The company thus far has been resistant to pleas from activist investor Nelson Peltz, who heads up hedge fund Trian Fund Management, to consider a buy of Deerfield, Ill.-based cookie, candy and cracker maker Mondelez International (MDLZ) - Get Report .
So perhaps PepsiCo is in the mood for something a bit more satisfying.
Famous for peddling sugary beverages and starchy snacks, CEO Indra Nooyi needs to dust off her dealmaking skills and make plays for the likes of jerky maker Link Snacks and Greek yogurt purveyor Chobani.
Both the companies are not only broadly on-trend but are sizable enough businesses to have an impact on PepsiCo's financials.
Link Snacks and Chobani have each crossed the $1 billion sales mark.
Chobani, based in Norwich, N.Y., is already on the block, and PepsiCo, which has been trying to crack the yogurt space, would be an ideal buyer.
In addition, the Purchase, N.Y.-based conglomerate recently ended its joint venture with Germany-based Unternehmensgruppe Theo Müller to make and distribute Müller-branded yogurt for the U.S. market.
The Deal has consistently reported over the past two years that PepsiCo was among the top candidates to end up buying Chobani.
Whether or not PepsiCo loses out on acquiring the maker of Greek yogurt, it should also try to entice Minong, Wisc.-based Link Snacks to do a deal.
In 2009, PepsiCo ended its deal to distribute jerky for Oberto Sausage. That same year, it quickly took on distribution of Link Snacks' Matador brand of jerky.
According to an industry source, acquiring the leading maker of jerky, one of the fastest growing areas in snacking, would serve as a tasty side dish to go with the rest of its portfolio.
In recent years, jerky has been increasingly seen as a healthier snacking alternative because it is high in protein, particularly by those with an active lifestyle.
Granted, Jack Links is considered to be more highly processed. But it is still high in protein, which consumers increasingly crave, and Pepsi could tinker with the jerky's ingredients to make the product contain fewer preservatives, further broadening its appeal.
Link Snacks was founded in the mid-1980s by Jack Link and is run by him and his son Troy, who serves as the CEO. The company has been involved in some dealmaking of its own, expanding its presence in Europe by buying Unilever's meat snacks unit in 2014.
Outside of Jack Links, PepsiCo could also potentially target a number of jerky and yogurt companies. ConAgra Foods (CAG) - Get Report , which has been breaking up the company, might be convinced to part with its leading jerky brand Slim Jim. Icelandic Milk and Skyr, the maker of the Siggi's brand of Icelandic style yogurt, even more strained of its water than Greek yogurt and therefore higher in protein, is another fast-growing business PepsiCo could buy.
Considering the New Year is around the corner, accompanied by resolutions to lose weight, investing in foods people gravitate toward as they attempt to slim down could be a well-timed move.