Soft Drinks in Asia-Pacific December 2019: Marketline Industry Profile

MarketLine Industry Profile
Soft Drinks in Asia-Pacific

December 2019
Reference Code: 0200-0802
Publication Date: December 2019
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Industry Profiles
1. Executive Summary
1.1. Market value

The Asia-Pacific soft drinks market grew by 5.8% in 2018 to reach a value of $307,187.8 million.
1.2. Market value forecast

In 2023, the Asia-Pacific soft drinks market is forecast to have a value of $404,064.9 million, an increase of 31.5% since
2018.
1.3. Market volume

The Asia-Pacific soft drinks market grew by 3.7% in 2018 to reach a volume of 312,477 million liters.
1.4. Market volume forecast

In 2023, the Asia-Pacific soft drinks market is forecast to have a volume of 373,155 million liters, an increase of 19.4%
since 2018.
1.5. Category segmentation

Carbonates is the largest segment of the soft drinks market in Asia-Pacific, accounting for 32.6% of the market's total
value.
1.6. Geography segmentation

China accounts for 45.3% of the Asia-Pacific soft drinks market value.
1.7. Market share

Coca-cola is the leading player in the Asia-Pacific soft drinks market, generating a 18.3% share of the market's value.
1.8. Market rivalry

Industry Profiles
High fixed costs work to drive up rivalry, strong market growth during the review period (2014-2018) has served to
alleviate this somewhat.
1.9. Competitive Landscape

The Asia-pacific softdrinks market has experienced strong value growth and moderate volume growth in recent years.
Coca-Cola is the leading player in the sector in value terms, while PepsiCo and Suntory Holdings accounted for second
and third largest value shares, respectively, in 2018. Moreover, Zhejiang Nongfushanquan Water Co Ltd gained
maximum value share during 2014-2018.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................. 2
1.2. Market value forecast ...................................................................................................................2
1.3. Market volume .............................................................................................................................. 2
1.4. Market volume forecast ................................................................................................................2
1.5. Category segmentation ................................................................................................................2
1.6. Geography segmentation .............................................................................................................2
1.7. Market share ................................................................................................................................ 2
1.8. Market rivalry ................................................................................................................................ 2
1.9. Competitive Landscape ................................................................................................................3
2. Market Overview 9
2.1. Market definition ........................................................................................................................... 9
2.2. Market analysis ............................................................................................................................ 9
3. Market Data 10
3.1. Market value ............................................................................................................................... 10
3.2. Market volume ............................................................................................................................ 11
4. Market Segmentation 12
4.1. Category segmentation ..............................................................................................................12
4.2. Geography segmentation ...........................................................................................................13
4.3. Market distribution ......................................................................................................................14
5. Market Outlook 15
5.1. Market value forecast .................................................................................................................15
5.2. Market volume forecast ..............................................................................................................16
6. Five Forces Analysis 17
6.1. Summary .................................................................................................................................... 17
6.2. Buyer power ............................................................................................................................... 18

Industry Profiles
6.3. Supplier power ........................................................................................................................... 19
6.4. New entrants .............................................................................................................................. 20
6.5. Threat of substitutes ...................................................................................................................21
6.6. Degree of rivalry ......................................................................................................................... 22
7. Competitive Landscape 23
7.1. Market share .............................................................................................................................. 23
7.2. Who are the leading players in the Asia-pacific softdrinks market? ...........................................24
7.3. Which companies have been most successful in increasing their market share between 2014 and
2018? 24
7.4. Which companies’ market shares have suffered over the same period? ...................................24
7.5. What are the most popular brands in the market? .....................................................................24
8. Company Profiles 25
8.1. The Coca-Cola Co......................................................................................................................25
8.2. PepsiCo Inc ................................................................................................................................ 32
8.3. Suntory Holdings Ltd ..................................................................................................................36
About MarketLine .................................................................................................................................... 39

Industry Profiles
LIST OF TABLES
Table 1: Asia-Pacific soft drinks market value: $ million, 2014–18 10
Table 2: Asia–Pacific soft drinks market volume: million liters, 2014–18 11
Table 3: Asia–Pacific soft drinks market category segmentation: $ million, 2018 12
Table 4: Asia–Pacific soft drinks market geography segmentation: $ million, 2018 13
Table 5: Asia-Pacific soft drinks market distribution: % share, by value, 2018 14
Table 6: Asia-Pacific soft drinks market value forecast: $ million, 2018–23 15
Table 7: Asia–Pacific soft drinks market volume forecast: million liters, 2018–23 16
Table 8: Asia-Pacific soft drinks market share: % share, by value, 2018 23
Table 9: The Coca-Cola Co: key facts 25
Table 10: The Coca-Cola Co: Annual Financial Ratios 27
Table 11: The Coca-Cola Co: Key Employees 28
Table 12: The Coca-Cola Co: Key Employees Continued 29
Table 15: PepsiCo Inc: key facts 32
Table 16: PepsiCo Inc: Annual Financial Ratios 33
Table 17: PepsiCo Inc: Key Employees 34
Table 18: PepsiCo Inc: Key Employees Continued 35
Table 19: Suntory Holdings Ltd: key facts 36
Table 20: Suntory Holdings Ltd: Key Employees 37
Table 21: Suntory Holdings Ltd: Key Employees Continued 38

Industry Profiles
LIST OF FIGURES
Figure 1: Asia-Pacific soft drinks market value: $ million, 2014–18 10
Figure 2: Asia–Pacific soft drinks market volume: million liters, 2014–18 11
Figure 3: Asia–Pacific soft drinks market category segmentation: % share, by value, 2018 12
Figure 4: Asia–Pacific soft drinks market geography segmentation: % share, by value, 2018 13
Figure 5: Asia-Pacific soft drinks market distribution: % share, by value, 2018 14
Figure 6: Asia-Pacific soft drinks market value forecast: $ million, 2018–23 15
Figure 7: Asia–Pacific soft drinks market volume forecast: million liters, 2018–23 16
Figure 8: Forces driving competition in the soft drinks market in Asia-Pacific, 2018 17
Figure 9: Drivers of buyer power in the soft drinks market in Asia-Pacific, 2018 18
Figure 10: Drivers of supplier power in the soft drinks market in Asia-Pacific, 2018 19
Figure 11: Factors influencing the likelihood of new entrants in the soft drinks market in Asia-Pacific, 201820
Figure 12: Factors influencing the threat of substitutes in the soft drinks market in Asia-Pacific, 2018 21
Figure 13: Drivers of degree of rivalry in the soft drinks market in Asia-Pacific, 2018 22
Figure 14: Asia-Pacific soft drinks market share: % share, by value, 2018 23

