[식품]펩시콜라의 동유럽 스낵 공격

Companies & Industries

PepsiCo's East European Snack Attack

By Duane Stanford on February 28, 2013

http://www.businessweek.com/articles/2013-02-28/pepsicos-east-european-snack-attack#r=nav-f-story

Two years ago, PepsiCo (PEP) paid $4.2 billion for Russian yogurt giant Wimm-Bill-Dann Foods, the company’s biggest-ever foreign acquisition. At the time, Chief Executive Officer Indra Nooyi said she was capitalizing on growing global demand for dairy products—and left it at that.

Turns out that was just Nooyi’s opening move: PepsiCo aims to use the Russian market as a springboard to reach new consumers in former Soviet republics such as Ukraine, Turkmenistan, and Kyrgyzstan. She sees Russia, with its 142 million consumers, as a proving ground where PepsiCo can experiment with drinks and snacks targeted at a growing middle class. The company will then use Wimm-Bill-Dann’s distribution across the region to bring Western-style snacking in all its gluttonous glory to Eastern Europeans. Fritos, Lay’s chips, and Doritos are among the company’s most profitable products, in part because they are light and easy to distribute. And capturing market share early in former Soviet satellites offers the possibility of growth for decades to come. “Russia is just a base,” explains Nooyi. “You’re doing it for the former Soviet Union countries. This is a business that is going to grow substantially. That’s what fires everybody up.”

Nooyi, who’s led the company since 2006, could use a win anywhere on the map. Just a year ago, she headed off a rebellion by investors calling for PepsiCo to split into two companies: snacks and soda. Nooyi mollified shareholders by slashing costs, stepping up marketing, and putting more emphasis on soft drinks in the U.S. to revive sales and regain market share from Coca-Cola (KO). The moves helped the company boost profit by 17 percent in the fiscal fourth quarter that ended Jan. 29.

Success in Europe is far from certain. Campbell Soup (CPB) tried and failed to entice time-pressed Russians to buy its packaged broths instead of making traditional soups, says Ivan Kotov, a Moscow-based principal with Boston Consulting Group. “Changing behavior is expensive,” Kotov says. “You can direct it, but it’s an evolution.”

Pepsi’s Russian chops date back to 1959, when Soviet Premier Nikita Khruschev famously shared a Pepsi-Cola with Richard Nixon. Another 15 years passed before PepsiCo opened its first soda plant in Russia, followed by the debut of Lay’s potato chips in 1992. Since then a large middle class has emerged, and per capita income has surged from about $1,000 in 2000 to almost $7,000 in 2008, according to Euromonitor International.

PepsiCo in 2008 paid almost $2 billion for Lebedyansky, Russia’s largest juice company. With the Wimm-Bill-Dann acquisition two years later, the maker of sodas and snacks became the largest food and beverage maker in Russia and the former Soviet republics, putting it toe-to-toe with Danone (DANOY) in dairy and Coke in beverages. PepsiCo has $5 billion in annual revenue in Russia, its second-largest market after the U.S.

While Americans consume $34 billion worth of snacks each year, according to Euromonitor, Eastern Europeans are only now warming up to packaged snacks and on-the-go munching. The potential—and challenges—are personified by 41-year-old Elena Kuchurnyi, who lives with her college-age daughter, 7-year-old son, and husband, an Aeroflot pilot, in a cramped Moscow apartment. Some mornings her daughter grabs a Nature Valley granola bar made by General Mills (GIS). Hershey’s (HSY) syrup and Heinz (HNZ) ketchup sit in the fridge. Still, Kuchurnyi and her husband mostly eat what they grew up with: compote juice boiled from fresh apples, cabbage soup made from scratch, or a breakfast of buckwheat porridge.

PepsiCo hopes to shift such consumers from lower-margin dairy and juice products to “value-added” beverages such as drinkable yogurts or juices with added vitamins. In thousands of retailers’ drink coolers across Russia, it aims to replace slow-selling soft drinks in winter months with Wimm-Bill-Dann probiotic dairy drinks, which many consumers believe help stave off sickness.

