Snacks and beverage major PepsiCo on Friday said that its India business recorded mid-single-digit organic revenue growth in the full year of 2023. The company saw growth in beverage unit volumes but dip in snacks unit volume in the India market in CY2023.
The company’s management said: “For the full year, developing and emerging markets such as Mexico, Brazil, Egypt, Turkey, Poland, and Pakistan each delivered double-digit organic revenue growth while Saudi Arabia delivered high-single-digit growth and China and India each delivered mid-single-digit growth.”
The company added that it also gained share in the savoury snack segment in markets including China, Brazil, India and the Netherlands among others.
“We believe our international markets represent a long runway for profitable growth. We remain committed to expanding our presence and scale across geographies by offering a tailored assortment of products, flavors and packages that make our global brands locally relevant,” the snacks and beverage major added.
Talking about the performance of Africa, Middle East and South Asia (AMESA) region, the company said that, “convenient foods unit volume declined 3.5 per cent, primarily reflecting a high-single-digit decline in South Africa...... Additionally, India experienced a low-single-digit decline.”
“Beverage unit volume grew 2 per cent, primarily reflecting double-digit growth in India and low-single-digit growth in the Middle East,” it added.
Crucial role
Last month, PepsiCo announced the appointment of Jagrut Kotecha as the CEO for India. Kotecha, is currently Chief Commercial Officer of PepsiCo in Africa, Middle East and South Asia and will assume the new role in March.
The snacks and beverage major also said that India remains a “pivotal” market, playing a crucial role in its global strategy. “ In 2023, PepsiCo India continued to deliver robust financial results accelerating its transformation journey. This achievement underscores the company’s deep understanding of the Indian market, its innovative approach to product development and efficient distribution strategies,” the company had said in its statement in January.