Global Carbonated Softdrinks 2019

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MarketLine Industry Profile
Global Carbonated
Soft Drinks
October 2018
Reference Code: 0199-0028
Publication Date: October 2018
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EXECUTIVE SUMMARY
Market value
The global carbonated soft drinks market grew by 1.9% in 2017 to reach a value of $284,924.9 million.
Market value forecast

In 2022, the global carbonated soft drinks market is forecast to have a value of $328,551.9 million, an increase of 15.3%
since 2017.
Market volume
The global carbonated soft drinks market shrank by 1.6% in 2017 to reach a volume of 174,969.5 million liters.
Market volume forecast

In 2022, the global carbonated soft drinks market is forecast to have a volume of 174,742.1 million liters, a decrease of
0.1% since 2017.
Geography segmentation
The United States accounts for 32.4% of the global carbonated soft drinks market value.
Market share
Coca-Cola is the leading player in the global carbonated soft drinks market, generating a 53.8% share of the market's
value.
Market rivalry
Whilst high fixed costs serve to enhance rivalry, moderate market growth during the review period (2013–2017) has
alleviated this to some extent.

TABLE OF CONTENTS
Executive Summary......................................................................................................................................................... 2
Market value ................................................................................................................................................................ 2
Market value forecast .................................................................................................................................................. 2
Market volume ............................................................................................................................................................. 2
Market volume forecast ............................................................................................................................................... 2
Geography segmentation ............................................................................................................................................ 2
Market share................................................................................................................................................................ 2
Market rivalry ............................................................................................................................................................... 2
Market Overview.............................................................................................................................................................. 7
Market definition .......................................................................................................................................................... 7
Market analysis............................................................................................................................................................ 7
Market Data ..................................................................................................................................................................... 8
Market value ................................................................................................................................................................ 8
Market volume ............................................................................................................................................................. 9
Market Segmentation .................................................................................................................................................... 10
Geography segmentation .......................................................................................................................................... 10
Market share.............................................................................................................................................................. 11
Market distribution ..................................................................................................................................................... 12
Market Outlook .............................................................................................................................................................. 13
Market value forecast ................................................................................................................................................ 13
Market volume forecast ............................................................................................................................................. 14
Five Forces Analysis ..................................................................................................................................................... 15
Summary ................................................................................................................................................................... 15
Buyer power .............................................................................................................................................................. 16
Supplier power........................................................................................................................................................... 17
New entrants ............................................................................................................................................................. 18
Threat of substitutes .................................................................................................................................................. 19
Degree of rivalry ........................................................................................................................................................ 20
Leading Companies....................................................................................................................................................... 21

The Coca-Cola Co..................................................................................................................................................... 21
Dr Pepper Snapple Group Inc ................................................................................................................................... 24
PepsiCo, Inc. ............................................................................................................................................................. 28
Suntory Holdings Limited........................................................................................................................................... 32
Methodology .................................................................................................................................................................. 36
Industry associations ................................................................................................................................................. 37
Related MarketLine research .................................................................................................................................... 37
Appendix........................................................................................................................................................................ 38
About MarketLine ...................................................................................................................................................... 38

LIST OF TABLES
Table 1: Global carbonated soft drinks market value: $ million, 2013–17 .......................................................................8
Table 2: Global carbonated soft drinks market volume: million liters, 2013–17 ..............................................................9
Table 3: Global carbonated soft drinks market geography segmentation: $ million, 2017 ............................................10
Table 4: Global carbonated soft drinks market share: % share, by value, 2017 ...........................................................11
Table 5: Global carbonated soft drinks market distribution: % share, by value, 2017...................................................12
Table 6: Global carbonated soft drinks market value forecast: $ million, 2017–22 .......................................................13
Table 7: Global carbonated soft drinks market volume forecast: million liters, 2017–22...............................................14
Table 8: The Coca-Cola Co: key facts........................................................................................................................... 21
Table 9: The Coca-Cola Co: key financials ($)..............................................................................................................22
Table 10: The Coca-Cola Co: key financial ratios .........................................................................................................22
Table 11: Dr Pepper Snapple Group Inc: key facts .......................................................................................................24
Table 12: Dr Pepper Snapple Group Inc: key financials ($) ..........................................................................................25
Table 13: Dr Pepper Snapple Group Inc: key financial ratios........................................................................................26
Table 14: PepsiCo, Inc.: key facts ................................................................................................................................. 28
Table 15: PepsiCo, Inc.: key financials ($) ....................................................................................................................29
Table 16: PepsiCo, Inc.: key financial ratios..................................................................................................................30
Table 17: Suntory Holdings Limited: key facts ..............................................................................................................32
Table 18: Suntory Holdings Limited: key financials ($)..................................................................................................33
Table 19: Suntory Holdings Limited: key financials (¥)..................................................................................................33
Table 20: Suntory Holdings Limited: key financial ratios ...............................................................................................34

