Recent price hikes by packaged food companies, aimed at offsetting higher input costs, have driven consumers to more cost-effective alternatives, pushing PepsiCo to strengthen its appeal with new flavours under brands like Lay's, Doritos, and Cheetos. Despite this expansion, PepsiCo's North American snacking division saw a 4% decline in volume in its last reported quarter. The company will release its third-quarter earnings next week. Meanwhile, the broader food industry has seen significant deal-making activity. In August, Snickers maker Mars acquired Pringles parent Kellanova in a $36 billion deal. The transaction is expected to close in the first half of 2025. The Wall Street Journal first reported the advanced talks between PepsiCo and Siete Foods earlier this week.