Competitor Strategies in Soft Drinks

May 2025

Core categories of global soft drinks are slowing while functional, value-tier and lifestyle-led drinks rise. Affordability is vital in emerging markets of the future, while wellness and identity reshape consumption in mature regions. Tariffs, trade volatility and channel shifts demand agility. Future success will depend on brand relevance, retail strategy and resilience.

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Key findings

The soft drinks industry finds growth at the margins rather than the core

Category value growth in 2025 is no longer anchored to traditional CSDs or established brands. Instead value is emerging from energy, hydration and newer formats - functional sodas, electrolyte powders and adult non-alcohol. The challenge for global brand owners is scaling these new concepts, unlocking new consumer need states, while focusing on affordability and access.

Affordability shapes market entry in high volume growth regions

In MEA and APAC, the balance of affordability and profitability is key. Brands must adapt pricing, pack size and distribution strategies to suit fragmented and independent retail. Small-format grocers, sachet-style packaging and mobile-based distribution models will be vital over the next decade as the growth of commercial beverages outpaces the rise of chained, large-format retail.

A complex innovation environment as soft drinks invest in new functional frontiers

The soft drinks aisle is being reshaped: Walmart’s new allocation for BFY “modern soda” in the US, the introduction of functional mocktails and influencer-led launches are pushing traditional categories boundaries and innovation models. New products do not simply refresh, but speak to identity and aspiration. Emerging functional drinks reflect lifestyle and not just physical utility.

Community, culture and functionality - the rise of “lifestyle drinks”

Consumers are demanding both physiological benefit and emotional relevance from beverage brands. Growth brands and new concepts combine performance or health outcome with social discovery and compelling online marketing. Better-for-you is necessary but not sufficient - new premium beverage brands seek to embed themselves into occasion, ritual and personal identity.

Macro volatility and trade disruption are manageable, but require agility

New tariffs, potential SNAP reforms in the US and commodity shocks - from orange juice to green coffee beans - pose structural risks to soft drinks. Still, the localised distribution model for key categories such as carbonates and packaged water offers partial insulation. Margin protection will depend on pricing discipline, execution agility and supply chain efficiency.

Key findings
Top five brand owners account for over a third of global retail sales value in soft drinks
L eading brand owners move beyond the core, to dairy, alcohol and sports nutrition
A revival of M&A activity in 2025, led by PepsiCo’s purchase of Poppi
S triking a balance between developed market pricing and emerging market volume
Varun and PepsiCo’s Sting Energy demonstrates the disruptive potential of affordability
B rands beyond the core: Growth in functional drinks, adult non- alc and powder mixes
Rising fragmentation from premium functional brands and value alternatives
Rebranding of Pepsi trademark reflects centrality of zero sugar to the CSD category
Framing soft drinks strategy challenges in 2025
Respond: Acting with agility in a volatile trade and consumer climate
Respond: Real but manageable impact of trade disruption on soft drinks input costs
Respond: Changes to food assistance programmes in the US pose further challenges
Recruit: Where will the next billion soft drinks consumers come from?
Recruit: Balancing affordability and profitability in markets of the future
Recruit: New consumers in fragmented but increasingly online grocery and foodservice
Renew: Reigniting growth and redefining value through functionality and BFY innovation
Renew: “Modern soda” and the rise of prebiotic soda as the new growth model?
Renew: Expanding the role of beverages through function and culture
Projected company sales: FAQs

Soft Drinks

This is the aggregation of the following categories; Carbonates, Fruit/vegetable juice, Bottled water, Functional drinks, Concentrates, RTD tea, RTD coffee and Asian speciality drinks.

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