Non-Carbonated Beverages Spearhead Growth For PepsiCo's North America Business

While PepsiCo's snack offerings are considered the main drivers of the company's organic volume sales growth, beverages are considered the slackers. The foods division, including the likes of Frito-Lay and Quaker Foods, forms 64.5% of PepsiCo's valuation as per our estimates, fueled by relatively higher sales growth expectations and fatter margins for operating units, such as Frito-Lay North America - the most profitable division for PepsiCo. But this year, beverage growth has somewhat kept up w...