PepsiCo (NYSE:PEP) has satisfied consumers' bellies for more than a century. But recently, the company has left shareholders craving more. With its increased competition and loss of market share, many investors wonder if this global snack food and beverage giant is simply fizzling out. Are more bland results ahead for PepsiCo?

Below is an excerpt from our brand-new premium research report, which lists three areas PepsiCo investors must watch. It's just a taste of one section, but we hope you find it useful.
 

Unfortunately for PepsiCo, U.S. soda consumption has declined over the past several years. In 2011, total sales volume of soda fell, continuing its multiyear downward trend. Meanwhile, consumption of noncarbonated drinks like juices, waters, and teas has been on the rise.

But PepsiCo's strength lies in its product diversity as a dominant player in both the beverage and snack food spaces. Fortunately for the company, snack food consumption is on the rise, aided by demographic and lifestyle trends toward more convenient and healthier alternatives.

Here are three areas current and prospective PepsiCo investors must closely watch.

1. Emerging markets to drive growth.
Prolonged macroeconomic headwinds may threaten PepsiCo's revenue growth. Retreating GDP in Brazil, China, and other developing nations may postpone the company's success.

2. Declining market share relative to competitors.
While PepsiCo has a commanding market share lead over snack-food rivals, the landscape looks different on its soda side of the business, as rival Coca-Cola has gained market share over PepsiCo worldwide. PepsiCo has slated 2012 as a year for increased marketing and advertising spend, mostly in North America. While this might not move the needle initially, it may help the company gain back some of the beverage market share over the long haul. But PepsiCo isn't only playing in the soda sandbox. The company is focused on growing market share in everything it sells.

3. Complexity in managing two distinct businesses.
As stand-alone businesses, PepsiCo's beverage and snack foods divisions are behemoth operations. On their own, each business is complex and faces distinct challenges. Look to see if PepsiCo creates synergies through the complementary businesses or if the complexity bogs both down.

Fool contributor Nicole Seghetti owns shares of PepsiCo. The Motley Fool owns shares of PepsiCo. Motley Fool newsletter services recommend The Coca-Cola Company and PepsiCo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.