic consumer.
For the last two years, the PepsiCo Foundation welcomed 100 Hispanic-owned companies into its Impacto Hispanic Business Accelerator Program and awarded each a $10,000 grant.
On the brand side, PepsiCo signed a multi-year sponsorship deal with the Leagues Cup, a Major League Soccer tournament, to promote its Sabritas, Rockstar Energy Drink, Gamesa and Lay's brands. Additionally, Rockstar released a limited-edition can of its energy drink in honor of Día de los Muertos, featuring art from Mexican artist and illustrator Joaquín Nava.
Moving forward, PepsiCo will tap into demand for globally inspired flavors, driven by Gen Z and younger consumers, while also ensuring that they serve the needs of the Hispanic community, Teasdale said.
"When you think about the future, the future is led by Gen Z, and [the generation] is the most diverse multicultural group with a lot of intersectionality out there. For us to grow long term, we absolutely need to understand this consumer well," Teasdale elaborated.
