PepsiCo remains the world’s second largest soft drinks company, with strong positions in carbonates, sports drinks, bottled water, and energy drinks. While mature markets show stagnant volume growth, emerging markets offer inflation-driven value gains. Strategic acquisitions like Poppi reflect a pivot towards functional, low-sugar beverages. Competitive pressure from Coca-Cola and private label brands continues to shape the landscape.

Carbonates maintained solid off-trade retail volume growth in Brazil in 2024. While globally, bottled water is the largest soft drinks category in volume terms, in Brazil, carbonates is the leading soft drinks category, and has maintained growth year after year – this continued in 2024. This is thanks to a tradition cultivated in many households of including these products as part of their main meals during the day. Indeed, Brazil is the third largest market globally for carbonates, and despite

In addition to being a key player in its domestic alcoholic drinks market, leading in spirits, Suntory Holdings is the number two player in soft drinks in Japan, holding the top spot in both the RTD tea and bottled water categories. While its international coverage is relatively limited in soft drinks, it has a number of important brands in France and the UK in Europe as well as in Australia and New Zealand.

Carbonates in Estonia has demonstrated a steady performance throughout 2024, largely benefiting from favourable seasonal conditions. The summer of 2024, which commenced earlier than usual in May, has played a pivotal role in driving demand for these beverages. Such weather patterns have historically bolstered consumption during warmer months, and this year has proven no different. However, economic factors have also exerted a noticeable influence on the category. The implementation of a 2% VAT i

Heavyweights in the carbonates category including The Coca-Cola Company and PepsiCo Inc have faced substantial revenue declines since the boycott movement began in Pakistan. Consumers have developed a preference for local or alternative drinks that severely impacted the retail presence of international soft drink brands. Brands like Gourmet Cola, Cola Next, and Quice Cola saw a massive increase in demand for their products and were unable to fulfil requirements with existing supply. Traditionall

Having seen demand surge earlier in the review period, 2024 proved to be a challenging year for carbonates in Uzbekistan, with a small decline in off-trade volume sales. Cola carbonates, which account for the bulk of off-trade retail volume sales in this category, were particularly hard hit. The primary reason for the downturn was an increase in unit prices, driven largely by the introduction of the new excise tax at the beginning of April 2024. Carbonates containing sugar or other sweeteners ar

Carbonates continue to record slight off-trade volume decline in 2024 due to strong price increases and falling disposable incomes. Serbians are reassessing their daily purchases, notably reducing their consumption of non-essential items like carbonated beverages. Rising health consciousness is also affecting demand for carbonates in the year, as more Serbians are switches to healthier soft drinks to reduce their sugar intake. This development is, however, resulting in the growing presence and p

In Israel, the carbonates market has been impacted by price fluctuations. In February 2024 the Minister of Economy convinced the CEO of the Central Bottling Company to delay planned price increases, as part of broader efforts to mitigate the impact of rising costs on consumers. However, in April 2024, the Central Bottling Company informed retailers of a 4.5% price hike for its soft drinks, citing increased costs for materials and imports. Shortly after, in May 2024, Tempo announced a price incre

In terms of carbonates in Kenya, though inflation eased in 2024, consumers continued to be price sensitive after several years of price hikes. As such, many consumers bought smaller pack sizes to reduce the financial outlay. There was also a degree of trading down to cheaper options. Brands mitigated this by offering discounts and promotions.

In light of the ongoing Israel-Hamas war, some Tunisians have taken to social media to share lists of brands they believe support Israel, calling for a boycott of these products. Coca-Cola has been a prominent target in this movement, with some Tunisian consumers actively urging one another to shift towards local alternatives. While Coca-Cola’s stagnating demand in 2023 could be partially attributed to price increases in carbonates, the boycott has undeniably exacerbated the company’s challenges

Despite market maturity and saturation, carbonates continues to record moderate off-trade volume growth in 2024. Reduced-sugar products continue to gain ground, outperforming their regular counterparts, as consumers are more aware of the negative health effects of sugar and are seeking to lower their overall sugar intake. Following the outbreak of COVID-19, consumers have increased levels of health awareness, which has increased the focus of sugar content within food and drink. As well as shifti

Carbonates registered moderate volume growth in Dominican Republic in 2024. A stable economic picture, as well as an increasing numbers of tourists, contributed to the volume growth. The rising tourist numbers in particular benefitted the on-trade channel. Also, as discussed below, the leading players continued to invest in marketing and have upped production capacity. That being said, other soft drinks such as juice and bottled water, as well as emerging soft drinks, such as energy and sports d

