PepsiCo forecast annual profit below expectations and missed quarterly revenue estimates on Tuesday, as the Doritos maker battles weakening demand for its sodas and snacks such as Lay's in the United States,

The food and beverage giant posted revenue of $27.78 billion between October and December, falling short of Wall Street's expectations.

PepsiCo’s revenue fell slightly in the fourth quarter as North American consumers continued to pull back on its Frito-Lay snacks and drinks.

PepsiCo's results Tuesday showed that U.S. consumers are continuing to lay off the snacks. Why it matters: Whether it's GLP-1s, more health-conscious consumers or stretched grocery budgets leaving less room for munchies — food companies are changing their playbooks to reinvigorate growth in North American snacking.