markets outside North America.
Pepsi and Strauss already operate a joint venture in North America that sells Sabra brand hummus, fresh salsa and eggplant dips.
Under the new deal, each partner will own 50 percent of the new entity, the companies said in a statement, but did not disclose any financial details.
The move takes the owner of Frito-Lay snacks, Quaker oatmeal and Tropicana orange juice closer to its goal of generating $30 billion in revenue from nutritious products by 2020, as it seeks to tap consumers' growing health consciousness.
Pepsi is already testing lower-sodium salts and natural sweeteners and has a zero-calorie sweetener derived from the stevia plant, which goes into its low-calorie Tropicana juices.
The companies will invest in plants, technologies and employees to set up local operations on a country or regional level, the companies said.
Making healthier snacking options more accessible to consumers is a huge global opportunity, said Jaya Kumar, head of PepsiCo's Global Nutrition Group.
PepsiCo shares had closed at $63.01 on Tuesday on the New York Stock Exchange.
(Reporting by Nivedita Bhattacharjee; Editing by Joyjeet Das and Saumyadeb Chakrabarty)