Industry Profiles

Industry Profiles
2. Market Overview
2.1. Market definition

The soft drinks market consists of retail sale carbonates, squash/syrups, nectars, energy drinks, juice, packaged water,
sports drinks, iced/RTD tea drinks, flavored water, still drinks, enhanced water, fruit powders, bulk/HOD water, and
iced/RTD coffee drinks. However, the total market volume for soft drinks market excludes powder concentrates,
which are included in the market value. The market is valued according to retail selling price (RSP) and includes any
applicable taxes. All currency conversions used in the creation of this report have been calculated using constant
annual average 2018 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, Morocco, Nigeria, and South Africa.
North America consists of Canada, Mexico, and the United States.
South America consists of Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Panama, Peru, and Uruguay.
Europe consists of Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovak
Republic, Spain, Sweden, Switzerland, Turkey, Ukraine, and the United Kingdom.
Asia-Pacific consists of Australia, China, Hong Kong, India, Indonesia, Japan, Kazakhstan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Bahrain, Egypt, Iran, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates.
2.2. Market analysis

The Asia-Pacific soft drinks market registered strong growth during the review period (2014-2018). The growth of the
market is expected to accelerate over the forecast period (2018-2023).
Growth of the market in the Asia-Pacific is primarily supported by the substantial growth registered in countries such
as China and India. The market growth in these countries can be attributed to warm weather, large population and
rising purchasing power. Notably, the Chinese soft drinks market accounted for 45.4% of the overall Asia-Pacific soft
drinks market value in 2018.
The Asia-Pacific soft drinks market had total revenues of $307,187.8m in 2018, representing a compound annual
growth rate (CAGR) of 4.6% between 2014 and 2018. In comparison, the Chinese and Japanese markets grew with
CAGRs of 5.9% and 1.3% respectively, over the same period, to reach respective values of $139,205.6m and
$65,036.4m in 2018.
Market consumption volume increased with a CAGR of 3.9% between 2014-2018, to reach a total of 312,477 million
liters in 2018. The market's volume is expected to rise to 373,155 million liters by the end of 2023, representing a
CAGR of 3.6% for the 2018-2023 period.
The Carbonates segment was the market's most lucrative in 2018, with total revenues of $100,266.5m, equivalent to
32.6% of the market's overall value. The Packaged Water segment contributed revenues of $61,399.6m in 2018,
equating to 20% of the market's aggregate value.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 5.6% for the five-year period
2018 - 2023, which is expected to drive the market to a value of $404,064.9m by the end of 2023. Comparatively, the
Chinese and Japanese markets will grow with CAGRs of 7% and 1.2% respectively, over the same period, to reach
respective values of $194,819.2m and $69,031.8m in 2023.

Industry Profiles
3. Market Data
3.1. Market value

The Asia-Pacific soft drinks market grew by 5.8% in 2018 to reach a value of $307,187.8 million.
The compound annual growth rate of the market in the period 2014–18 was 4.6%.
Table 1: Asia-Pacific soft drinks market value: $ million, 2014–18
Year $ million € million % Growth

2014 256,631.3 217,298.0
2015 267,587.5 226,574.9 4.3%
2016 280,516.2 237,522.1 4.8%
2017 290,402.8 245,893.4 3.5%
2018 307,187.8 260,105.8 5.8%
CAGR: 2014–18 4.6%
SOURCE: MARKETLINE MARKETLINE
Figure 1: Asia-Pacific soft drinks market value: $ million, 2014–18

Industry Profiles
3.2. Market volume

The Asia-Pacific soft drinks market grew by 3.7% in 2018 to reach a volume of 312,477 million liters.
The compound annual growth rate of the market in the period 2014–18 was 3.9%.
Table 2: Asia–Pacific soft drinks market volume: million liters, 2014–18
Year million liters % Growth

2014 268,238.1
2015 280,319.9 4.5%
2016 290,643.2 3.7%
2017 301,309.8 3.7%
2018 312,477.0 3.7%
CAGR: 2014–18 3.9%
Figure 2: Asia–Pacific soft drinks market volume: million liters, 2014–18

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Carbonates is the largest segment of the soft drinks market in Asia-Pacific, accounting for 32.6% of the market's total
value.
The Packaged water segment accounts for a further 20% of the market.
Table 3: Asia–Pacific soft drinks market category segmentation: $ million, 2018
Category 2018 %
Carbonates 100,266.5 32.6%
Packaged Water 61,399.6 20.0%
Still Drinks 41,510.4 13.5%
Iced/rtd Tea Drinks 28,173.9 9.2%
Iced/rtd Coffee Drinks 24,348.1 7.9%
Energy Drinks 14,931.7 4.9%
Other 36,557.7 11.9%
Total 307,187.9 100%
Figure 3: Asia–Pacific soft drinks market category segmentation: % share, by value, 2018

Industry Profiles
4.2. Geography segmentation

China accounts for 45.3% of the Asia-Pacific soft drinks market value.
Japan accounts for a further 21.2% of the Asia-Pacific market.
Table 4: Asia–Pacific soft drinks market geography segmentation: $ million, 2018
Geography 2018 %
China 139,205.6 45.3
Japan 65,036.4 21.2
India 18,814.5 6.1
South Korea 11,892.1 3.9
Rest Of Asia-pacific 72,239.3 23.5
Total 307,187.9 100%
Figure 4: Asia–Pacific soft drinks market geography segmentation: % share, by value, 2018

Industry Profiles
4.3. Market distribution

On Trade form the leading distribution channel in the Asia-Pacific soft drinks market, accounting for a 43.4% share of
the total market's value.
Hypermarkets & Supermarkets accounts for a further 33.8% of the market.
Table 5: Asia-Pacific soft drinks market distribution: % share, by value, 2018
Channel % Share
On Trade 43.4%
Hypermarkets & Supermarkets 33.8%
Convenience Stores 12.8%
Vending Machines 6.4%
Other 3.5%
Total 100%
Figure 5: Asia-Pacific soft drinks market distribution: % share, by value, 2018