Like many locals, the Kuchurnyis make their own snacks: cubes of stale bread, toasted and sprinkled with salty seasoning. Using equipment designed to make Cheetos, PepsiCo developed its own bread-based snack, Hrusteam. The brand is now Russia’s No. 1 packaged version of the traditional goodie, and PepsiCo plans to roll it out across the region. The company also sells Lay’s chips in culturally attuned flavors such as caviar and crab. A Ruffles-like chip has become Lay’s Strong, aimed at beer-drinking men. In Ukraine, PepsiCo country chief Neil Sturrock’s team has printed temperature dials on Strong’s bags to highlight the power of its chili flavoring—a come-on for the region’s men.

As PepsiCo introduces more product categories in individual markets throughout Eastern Europe, the real payoff of Nooyi’s strategy may kick in: economies gained from shared distribution. In Ukraine, for instance, Sturrock is testing transporting juice and dairy products in the same trucks and then throwing Frito-Lay’s snacks on the top—at almost no additional shipping cost. “They are light and can fill up the truck,” he explains. If Nooyi can garner more such economies, then her quiet advance in the East may yet still her critics.

The bottom line: PepsiCo gets $5 billion in sales a year in Russia, which it’s using as a staging ground for expansion into fast-growing Eastern Europe.

요약

 2년전 펩시콜라는 러시아의 요거트 대기업 Wimm-Bill-Dann Foods를 인수했고, 이는 펩시콜라가 인수한 금액 중 가장 큰 액수였다. 또한 CEO Indra Nooyi는 유제품에 대한 증가하고 있는 글로벌 수요를 자본화하고 있다고 말했다. 펩시콜라는 옛 소련 공화국의 새로운 소비 시장으로 나아가는데 러시아 시장을 발판으로 삼을 것을 목표하고 있다. 그녀는 러시아를 증가하고 있는 중산층을 대상으로한 음료와 스낵을 시험할 수 있는 곳으로 본다. 펩시콜라는 Wimm-Bill-Dann Foods의 유통력을 바탕으로 동유럽에 서양 스타일의 스낵을 가져올 것이다. Fritos, Lay’s chips, Doritos이 가장 수익성있는 제품인데 유통하기에 가볍고 쉽기 때문이다. 먼저 옛 소련 시장을 장악하는 것은 앞으로 몇 십년간의 성장 가능성을 제공한다. 그녀는 펩시콜라를 소다와 스낵으로 분리하려는 움직임을 막았고, 비용을 줄이고 마케팅을 강화하도록 주주들을 설득시키고, 미국 내 소프트 드링크에 중점을 주도록 했다. 이러한 움직임은 4분기에 수익을 17% 향상시키는 데 도움이 되었다. 

아직 유럽에서의 성공은 미지수다. 캠벨수프의 경우 시간에 쫓기는 러시아인들이 전통 수프 대신에 캠벨수프를 구매하도록 유도했지만 실패했다. 미국 소비자들은 매년 340억 달러의 스낵을 소비하고 있지만, 동유럽 소비자들은 포장된 스낵을 데워서 계속 먹는다. 하지만 직접 만들어 먹는 어머니 세대들과 달리 제너럴 밀스의 그래놀라와 허쉬의 시럽, 하인즈 케찹을 먹는 젊은이들이 존재하므로 잠재력은 분명히 존재한다. 

2008년에 펩시콜라는 러시아에서 가장 큰 쥬스 기업 Lebedyansky를 인수하여 유제품은 다농과, 음료는 코카콜라와 경쟁하고 있다. 펩시콜라는 러시아에서 연간 50억 달러의 수익을 창출하고 있으며 이는 미국 다음으로 세계에서 큰 규모의 시장이다. 펩시는 소비자들이 저가형 유제품과 쥬스가 아닌 비타민 등이 첨가된 가치가 추가된 음료로 선택을 바꾸기를 희망하고 있다. 펩시는 빵을 기반으로 한 스낵인 Hrusteam를 개발했고, 이를 곧 출시할 예정이다. 또한 문화적으로 대응한 캐비어와 게 맛의 Lay’s chip를 판매하고 있고, 맥주를 마시는 남성들을 대상으로한 Lay’s Strong를 판매하고 있다.