LIST OF FIGURES
Figure 1: Global carbonated soft drinks market value: $ million, 2013–17......................................................................8
Figure 2: Global carbonated soft drinks market volume: million liters, 2013–17 .............................................................9
Figure 3: Global carbonated soft drinks market geography segmentation: % share, by value, 2017 ...........................10
Figure 4: Global carbonated soft drinks market share: % share, by value, 2017 ..........................................................11
Figure 5: Global carbonated soft drinks market distribution: % share, by value, 2017..................................................12
Figure 6: Global carbonated soft drinks market value forecast: $ million, 2017–22 ......................................................13
Figure 7: Global carbonated soft drinks market volume forecast: million liters, 2017–22 .............................................14
Figure 8: Forces driving competition in the global carbonated soft drinks market, 2017...............................................15
Figure 9: Drivers of buyer power in the global carbonated soft drinks market, 2017 ....................................................16
Figure 10: Drivers of supplier power in the global carbonated soft drinks market, 2017...............................................17
Figure 11: Factors influencing the likelihood of new entrants in the global carbonated soft drinks market, 2017.........18
Figure 12: Factors influencing the threat of substitutes in the global carbonated soft drinks market, 2017 ..................19
Figure 13: Drivers of degree of rivalry in the global carbonated soft drinks market, 2017 ............................................20
Figure 14: The Coca-Cola Co: revenues & profitability .................................................................................................23
Figure 15: The Coca-Cola Co: assets & liabilities .........................................................................................................23
Figure 16: Dr Pepper Snapple Group Inc: revenues & profitability................................................................................26
Figure 17: Dr Pepper Snapple Group Inc: assets & liabilities........................................................................................27
Figure 18: PepsiCo, Inc.: revenues & profitability..........................................................................................................30
Figure 19: PepsiCo, Inc.: assets & liabilities..................................................................................................................31
Figure 20: Suntory Holdings Limited: revenues & profitability .......................................................................................34
Figure 21: Suntory Holdings Limited: assets & liabilities ...............................................................................................35