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2023, the Asia-Pacific soft drinks market is forecast to have a value of $404,064.9 million, an increase of 31.5% since
2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 5.6%.
Table 6: Asia-Pacific soft drinks market value forecast: $ million, 2018–23
Year $ million € million % Growth

2018 307,187.8 260,105.8 5.8%
2019 326,472.1 276,434.4 6.3%
2020 344,420.2 291,631.7 5.5%
2021 362,727.8 307,133.3 5.3%
2022 382,828.9 324,153.5 5.5%
2023 404,064.9 342,134.7 5.5%
CAGR: 2018–23 5.6%
Figure 6: Asia-Pacific soft drinks market value forecast: $ million, 2018–23

Industry Profiles
5.2. Market volume forecast

In 2023, the Asia-Pacific soft drinks market is forecast to have a volume of 373,155 million liters, an increase of 19.4%
since 2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 3.6%.
Table 7: Asia–Pacific soft drinks market volume forecast: million liters, 2018–23
Year million liters % Growth

2018 312,477.0 3.7%
2019 325,170.3 4.1%
2020 336,876.4 3.6%
2021 347,899.5 3.3%
2022 360,284.7 3.6%
2023 373,155.0 3.6%
CAGR: 2018–23 3.6%
Figure 7: Asia–Pacific soft drinks market volume forecast: million liters, 2018–23

Industry Profiles
6. Five Forces Analysis

The soft drinks market will be analyzed taking manufacturers of soft drinks as players. The key buyers will be taken as
distributors and retailers of soft drinks, and producers of packaging, soft drinks ingredients and other raw materials as
the key suppliers.
6.1. Summary
Figure 8: Forces driving competition in the soft drinks market in Asia-Pacific, 2018
High fixed costs work to drive up rivalry, strong market growth during the review period (2014-2018) has served to
alleviate this somewhat.
On-trade outlets are the main distribution channel in the Asia-Pacific soft drink market. Hypermarkets & supermarkets
are also significant. Retailers are unlikely to be swayed by brand loyalty, but they will have to stock brands preferred
by consumers. Buyer power in this market is driven up by low switching costs.
Leading companies must maintain product quality if they are to maintain their brand equity in the long term.
However, lack of differentiation in commodity inputs weakens supplier power.
The threat of new entrants is moderate due to fair capital investments and the presence of well-established brands. It
can be possible for a new entrant to achieve small-scale success stressing a unique production method or nutritional
benefits.
There are effective substitutes for soft drinks, such as non-ready-to-drink hot drinks and alcoholic beverages, which
pose a moderate threat.

Industry Profiles
6.2. Buyer power

Figure 9: Drivers of buyer power in the soft drinks market in Asia-Pacific, 2018
The main distribution channels for the Asia-Pacific soft drinks market are on-trade outlets, which accounted for 43.4%
of the total market value 2018. Hypermarkets & supermarkets are also significant, accounted for 33.9% of the total
market value in 2018.
The degree of retail concentration varies significantly from country to country. Countries such as China or India, the
retail market remains highly fragmented. South Korea retains a surprisingly large traditional market sector. Western-
style retail formats are correspondingly growing in this region. Low retail concentration generally implies weaker
buyer power.
Brands are highly important to consumers in this market, which weakens buyer power because it is important for
retailers to stock popular brands. Also, there are several ways for market players to differentiate their products.
Moreover, bottling companies highly dependent on soft drink concentrate manufacturers but retailers of finished
products less so. Therefore, overall buyer power assessed as moderate.

Industry Profiles
6.3. Supplier power

Figure 10: Drivers of supplier power in the soft drinks market in Asia-Pacific, 2018
The primary inputs for soft drinks manufacturers include fruit juice concentrates, flavorings, a range of natural and
synthetic sweeteners such as corn syrup, aspartame, and similar ingredients.
Some of these commodities, although available from several sources, are subject to price fluctuations. Others (e.g.
aspartame) are provided by only one or two major suppliers. However, even in these cases, there are usually
substitutes available. For example, if aspartame becomes expensive or unobtainable then it can be substituted by
saccharine and other similar products.
Water, which is a major input, may raise concerns for multinational players, especially in countries where water
scarcity represents a risk factor for their business.
The power of packaging manufacturers is growing since there is a growing demand for more consumer and
environmentally friendly packaging.
Overall, supplier power is moderate in this market.

Industry Profiles
6.4. New entrants

Figure 11: Factors influencing the likelihood of new entrants in the soft drinks market in Asia-Pacific, 2018
The Asia-Pacific soft drinks market recorded strong growth during the review period. This tends to encourage
newcomers. China and India in particular have seen rapid growth in their soft drinks sales. Large, multinational players
such as, Coca-Cola and PepsiCo dominate the market. The leading players, wield significant power and benefit from
scale economies, strong brands, and a diverse range of products. Private labels also greatly influence the
environment.
Players in the soft drinks market can try to distinguish their products to some extent by stressing their health benefits
(especially for juices and functional drinks) and taste. Although it would be difficult for a new entrant to compete with
the brand strength and reach of existing players, it may be possible to achieve small-scale success stressing a unique
production method or nutritional benefits.
Even if a new player opts for a business model in which much of the production process is performed by bottling
partners under license, there will still be a need to invest in manufacturing capacity in order to produce the
concentrates. This will generally be fairly capital-intensive and can restrict market entry. However, market niches can
be exploited by new entrants. Some of the larger players have already done this by catering for local tastes.
Additionally, changing consumer preferences cause a shift towards health-oriented wellness drinks.
Government regulation affects several aspects of soft drink manufacturing. For example, in most countries there are
requirements for food and drink to be prepared in hygienic conditions. Specific ingredients may be subject to
regulation: the natural low-calorie sweetener stevia has been used in Japan since 1971, whereas most other countries
in the region have only permitted its use in the last few years. Increasing tax or regulation tends to discourage
newcomers.
Overall, there is a moderate likelihood of new entrants.

