Even with the “volatile” macroeconomic climate, PepsiCo anticipates a 6% increase in revenue in 2023.
Brand Investment Bears Fruit
PepsiCo has said the brand investment will remain crucial to driving consumer demand in the current economic environment and has increased marketing and advertising spending by “strong double digits” in 2022.
Net revenues grew by 8.7% to $86.39bn in 2022, while core operating profit increased by 7%. The UK, US, Brazil, and India were markets where PepsiCo maintained or gained market share, contributing to double-digit revenue growth.
PepsiCo’s priorities for the year ahead include investing in its Pep+ “roadmap” to become the global leader in the beverages and convenience food market.
It predicts the macroeconomic environment will be “volatile” in 2023 but believes it can build on the momentum and strength delivered in 2022.
