Food and beverages major PepsiCo is “extremely optimistic” about the future of the Indian market despite short-term headwinds due to pandemic-related disruptions and increasing investment at its new greenfield snacks plant in Uttar Pradesh to Rs 814 crore to meet increasing demand, according to its India President Ahmed ElSheikh.
The company is committed to double its business from snacks business in India and also increasing the capacity of existing food plants in West Bengal and Maharashtra, and it has additionally proposed to set up a greenfield manufacturing facility in Assam.
“While there have been some short-term headwinds due to COVID-19, we at PepsiCo are extremely optimistic about the future and are committed to provide consumers the right portfolio of products across food and beverages,” ElSheikh told PTI.
PepsiCo India has emerged as one of the largest food and beverage companies in the country in 30 years of its establishment in India and is looking to build further, he added.
“Looking ahead, we are committed to double our snacks business in India. In fact, we have increased our investment in our new greenfield snacks plant in Uttar Pradesh from Rs 500 crore to nearly Rs 814 crore, generating 1,500 direct/indirect jobs and enabling a local sourcing ecosystem,” ElSheikh said.
India consumption story has just started and according to industry reports, India will be the third-largest consumption market by 2025, he said.
As the festive season begins, the company expects an enhanced demand from categories like snacks, juices and other carbonated beverages led by the sentiment of celebration.
“From an FMCG point of view, the industry is seeing consumption revival, which we expect will only get better with further unlocking and the upcoming festive season,” ElSheikh said.