Mumbai, Mar 10: PepsiCo aims to double its revenue in India over the next five years, viewing the country as a ‘key anchor market’ where it is making “aggressive” investments to expand its capacity, its India & South Asia CEO Jagrut Kotecha said.India will be the “engine of growth for PepsiCo” in driving its global revenue, as it ranks among the top three markets for the food, snack, and beverage multinational, where the company is experiencing double-digit growth, Kotecha said.
PepsiCo has invested in greenfield plants in Uttar Pradesh and Assam, focusing on staying ahead of the demand curve, Kotecha said, adding the company will not be “investment shy” in India and plans to open two more facilities, including one in the southern region.
“We believe India will be the engine of growth for PepsiCo to drive the top line. Yes, it’s not as big as North America because it is a lot more evolved category. Our per capita consumption in India is still very low, not only for us on beverage and food, but we would expect one of PepsiCo’s fastest growing economies to do that,” Kotecha said.
Currently, India ranks among the top 15 markets globally for PepsiCo. However, Kotecha expects the country to move up the ranks, though he refrained from sharing any specific projections.
India is one of the “key anchor markets” for the New York-headquartered food, snack, and beverage multinational, where it re-entered in the 1990s after a gap of 28 years.