PepsiCo reported robust performance in India, with the snacks segment experiencing double-digit volume growth in the first quarter of CY24. The company’s global quarterly earnings, disclosed on Tuesday, highlighted a high-single-digit volume growth in the beverage segment within the Indian market.
The company also noted an increase in market share within the savory snacks segment, particularly in markets like India, during the first quarter that ended on March 23, 2024.
Discussing the progress of its Africa, Middle East, and South Asia (AMESA) business segment, the company reported a 4.5 percent increase in unit volume within the “convenient foods” category for the region. Notably, South Africa experienced high-single-digit growth, India saw double-digit growth, Pakistan observed mid-single-digit growth, while the Middle East faced a double-digit decline.
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Within the AMESA region, the company observed a 2 percent increase in beverage unit volume, largely driven by mid-single-digit growth in the Middle East and high single-digit growth in India and Nigeria. However, this growth was partly dampened by a double-digit decline in Pakistan.
“So far this year, our presence in the savory snack market has expanded in China, India, Brazil, Australia, and several other countries,” the company stated.
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In March, Jagrut Kotecha stepped into the role of CEO of PepsiCo India, taking over from Ahmed El Sheikh, who concluded his seven-year tenure leading the India region.
Earlier this month, PepsiCo India disclosed its plans to invest INR 1,266 crore in setting up a new flavor manufacturing facility in Madhya Pradesh for the beverage segment. This marks the company’s second flavor manufacturing plant in India.
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