Plastics and other packaging waste from salty snacks and potato chips are an environmental challenge for consumer packaged goods companies like PepsiCo.
That continued demand for snacks has been a boon for, with its Frito-Lay North America and Quaker Foods North America subsidiaries, which produce products like Lay's, Doritos, Cheetos, Tostitos and Quaker Oats, both seeing double-digit revenue growth in 2022. But more chip bags and snack containers being sold also means more waste from plastic and other packaging materials, something PepsiCo is aiming to take on.
Williams said that while the technology around biodegradable packaging is "still nascent," the company has made several steps towards its goal. Activist investors and shareholders, including As You Sow, have been pressing this issue with consumer products giants in recent years, and the current annual meeting and proxy voting season is no exception. McDonald's recently agreed under pressure from activist shareholders to produce a report on reusable packaging in exchange for having a shareholder vote on the issue rescinded. Last year, similar resolutions aimed at Coca-Cola Co.
In April, Frito-Lay and Quaker Oats opened a new learning center for packaging innovation at Frito-Lay's research and development headquarters in Texas, where it will field test, measure and analyze compostable packaging, aiming to make the process of testing products to certification-ready at least two to three times faster.
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