India President of PepsiCo Ahmed ElSheikh told things. PepsiCo, Food and beverages major is “highly optimistic” about the future of the market of India. Even after short-term headwinds because of disruptions caused by the pandemic. It increased investments in Uttar Pradesh at its new greenfield snacks plant to Rs 814 crore in order to meet increasing demand.
PepsiCo is committed to make the business two times through the snacks business in India. It is also planning to increase the capacity of food plants of West Bengal and Maharastra that is already existing. It has also proposed to set up a facility of greenfield manufacturing in Assam.
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ElSheikh told PTI that it is known that there had been short- term headwinds because of COVID-19. But PepsiCo was highly optimistic during this whole time and they committing themselves. Its aim is to provide consumers the correct portfolio of food and beverage products.
PepsiCo India has come out as one of the biggest companies of food and beverage products. In 30 years of its establishment, it has grown so fast in India and is looking to go further. He further added.
AlSheikh stated, “Looking ahead, we are doing hard to double our snacks business in India. In fact, we already have increased our investments. Our investment in the greenfield snacks plant of UP from Rs 500 crore to around Rs 814 crore has generated 1,500 direct/indirect jobs. It also has enabled a local sourcing system.”
The consumption story in India has just begun. According to industry reports, India is going to be the third-biggest consuming market by 2025.
As the season of the festival is starting, the company is expecting increased demand from different categories. Categories like snacks, carbonated beverages, and juices led by celebrations of people.
“As people adjust to the situations, home consumption is a significant uptake. There is and will be a growing demand for larger family packs. as in-home occasions, togetherness has already significantly increased. While people are looking for larger packs, the are also looking for family values. However, in today’s world, affordability is the key.” He said.
PepsiCo has introduced various price ranges and combo packs in the food portfolio. In the case of smaller packs, it has analyzed and set price points to meet rural as well as urban demand.
About the global market, market organic revenue developed and growth increased 8%. It has overtaken emerging and developing markets which only increased by 2%.