PepsiCo feeling fizz in local beverage and food market

China is PepsiCo's top priority market in the world due to its rapid growth, said Sanjeev Chadha, chief executive officer of PepsiCo Asia, Middle East and Africa.

China is already the company's second-largest market in beverages in the world, right behind the United States, and the local snacks business is one of the fastest growing for the multinational.

Both of PepsiCo's snacks and beverage businesses grew by double digits in 2013.