The world’s food and beverage giant, PepsiCo has recently declared its plan of establishing an innovation center in the life sciences cluster DuBioTech situated in Dubai. This will be PepsiCo’s very first facility in this region. According to PepsiCo, the main rationale of this innovation facility will be to identify and cater to the preferences and tastes of the consumers in the local market. Furthermore, it also aims at promoting innovation in the regional market.
In order to enable researchers to carry out quick tests of new products, this innovation center will consist of test labs and a culinary center. This facility will also be working in close collaboration with various research and development centers of PepsiCo all across the globe.
New products like Tropicana Frutz, Grainwaves, Sunbites, and Lay’s Forno potato chips have been developed and launched by PepsiCo in the Middle Eastern markets.
According to the president of PepsiCo of the Middle East, the main growth fuelling factor in the Middle East has been that of innovation. In fact, this has enabled PepsiCo in the Middle East to build a portfolio of great-tasting foods and beverages that are loved and consumed widely by people all across the globe.
The Dubai innovation facility is expected to speed up the innovation process and enhance the profitability of the business.
The Middle East has a very significant role to play in the entire growth plan of PepsiCo which aims at promoting growth of the business in the developing and emerging markets.
PepsiCo’s business in the emerging markets tripled from US$8 billion in the year 2006 to almost US$ 23 billion in the year 2013.
PepsiCo has recently announced a five year period investment worth US$345 million in Egypt