Industry Profiles
6.5. Threat of substitutes

Figure 12: Factors influencing the threat of substitutes in the soft drinks market in Asia-Pacific, 2018
The substitutes for soft drinks primarily include non-ready-to-drink hot drinks and alcoholic beverages. Leading
players tend to have diverse product ranges, which reduces the threat posed by substitutes. Overall, there is a
moderate threat from substitutes.

Industry Profiles
6.6. Degree of rivalry

Figure 13: Drivers of degree of rivalry in the soft drinks market in Asia-Pacific, 2018
The Asia-Pacific soft drinks market is fragmented with the top four players, Coca-Cola, PepsiCo, Suntory Holdings and
Tingyi Holding Corp holding 32.5% of the total market by value 2018, Coca-Cola leading the market with 18.3% market
share.
The players in this market are fairly similar: most operate primarily in the food and drink industry. This increases
rivalry, and means that market fluctuations are likely to affect companies in the same way. Switching costs are low:
buyers can switch from one player to another without incurring costs. This boosts rivalry.
The ease of exit depends to some extent on the business model of the company. A company, which manufactures
ready-for-consumption soft drinks in a single integrated process, will need to dispose of assets such as specialized
equipment in order to exit the market. On the other hand, a company of the same size that operates in conjunction
with a network of bottling partners will tend to have fewer assets, and exit is therefore easier.
The strong growth of the market helps to decrease the intensity of rivalry. Overall, there is a moderate degree of
rivalry in the Asia-Pacific soft drinks market.

Industry Profiles
7. Competitive Landscape
The Asia-pacific softdrinks market has experienced strong value growth and moderate volume growth in recent years.
Coca-Cola is the leading player in the sector in value terms, while PepsiCo and Suntory Holdings accounted for second
and third largest value shares, respectively, in 2018. Moreover, Zhejiang Nongfushanquan Water Co Ltd gained
maximum value share during 2014-2018.
7.1. Market share
Table 8: Asia-Pacific soft drinks market share: % share, by value, 2018
Company % Share
Coca-cola 18.3%
Pepsico 7.2%
Suntory Holdings 3.7%
Tingyi Holding Corp 3.3%
Other 67.5%
Total 100%
Figure 14: Asia-Pacific soft drinks market share: % share, by value, 2018

Industry Profiles
7.2. Who are the leading players in the Asia-pacific softdrinks

market?
US based multinational Coca-Cola is the leading player in the Asia-pacific softdrinks market, accounting for 18.3% of
the market value in 2018 and is expected to retain its lead position in the coming years. The company accounted for
value share of 55.8%, 33.2% and 18.6% in carbonates, flavored water, and sports drinks segments, respectively in
2018.
US based multinational PepsiCo is the second leading player in the Asia-pacific softdrinks market, accounting for 7.2%
of the market value in 2018. The company accounted for value share of 25.9% and 11.6% in carbonates and sports
drinks segments, respectively in 2018.
Japan based multinational Suntory Holdings is the third leading player in the Asia-pacific softdrinks market, accounting
for 3.7% of the market value in 2018. The company accounted for value shares of 27.9%,11.3% and 10.3% in flavored
water, iced/RTD coffee drinks and iced/RTD tea drinks segments, respectively in 2018.
7.3. Which companies have been most successful in increasing

their market share between 2014 and 2018?
In the Asia-Pacific softdrinks market, Zhejiang Nongfushanquan Water Co Ltd gained largest market share with a 1.5
percentage points increase in value terms over the last four years, increasing from 1.5% in 2014 to 3.0% in 2018. Over
the same period, value market share of Shenzhen Eastroc Beverage Co Ltd increased with a 0.8 percentage points,
growing from 0.1% in 2014 to 0.9% in 2018,while China Resources Enterprises witnessed increase of 0.6 percentage
points to its value share, up from 1.1% in 2014 to 1.7% in 2018.
7.4. Which companies’ market shares have suffered over the same
period?
In the Asia-pacific softdrinks market, Hangzhou Wahaha Group Co., Ltd witnessed loss of value share in the last four
years, falling 1.6 percentage points, down from 4.4% in 2014 to 2.8% in 2018. Coca-Cola witnessed loss of value
market share by 0.8 percentage points, down from 19.1% in 2014 to 18.3% in 2018. Moreover, value share of Tingyi
Holding Corp also declined in the last four years, falling 0.6 percentage points, down from 3.9% in 2014 to 3.3% in
2018.
7.5. What are the most popular brands in the market?

Coca-Cola which is owned by Coca-Cola is the most popular brand in the Asia-pacific softdrinks market, accounting for
a value share of 5.5%, in 2018. Furthermore, Sprite (owned by Coca-Cola) and Kangshifu (owned by Tingyi Holding
Corp) are also top brands of the sector, which held brand value share of 3.3% each in the same year.

Industry Profiles
8. Company Profiles
8.1. The Coca-Cola Co
8.1.1. Company Overview
The Coca-Cola Company (Coca-Cola) is a producer, distributor and marketer of non-alcoholic beverages. The company
offers sparkling beverages and a variety of still beverages including, juices and juice drinks, waters, enhanced waters,
ready-to-drink teas and coffees, and energy and sports drinks. It sells beverages under various brands such as Sprite,
Coca-Cola Zero, Diet Coke, Fanta, Glaceau Vitaminwater, Powerade, Dasani, FUZE TEA, Minute Maid, Simply, Georgia,
and Del Valle. Coca-Cola markets its products to independent bottling partners, distributors, wholesalers and retailers.
The company has business presence across Europe, the Middle East and Africa (EMEA), Latin America, North America
and Asia-Pacific. Coca-Cola is headquartered in Atlanta, Georgia, the US.
The company reported revenues of (US Dollars) US$37,266 million for the fiscal year ended December 2019 (FY2019),
an increase of 8.6% over FY2018. In FY2019, the company’s operating margin was 25%, compared to an operating
margin of 22.6% in FY2018. In FY2019, the company recorded a net margin of 23.9%, compared to a net margin of
18.8% in FY2018.
8.1.2. Key Facts
Table 9: The Coca-Cola Co: key facts
Head office: One Coca-Cola PlazaAtlanta, Georgia, United States

