MUMBAI: PepsiCo is planning to emphasise innovation in India by launching a wide range of new products under its Frito-Lay snack brand.
The Economic Times reports that the brand owner has over 50 Frito-Lay products in development for the Indian market, in a continuation of its aggressive growth strategy on the subcontinent.
Figures cited by the news source indicate that India's salty snacks market is growing at a rate of around 20% per year, with Frito-Lay taking roughly 50% of total sales.
The PepsiCo-owned brand was an early mover in India, entering the market in 1995. But it is facing increased competition from other foreign snack brands, and its market share has dropped from the 75% it achieved five years ago.
Speaking to the Economic Times, Vidur Vyas, vice president for marketing at Frito-Lay India, said: "What stands out in this market will be scale and innovation which we need to play on ... Our innovation programme is stronger than ever before."
Last week, PepsiCo India chairman Manu Anand confirmed that the company was aiming to create "new consumption spaces" for its brands by selling goods at a broad range of price points.
The brand owner's own data indicate that products priced at between 3-5 rupees account for up to 50% of PepsiCo's Indian food sales.
Data sourced from Economic Times; additional content by Warc staff