PepsiCo, Inc. opened new food and beverage innovation center in Shanghai, China in November 13. The facility is company's largest research and development center outside of North America and will serve as a hub of new product, packaging and equipment innovation for PepsiCo's businesses throughout Asia.
Company's driving growth in emerging markets like China and the Asia Pacific region are key steps of PepsiCo's overall plan to expand to developing markets globally. PepsiCo nearly tripled its business in emerging and developing markets from $8 billion in annual net revenue in 2006 to $22 billion in 2011.
"The new facility is equipped with an advanced culinary center and test kitchens focused on developing and tailoring PepsiCo food and beverage brands for distinct, locally relevant taste preferences throughout the region. In addition, the facility will house a pilot manufacturing plant that will allow researchers to quickly test new product ideas and support efforts to significantly accelerate the pace of PepsiCo's innovation in China and other growing Asian markets." says company's press release.
It is one of PepsiCo's most integrated food and beverage R&D centers anywhere in the world, a combination that is designed to unlock new opportunities for breakthrough innovation across the company's diverse portfolio of complementary brands and enable greater speed and efficiency throughout the entire R&D process. The new Shanghai facility will also work collaboratively with other PepsiCo R&D locations around the world to share insights and best practices.
"Innovation has always fueled PepsiCo's growth engine and enabled us to build a portfolio of great-tasting, convenient food and beverage brands that are loved by consumers around the globe," said Saad Abdul-Latif, CEO, PepsiCo Asia, Middle East & Africa. "The Shanghai facility is a game-changer for our business that we expect will fast forward our innovation throughout the entire region."
To read more about Pepsico's new R&D Center in Shangai please click here.