Number of Employees: 86200
Website: www.coca-colacompany.com
Financial year-end: December
Ticker: KO
Stock exchange: New York Stock Exchange
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
The Coca-Cola Company (Coca-Cola) produces, distributes and markets non-alcoholic beverages. The company’s
portfolio comprises over 500 owned or licensed brands and 4,700 beverages, including 1,600 low and no-calorie
products.
Coca-Cola operates through six reportable business segments: Europe, Middle East and Africa, Latin America, North
America, Asia Pacific, Global Ventures and Bottling Investments.
Based upon the product offerings, the company further classifies its operations into two business lines: Concentrate
Operations and Finished Product Operations. Concentrate Operations includes sales beverages concentrates such as
flavoring ingredients, syrups, powders and sweeteners for preparing finished beverages, and purified water products
to authorized bottling partners. Finished product operations consists of company-owned or controlled bottling, sales
and distribution operations which are included in Bottling investments operating segments. It sells sparkling soft
drinks and other finished nonalcoholic beverages such as enhanced water and sports drinks, water, juice, tea and
coffee, dairy and plants-based beverages and energy drinks. In FY2019, Concentrated Operations accounted for 55%
of the company’s revenue, followed by Finished Product Operations (45%).

Industry Profiles
As of December 2019, Coca-Cola operated 32 owned principal concentrated and syrup plants, 97 owned and eight
leased principal beverages manufacturing/ bottling plants and 105 owned and 171 leased distribution and storage
warehouses. It also operated 1,730 leased retail stores as of December 2019. The company distributes products in
over 200 countries and territories through distributors, independent bottling partners, wholesalers, retailers, and its
owned or controlled bottling and distribution operations to two billion customers per day.

Industry Profiles
Table 10: The Coca-Cola Co: Annual Financial Ratios
Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % -3.70 -5.49 -13.50 -5.28 8.65
Operating Income Growth % -9.21 -4.17 0.23 4.37 20.42
EBITDA Growth % -9.21 -4.17 0.23 4.37 20.42
Net Income Growth % 3.56 -11.21 -80.88 415.54 38.64
EPS Growth % 8.15 -8.70 -20.48 27.93 10.40
Working Capital Growth % 956.54 15.65 25.05 -141.19 70.35
Equity Ratios
EPS (Earnings per Share) USD 1.67 1.49 1.12 1.50 2.07
Dividend per Share USD 1.29 1.38 1.46 1.54 1.59
Dividend Cover Absolute 1.29 1.08 0.77 0.97 1.30
Book Value per Share USD 5.91 5.38 4.01 3.98 4.43
Profitability Ratios
Gross Margin % 60.53 60.67 62.11 61.90 60.77
Operating Margin % 17.43 17.68 20.48 22.57 25.01
Net Profit Margin % 16.60 15.59 3.45 18.76 23.94
Profit Markup % 153.37 154.25 163.92 162.49 154.91
PBT Margin (Profit Before Tax) % 21.68 19.43 19.03 23.98 28.94
Return on Equity % 28.77 28.30 7.31 37.89 46.99
Return on Capital Employed % 12.24 12.18 12.22 14.22 15.69
Return on Assets % 8.08 7.36 1.42 7.52 10.52
Return on Working Capital % 1389.71 119.42 98.96 79.32
Operating Costs (% of Sales) % 82.57 82.32 79.52 77.43 74.99
Administration Costs (% of Sales) % 37.14 36.77 35.57 32.02 32.60
Liquidity Ratios
Current Ratio Absolute 1.24 1.28 1.34 0.87 0.76
Quick Ratio Absolute 1.13 1.18 1.25 0.76 0.63
Cash Ratio Absolute 0.74 0.84 0.76 0.56 0.41
Leverage Ratios
Debt to Equity Ratio Absolute 1.21 1.44 2.02 1.79 1.67
Net Debt to Equity Absolute 1.44 1.61 2.44 2.07 1.91
Debt to Capital Ratio Absolute 0.55 0.59 0.67 0.64 0.63
Efficiency Ratios
Asset Turnover Absolute 0.49 0.47 0.41 0.40 0.44
Fixed Asset Turnover Absolute 3.26 3.61 3.84 3.85 3.42
Inventory Turnover Absolute 5.83 5.90 5.15 4.56 4.53
Current Asset Turnover Absolute 1.33 1.24 1.03 1.12 1.64
Capital Employed Turnover Absolute 0.70 0.69 0.60 0.63 0.63
Working Capital Turnover Absolute 75.16 6.85 5.60 3.87
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 11: The Coca-Cola Co: Key Employees
Name Job Title Board

Alexis M. Herman Director Non Executive Board
Alfredo Rivera President Latin America Group Senior Management
Ana Botin Director Non Executive Board
Ashna Zaheer Assistant Corporate Secretary Senior Management
Barry Ballow Chief Internal Audit Senior Management
Barry Ballow Vice President Senior Management
Barry Diller Director Non Executive Board
Chief Information and Integrated Services
Barry Simpson Senior Management
Officer
Barry Simpson Senior Vice President Senior Management
Chief Communications, Public Affairs,
Beatriz Perez Senior Management
Sustainability and Marketing Assets Officer
Beatriz Perez Senior Vice President Senior Management
Bernard McGuinness Vice President Flavor Supply Senior Management
Bobby Kotick Director Non Executive Board
Brian Smith Chief Operating Officer Senior Management
Brian Smith President Senior Management
Bruno Pietracci President Africa and Middle East Senior Management
Caroline Tsay Director Non Executive Board
Chief Executive Officer Hindustan Coca Cola
Christina Ruggierio Senior Management
Beverages, Pvt. Ltd
Christine Quinn Director Flavor Ingredient Supply Senior Management
Christine Quinn Vice President Senior Management
Christopher C. Davis Director Non Executive Board
Christopher Nolan Treasurer Senior Management
Christopher Nolan Vice President Senior Management
Claudia Lorenzo President ASEAN Business Unit Senior Management
Curtis Ferguson President Greater China and Korea Senior Management
President Canada Business Unit, Coca Cola
Darlene Nicosia Senior Management
North America
David B. Weinberg Director Non Executive Board
Evguenia (Jeny) Stoichkova President Turkey, Caucasus and Central Asia Senior Management
Francisco Crespo Benitez Senior Vice President Senior Management
Galya Molinas President Mexico Business Unit Senior Management

