PepsiCo cut its forecast for annual sales growth on Tuesday as picky consumers in North America limit their spending on sodas and savory snacks, while opting for cheaper private-label brands.

PepsiCo is steering toward organic growth of around 1% for the year, a similar pace to the third quarter, as the fragile US consumer and events in the Middle East weigh. Chairman and CEO Ramon Laguarta emphasised today (8 October) he saw fiscal 2024 as a “year of normalisation” after three years of what he called “outsized” double-digit growth in snacks.

PepsiCo has revised its organic revenue growth expectations for the year following a continued decline in consumer purchases of its snacks and beverages in the US. The food and beverage giant, headquartered in Purchase,