PepsiCo Inc

**Volume Growth Normalization**: PepsiCo is experiencing a normalization in its Frito-Lay business after three years of double-digit growth, with expectations that the category will grow in line with consumer snacking trends. The company anticipates a gradual recovery in volume growth, especially through innovative strategies tailored to different consumer segments and occasions.

**2024 Organic Revenue Guidance**: The company revised its 2024 organic revenue growth forecast down to low single digits from the previous 4%, largely due to slower-than-expected consumer recovery in the U.S. and geopolitical pressures affecting international markets.

**Investment Strategy and Focus on Productivity**: PepsiCo is adopting a multi-pronged investment strategy, focusing on value propositions such as bonus packs and brand events, while simultaneously investing in productivity initiatives across its supply chain. These include automation and digitalization, which are expected to sustain margin expansion despite current economic challenges.