Industry Profiles
Table 12: The Coca-Cola Co: Key Employees Continued

Gilles Leclerc President The McDonald’s Division Senior Management
Gilles Leclerc Vice President Senior Management
Helen Smith Price President The Coca Cola Foundation Senior Management
Helen Smith Price Vice President Global Community Affairs Senior Management
Helene D. Gayle Director Non Executive Board
Henrique Braun President Brazil Senior Management
Herbert A. Allen Director Non Executive Board
James L. Dinkins President Coca Cola North America Senior Management
James L. Dinkins Senior Vice President Senior Management
James Quincey Chairman Executive Board
James Quincey Chief Executive Officer Executive Board
Jennifer K. Mann President Global Ventures Senior Management
Jennifer K. Mann Senior Vice President Senior Management
Joao Marcelo Ramires President South Latin Senior Management
President Minute Maid Business Unit, Coca
John Hackett Senior Management
Cola North America
John Murphy Chief Financial Officer Senior Management
John Murphy Executive Vice President Senior Management
Jorge Garduno President Japan Business Unit Senior Management
President Foodservice and On Premise, Coca
Kathleen Ciaramello Senior Management
Cola North America
Kelly Johnstone Vice President Strategic Security Senior Management
President Central and Eastern Europe
Lana Popovic Senior Management
Business Unit
Larry M. Mark Controller Senior Management
Larry M. Mark Vice President Senior Management
Lisa Chang Chief People Officer Senior Management
Lisa Chang Senior Vice President Senior Management
Manuel Arroyo Chief Marketing Officer Senior Management
Manuel Arroyo President Asia Pacific Group Senior Management
Marc Bolland Director Non Executive Board
Marcelo Boffi Deputy Group President- Asia Pacific Senior Management
Marcelo Boffi President Bottling Investments Group Senior Management

Industry Profiles

Marie Quintero-Johnson Director Mergers and Acquisitions Senior Management
Marie Quintero-Johnson Vice President Senior Management
Mark Randazza Assistant Controller Senior Management
Mark Randazza Chief Accounting Officer Senior Management
Mark Randazza Vice President Senior Management
Miles Karemacher General Manager Coca Cola Ireland Senior Management
Director Legal Counsel, Southern and East
Mpumi Mazibuko Senior Management
Africa Business Unit
Murat Ozgel President Middle East and North Africa Senior Management
Nakampe Molewa Director Performance Senior Management
Nakampe Molewa Executive Assistant Senior Management
Nancy Quan Chief Technology Officer Senior Management
Nancy Quan Senior Vice President Senior Management
Neeraj Garg President West Africa Senior Management
President Europe, Middle East and Africa
Nikolaos Koumettis Senior Management
(EMEA) Group
Rejin Surendran Head SAP and Digital CoE Senior Management
Robert J. Jordan, Jr. Vice President General Tax Counsel Senior Management
Robert Long Chief Innovation Officer Senior Management
Robert Long Senior Vice President Senior Management
Roberto Mercade President Latin Center Senior Management
Robin Moore Vice President Next Generation Services Senior Management
Shane Grant President Stills Business Unit Senior Management
T. Krishnakumar President India and Southwest Asia Senior Management
Tim Brett President Western Europe Senior Management
Timothy K. Leveridge Investor Relations Officer Senior Management
Timothy K. Leveridge Vice President Senior Management
Vamsi Mohan President Coca Cola South Pacific Senior Management
Vice President Scientific and Regulatory
Wamwari Waichungo Senior Management
Affairs
Chief Operating Officer USA Bottler Delivered
Zoran Vucinic Senior Management
Brands

Industry Profiles

Industry Profiles
8.2. PepsiCo Inc
PepsiCo Inc (PepsiCo) is a manufacturer and marketer of non-alcoholic beverages and food products. The company’s
product portfolio comprises potato chips, cereals, oatmeal, rice, pasta roni, packaged water, sports and energy drinks,
juice and nectars, still drinks, and fountain syrups. Its major brands include Pepsi, Pepsi Max, Mountain Dew, Diet
Pepsi, Lay's, Frito-Lay, Doritos, 7-Up, Tropicana, Aquafina, Mirinda, Gatorade and Quaker, V Water, Ya, Tostitos, Simba
and Trop 50. PepsiCo distributes products through a network of direct-store-delivery, customer warehouse and
foodservice, and vending distribution units. It also sells and distributes products to grocery stores, drug stores,
convenience stores, discount/dollar stores, mass merchandisers, membership stores, wholesale and other
distributors, e-commerce retailers and authorized independent bottlers. PepsiCo is headquartered in Purchase,
Harrison, New York, the US.
The company reported revenues of (US Dollars) US$67,161 million for the fiscal year ended December 2019 (FY2019),
an increase of 3.9% over FY2018. In FY2019, the company’s operating margin was 15.3%, compared to an operating
margin of 15.6% in FY2018. In FY2019, the company recorded a net margin of 10.9%, compared to a net margin of
19.4% in FY2018.
8.2.2. Key Facts
Table 15: PepsiCo Inc: key facts
Head office: 700 Anderson Hill Road Purchase, New York, United States
Website: www.pepsico.com
Ticker: PEP
Stock exchange: NASDAQ
PepsiCo Inc (PepsiCo) markets, distributes, and sells carbonated and non-carbonated beverages, salty, sweet and grain
based snacks, and other food products.
The company classifies its business operations into seven reportable segments: Frito-Lay North America (FLNA), PBNA
(PepsiCo Beverages North Americ), Europe, LatAm (Latin America) , AMESA (Africa, Middle East and South Asia), APAC
(Asia Pacific, Australia and New Zealand and China Region) and Quaker Foods North America (QFNA).
PepsiCo has business presence in 200 countries and territories worldwide.

