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If PepsiCo has a chip on its shoulder about Pepsi
always being second in the cola market to Coke, at least the company puts it to good use. The
biggest slice of PepsiCo's business comes from Frito-Lay, the world's leading manufacturer of
potato chips, with brands including Lay's, Fritos, Doritos, Walkers Crisps and Ruffles.
The group has also been far quicker than its rival to exploit the fast-growing non-carbonated market. Smart acquisitions such as
Tropicana juice and sports drink Gatorade, as well as a strong presence in bottled water, have made PepsiCo the biggest
non-alcoholic beverage company in North America, well ahead of Coca-Cola. However, the group has struggled in recent years to maintain growth, especially in its carbonated drinks portfolio. A massive investment since 2008 in "Project Refresh", which
aimed to completely rejuvenate the group's brands, has so far yielded only limited results. See also:
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