NEW DELHI: Global food and beverages major PepsiCo said it has clocked mid-single-digit growth in the Indian market in the first quarter of 2021. This was slower than some emerging markets like Brazil, Russia and China, where it reported double-digit growth in the first quarter, PepsiCo said in an earnings statement.
"Our developing and emerging markets remained resilient and delivered mid-single-digit organic revenue growth in the quarter, including double-digit growth in Brazil, Russia and China, mid-single-digit growth in India and low-single-digit growth in Mexico," it said.
The New York-based company said that PepsiCo's overall global net revenue growth was 6.8 per cent up to USD 14.82 billion.
PepsiCo, maker of Pepsi cola, Quaker Foods, Cheetos and Lays, has "held or gained share" across many of its key global snacks and beverage markets with notable improvements in US snacks and beverage businesses, it added.
"Our global snacks and foods business delivered mid-single-digit organic revenue growth while our global beverages business delivered low-single-digit organic revenue growth compared to the prior year," it said.
PepsiCo Chairman and CEO Ramon Laguarta said: "We are pleased with our results for the first quarter as we successfully overcame challenges related to difficult year-over-year comparisons, uneven recoveries across many of our international markets and weather-related business disruptions in the US."
On the outlook, PepsiCo said for 2021, the company continues to expect a mid-single-digit increase in organic revenue.