Industry Profiles
Table 16: PepsiCo Inc: Annual Financial Ratios
Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % -5.44 -0.41 1.16 1.79 3.87
Operating Income Growth % -12.82 17.37 4.81 -1.62 1.77
EBITDA Growth % -12.87 16.33 4.81 -1.62 1.77
Net Income Growth % -16.29 16.09 -23.26 157.67 -41.56
EPS Growth % -0.18 -0.54 18.04 70.28 -39.36
Working Capital Growth % 112.10 -2.53 98.02 -102.33 1049.39
Equity Ratios
EPS (Earnings per Share) USD 3.67 4.36 5.12 8.76 5.19
Dividend per Share USD 2.76 2.96 3.17 3.59 3.79
Dividend Cover Absolute 1.33 1.47 1.62 2.44 1.37
Book Value per Share USD 8.33 7.88 7.78 10.30 10.63
Profitability Ratios
Gross Margin % 54.44 55.06 54.67 54.57 55.36
Operating Margin % 13.25 15.61 16.18 15.64 15.32
Net Profit Margin % 8.65 10.08 7.65 19.35 10.89
Profit Markup % 119.47 122.52 120.60 120.10 124.00
PBT Margin (Profit Before Tax) % 11.80 13.62 15.12 14.21 13.87
Return on Equity % 45.73 57.04 44.60 86.20 49.47
Return on Capital Employed % 16.04 18.73 17.33 18.21 17.71
Return on Assets % 7.78 8.84 6.34 15.90 9.37
Return on Working Capital % 372.66 153.18 184.46 97.63
Operating Costs (% of Sales) % 86.75 84.39 83.82 84.36 84.68
Administration Costs (% of Sales) % 37.38 37.85 37.00 37.33 38.43
Liquidity Ratios
Current Ratio Absolute 1.31 1.25 1.51 0.99 0.86
Quick Ratio Absolute 1.16 1.12 1.37 0.85 0.70
Cash Ratio Absolute 0.68 0.76 0.95 0.41 0.28
Leverage Ratios
Debt to Equity Ratio Absolute 2.71 3.11 3.47 2.22 2.16
Net Debt to Equity Absolute 2.03 2.50 2.63 1.63 1.80
Debt to Capital Ratio Absolute 0.73 0.76 0.78 0.69 0.68
Efficiency Ratios
Asset Turnover Absolute 0.90 0.88 0.83 0.82 0.86
Fixed Asset Turnover Absolute 3.76 3.82 3.76 3.71 3.49
Inventory Turnover Absolute 9.80 10.37 10.16 9.67 9.27
Current Asset Turnover Absolute 2.89 2.54 2.21 2.44 3.40
Capital Employed Turnover Absolute 1.21 1.20 1.07 1.16 1.16
Working Capital Turnover Absolute 25.94 11.56 11.82 6.04

Industry Profiles
Table 17: PepsiCo Inc: Key Employees

Alberto Weisser Director Non Executive Board
President PepsiCo Global Beverages and
Andy Williams Senior Management
Franchise
Anne Fink President Global Foodservice Senior Management
Cesar Conde Director Non Executive Board
Daniel Vasella Director Non Executive Board
Darren Walker Director Non Executive Board
David C. Page Director Non Executive Board
David Yawman Executive Vice President Government Affairs Senior Management
David Yawman General Counsel Senior Management
David Yawman Secretary Senior Management
Dina Dublon Director Non Executive Board
Chief Executive Officer Africa, Middle East,
Eugene Willemsen Senior Management
South Asia
Gibu Thomas Global Head of eCommerce Senior Management
Grace Puma Whiteford Executive Vice President Global Operations Senior Management
Hugh F. Johnston Chief Financial Officer Senior Management
Hugh F. Johnston Executive Vice President Senior Management
Hugh F. Johnston Vice Chairman Senior Management
Ian M. Cook Director Non Executive Board
Jason Richards General Manager PepsiCo UK Senior Management
Jennifer Saenz President PepsiCo Global Foods Senior Management
Executive Vice President SodaStream,
Jim Andrew Senior Management
Beyond the Bottle, and New Ventures
Executive Vice President Global
Jon Banner Senior Management
Communications
Jon Banner President PepsiCo Foundation Senior Management
Chief Executive Officer North America
Kirk Tanner Senior Management
Beverages
Laxman Narasimhan Chief Executive Officer LATAM, Interim Senior Management
Laxman Narasimhan Global Chief Commercial Officer Senior Management
Luis Montoya President Latin America Beverages Senior Management
Marie T. Gallagher Controller Senior Management
Marie T. Gallagher Senior Vice President Senior Management
Michelle Gass Director Non Executive Board

Industry Profiles
Table 18: PepsiCo Inc: Key Employees Continued

Paula Santilli Chief Executive Officer Latin American Senior Management
Ram Krishnan Chief Commercial Officer Senior Management
Ram Krishnan Chief Executive Officer Greater China Senior Management
Ramon L. Laguarta Chairman Executive Board
Ramon L. Laguarta Chief Executive Officer Executive Board
Rene Lammers Chief Scientific Officer Senior Management
Rene Lammers Executive Vice President Senior Management
Richard W. Fisher Director Non Executive Board
Robert C. Pohlad Director Non Executive Board
Roberto Martinez President PepsiCo Mexico Foods Senior Management
Ronald Schellekens Chief Human Resources Officer Senior Management
Ronald Schellekens Executive Vice President Senior Management
Seth Cohenc Chief Information Officer Senior Management
Seth Cohenc Senior Vice President Senior Management
Shona L. Brown Director Non Executive Board
Silviu Popovici Chief Executive Officer Europe Senior Management
Simon Lowden Chief Sustainability Officer Senior Management
Chief Executive Officer PepsiCo Foods North
Steven Williams Senior Management
America
Global Chief Diversity and Engagement
Umran Beba Senior Management
Officer

Industry Profiles
8.3. Suntory Holdings Ltd
Suntory Holdings Ltd (Suntory) produces, markets and sells alcoholic and non-alcoholic beverages in Japan. Its product
portfolio includes ready-to-eat foods, health foods, mineral water, coffee, tea, juices, beer, whisky, liqueurs, spirits,
ice creams and wine. These products are marketed under various brands including Premium Malt's, Kakubin, Hibiki,
Yamazaki, Hakushu, Jim Beam, Suntory Tennensui and BOSS. It also provides health supplements, cosmetics and
creams to its customers. Suntory offers floral services, hospitality services through its subsidiaries SUN-AD, Dynac,
Pronto and Izutsu Maisen. The company also operates restaurants, bars and pubs and develops businesses centers. It
has presence in US, China, Europe and Southeast Asia. Suntory is headquartered in Osaka, Osaka Perfecture, Japan.
8.3.2. Key Facts
Table 19: Suntory Holdings Ltd: key facts
Head office: 2-1-40 DojimahamaKita-ku, Osaka City, Osaka, Japan

Website: www.suntory.com
Suntory Holdings Ltd (Suntory) is a holding company that produces and distributes alcoholic and non-alcoholic
beverages, health, beauty and processed food products.
The company classifies its business operations into three reportable segments: Beverage and Food, Alcoholic
Beverage and Others.
The company has business presence across Europe, Japan, the Americas, Asia, Oceania.