Carbonates in Canada saw a significant drop in current value sales along with declining retail volumes in 2024. The category is under immense pressure as consumers adopt healthier lifestyle habits. Consumers are increasingly concerned about high sugar intake with many guided by the wealth of information online regarding this topic. There is a strong shift towards healthier drinks such as sports drinks and functional bottled water, which is negatively affecting sales of carbonates in 2024. On tra

Demand for carbonates in South Africa continues to rise in 2024, but pack size remains a primary indicator of consumer preferences regarding value for money and bulk purchase discounts. During the year, inflation has slowed, but remains a challenge for consumers, especially for non-essential goods such as soft drinks. Based on this scenario, consumer demand has increased for larger pack sizes, most notably 2-litre packs. This shift is being driven by South Africans who want to maximise value, as

In 2024, carbonates in India is set to maintain growth in both the off-trade and on-trade channels, in both volume and current value terms. According to the latest National Family Health Survey (NFHS) conducted between 2019 and 2021, there has been a significant increase in access to electricity in the country, with 99% of urban households and 95% of rural households now having access to electricity, marking a notable improvement over the past decade. The improvement in electrification, particul

In 2024, off-trade volume sales of carbonates in Lithuania experienced low-level, single-digit growth. However, this performance can be regarded as relatively positive for the category, especially considering the broader challenges it faces. Competition from alternative categories, such as flavoured waters and energy drinks, has intensified across the review period, driven by concerns surrounding the health implications of high sugar content in many products. These growing concerns continued to

The prolonged drought that Uruguay experienced over the past two years significantly compromised the quality of running water, rendering it unsuitable for human consumption due to excessive sodium content. This issue was particularly acute in Montevideo, Canelones, and San José, where the sodium-laden water supply persisted from March 2023 until government measures successfully resolved the crisis in September 2023. However, the aftermath of this crisis has continued to shape consumer behaviour

Whilst inflation was lower in 2024 than in previous years, the cost of living and the food basket continued to rise, leading Guatemalans to opt for cost-effective formats, including larger bottles, returnable bottles and promotional packs. Consumers also switched to other categories, such as RTD tea and juice drinks. In response, carbonates manufacturers introduced more promotional packs of two and three bottles in 3-litre formats, which have become the preferred size for at-home consumption. Co

Numerous up-and-coming brands in carbonates in the US are taking on major beverage companies by fostering innovation and adopting faster direct-to-consumer strategies that appeal to younger consumers. With the capacity to “fail fast”, these smaller enterprises can quickly identify what succeeds, and make adjustments more rapidly than traditional beverage behemoths. A range of functional cola carbonates has been emerging, promoting a healthier image by emphasising qualities such as prebiotic and

While carbonates continue to be the most popular soft drink in Kazakhstan, it is expected to see a fall in volume sales in 2024. Several factors contribute to the decline. While inflation has eased, prices are still rising and this dampens volume sales. Also, the government has been reducing the number of foreign workers in recent years and this is also expected to impact volume sales. In addition, carbonates are a highly mature product area, with little room for further growth and some consumer

Carbonates have emerged as the second fastest-growing soft drink category after bottled water in 2024, driven primarily by the consistently hot weather, which has encouraged consumers to choose refreshing soft drinks such as cola carbonates over hot beverages. Despite being perceived as less healthy, carbonates have remained attractive due to their relatively lower price compared to juice, making them a more appealing option for financially constrained consumers. Additionally, the resumption of

Consumer demand for regular cola carbonates has continued to decline in North Macedonia in 2024, as the category faces growing scrutiny from health-conscious consumers. The negative image of sugary carbonates has significantly influenced purchasing decisions, resulting in minimal off-trade retail volume growth across the broader carbonates category. However, the lingering effects of inflation and rising product prices have bolstered off-trade retail sales value, enabling the category to maintain

While major brands such as Coca-Cola and Pepsi have continued to dominate shelf space in 2024, an increasing variety of imported options of carbonates has emerged in modern retailers in Costa Rica as players seek to diversify their flavour offerings and attract a broader consumer base. Consumers can now explore unique choices like Calypso, Dr. Pepper Cherry, Squirt, Fanta Berry, WarHeads Sour Black Cherry Soda, Pepsi Zero Sugar Wild Cherry, Zevia, and Strawberry Crush, especially when seeking so

The persistent inflation and increasingly constrained household budgets in Cameroon have maintained a high degree of price sensitivity in carbonates in 2024. This has notably dampened demand for premium products such as fruity cocktail carbonates, which had initially gained traction by offering a balance of health appeal and affordability. However, their elevated price point – averaging XAF650 per litre compared to the national average of XAF500 per litre for carbonates – has limited their acces