Industry Profiles
Table 20: Suntory Holdings Ltd: Key Employees

Chief Operating Officer Risk Management
Akira Haraguchi Senior Management
Division
Atsushi Koizumi Executive Officer Senior Management
Kazutomo Aritake Director Executive Board
Kazutomo Aritake Managing Executive Officer Executive Board
Koichi Nagashima Managing Executive Officer Senior Management
Koji Kojima Director Executive Board
Koji Kojima Executive Vice President Executive Board
Masao Itoko Executive Officer Senior Management
Senior General Manager – Business
Masato Arishiro Senior Management
Development Department
Masuo Kawasaki Chief Executive Officer Suntory Wellness Ltd Senior Management
Masuo Kawasaki Managing Executive Officer Senior Management
Masuo Kawasaki President Suntory Wellness Ltd Senior Management
Matt Shattock Director Non Executive Board
Mitsuyoshi Ueda Managing Executive Officer Senior Management
Nobuhiro Torii Chief Operating Officer Executive Board
Nobuhiro Torii Director Executive Board
Nobuhiro Torii Executive Vice President Executive Board
Nobutada Saji Chairman Executive Board
Nobutada Saji Chief Executive Officer Executive Board
Chief Operating Officer Public Relations
Satoshi Hamaoka Senior Management
Department, Corporate Sustainability Division
Satoshi Kataoka Executive Officer Senior Management
Shingo Torii Director Executive Board
Shingo Torii Vice Chairman Executive Board
Shinichiro Hizuka Chief Operating Officer Beam Suntory Inc Executive Board
Shinichiro Hizuka Director Executive Board
Shinichiro Hizuka Senior Managing Executive Officer Executive Board
Chief Executive Officer Suntory
Shinji Yamada Senior Management
Communications Ltd
Shinji Yamada Executive Officer Senior Management
Shinji Yamada President Suntory Communications Ltd Senior Management
Sho Senba Managing Executive Officer Senior Management

Industry Profiles
Table 21: Suntory Holdings Ltd: Key Employees Continued

Takashi Mikuriya Director Non Executive Board
Takayuki Hirashima Executive Officer Senior Management
Takeshi Niinami Chief Executive Officer Executive Board
Takeshi Niinami Director Executive Board
Takeshi Niinami President Executive Board
Chief Operating Officer Corporate
Tomomi Fukumoto Senior Management
Sustainability Division
Senior General Manager – Corporate Brand
Tomomi Fukumoto Senior Management
Strategy Department
Chief Operating Officer Group Companies
Yukihiro Kamakura Senior Management
Management Department
Yukio Okizaki Managing Executive Officer Senior Management

Industry Profiles
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Soft Drinks in Asia-Pacific December 2019: Marketline Industry Profile

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Soft Drinks in Asia-Pacific December 2019: Marketline Industry Profile

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MarketLine Industry Profile

Soft Drinks in Asia-Pacific

Reference Code: 0200-0802

Publication Date: December 2019

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market share

1.8. Market rivalry

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.9. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Market volume .............................................................................................................................. 2

1.4. Market volume forecast ................................................................................................................2

1.5. Category segmentation ................................................................................................................2

1.6. Geography segmentation .............................................................................................................2

1.7. Market share ................................................................................................................................ 2

1.8. Market rivalry ................................................................................................................................ 2

1.9. Competitive Landscape ................................................................................................................3

2.1. Market definition ........................................................................................................................... 9

2.2. Market analysis ............................................................................................................................ 9

3.1. Market value ............................................................................................................................... 10

3.2. Market volume ............................................................................................................................ 11

4.1. Category segmentation ..............................................................................................................12

4.2. Geography segmentation ...........................................................................................................13

4.3. Market distribution ......................................................................................................................14

5.1. Market value forecast .................................................................................................................15

5.2. Market volume forecast ..............................................................................................................16

6. Five Forces Analysis 17

6.1. Summary .................................................................................................................................... 17

6.2. Buyer power ............................................................................................................................... 18

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.3. Supplier power ........................................................................................................................... 19

6.4. New entrants .............................................................................................................................. 20

6.5. Threat of substitutes ...................................................................................................................21

6.6. Degree of rivalry ......................................................................................................................... 22

7.1. Market share .............................................................................................................................. 23

8.1. The Coca-Cola Co......................................................................................................................25

8.2. PepsiCo Inc ................................................................................................................................ 32

8.3. Suntory Holdings Ltd ..................................................................................................................36

About MarketLine .................................................................................................................................... 39

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 2: Asia–Pacific soft drinks market volume: million liters, 2014–18 11

Table 3: Asia–Pacific soft drinks market category segmentation: $ million, 2018 12

Table 4: Asia–Pacific soft drinks market geography segmentation: $ million, 2018 13

Table 5: Asia-Pacific soft drinks market distribution: % share, by value, 2018 14

Table 6: Asia-Pacific soft drinks market value forecast: $ million, 2018–23 15

Table 8: Asia-Pacific soft drinks market share: % share, by value, 2018 23

Table 9: The Coca-Cola Co: key facts 25

Table 10: The Coca-Cola Co: Annual Financial Ratios 27

Table 11: The Coca-Cola Co: Key Employees 28

Table 12: The Coca-Cola Co: Key Employees Continued 29

Table 13: The Coca-Cola Co: Key Employees Continued 30

Table 14: The Coca-Cola Co: Key Employees Continued 31

Table 15: PepsiCo Inc: key facts 32

Table 16: PepsiCo Inc: Annual Financial Ratios 33

Table 17: PepsiCo Inc: Key Employees 34