MARKET OVERVIEW
Market definition
The carbonated soft drinks market comprises the retail sale of carbonated drinks. However, the total market volume for
the carbonated soft drinks market excludes powder concentrates, which are included in the market value. The market is
valued according to the 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 2017 exchange rates.
For the purpose of this report the global figure comprises North America, South America, Europe, Asia-Pacific, the
Middle East, and South Africa.
The Americas comprises Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru and the United States.
North America comprises Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia and Peru.
Europe comprises Austria, Belgium, Bulgaria, the Czech Republic, Denmark, Finland, France, Germany, Greece,
Hungary, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Turkey,
Ukraine, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Japan, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South
Korea, Hong Kong, Taiwan, and Thailand.
The Middle East comprises Saudi Arabia, Egypt and the United Arab Emirates.
Market analysis
The global carbonated soft drinks market experienced moderate growth during the review period (2013–2017), and it is
expected to accelerate over the forecast period (2017–2022).
The US is the world’s largest carbonated soft drinks market, accounting for 32.4% of the overall global market value in
2017. Substantial growth in the Asia-Pacific market backed by a rising middle class population, increasing disposable
incomes, and rapid urbanization supported the global market. Rising trends such as sugar free drinks, increased demand
for healthy drinks and government regulation to manage obesity among citizens are creating opportunity for
manufacturers to innovate products that can claim health benefits.
The global carbonated soft drinks market had total revenues of $284.9bn in 2017, representing a compound annual
growth rate (CAGR) of 2.5% between 2013 and 2017. In comparison, the Asia-Pacific and US markets grew with
compound annual growth rate (CAGR) of 2.2% and 1.3% respectively, over the same period, to reach respective values
of $56,852.4m and $92,296.3m in 2017.
Market consumption volume declined with a compound annual rate of change (CARC) of -0.8% between 2013 and 2017,
to reach a total of 175.0 billion liters in 2017. The market's volume is expected to fall to 174.7 billion liters by the end of
2022, representing a CARC of -0.03% over 2017–2022.
Sales through on-trade outlets accounted for the highest value share in the global carbonated soft drinks market in 2017,
with total sales of $107.8bn, equivalent to 37.8% of the market's overall value. In comparison, sales through
hypermarkets and supermarkets reached a value of $104.0 in 2017, equating to 36.5% of the total market.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 2.9% over 2017–2022, which is
expected to drive the market to a value of $328.5bn by the end of 2022. Comparatively, the Asia-Pacific and US markets
will grow with CAGRs of 2.9% and 2.7% respectively, over the same period, to reach respective values of $65,601.2m
and $105.7bn in 2022.

MARKET DATA
Market value
The global carbonated soft drinks market grew by 1.9% in 2017 to reach a value of $284,924.9 million.
The compound annual growth rate of the market in the period 2013–17 was 2.5%.
Table 1: Global carbonated soft drinks market value: $ million, 2013–17
Year $ million € million % Growth

2013 257,667.9 227,622.0
2014 265,139.6 234,222.5 2.9%
2015 272,715.1 240,914.6 2.9%
2016 279,503.7 246,911.6 2.5%
2017 284,924.9 251,700.7 1.9%
CAGR: 2013–17 2.5%
SOURCE: MARKETLINE MARKETLINE
Figure 1: Global carbonated soft drinks market value: $ million, 2013–17

Market volume
The global carbonated soft drinks market shrank by 1.6% in 2017 to reach a volume of 174,969.5 million liters.
The compound annual rate of change of the market in the period 2013–17 was -0.8%.
Table 2: Global carbonated soft drinks market volume: million liters, 2013–17
Year million liters % Growth

2013 180,472.2
2014 179,916.2 (0.3%)
2015 179,442.0 (0.3%)
2016 177,761.7 (0.9%)
2017 174,969.5 (1.6%)
CAGR: 2013–17 (0.8%)
Figure 2: Global carbonated soft drinks market volume: million liters, 2013–17

MARKET SEGMENTATION
Geography segmentation
The United States accounts for 32.4% of the global carbonated soft drinks market value.
Europe accounts for a further 22.8% of the global market.
Table 3: Global carbonated soft drinks market geography segmentation: $ million, 2017
Geography 2017 %
United States 92,296.3 32.4
Europe 64,963.3 22.8
Asia-Pacific 56,852.4 20.0
Middle East 5,879.5 2.1
Rest of the World 64,933.5 22.8
Total 284,925 100.1%
Figure 3: Global carbonated soft drinks market geography segmentation: % share, by value,
2017

Market share
Coca-Cola is the leading player in the global carbonated soft drinks market, generating a 53.8% share of the market's
value.
PepsiCo accounts for a further 18.5% of the market.
Table 4: Global carbonated soft drinks market share: % share, by value, 2017
Company % Share
Coca-Cola 53.8%
PepsiCo 18.5%
Dr Pepper Snapple Group 7.4%
Suntory Holdings 1.0%
Other 19.3%
Total 100%
Figure 4: Global carbonated soft drinks market share: % share, by value, 2017

Market distribution
On Trade form the leading distribution channel in the global carbonated soft drinks market, accounting for a 37.8% share
of the total market's value.
Hypermarkets & Supermarkets accounts for a further 36.5% of the market.
Table 5: Global carbonated soft drinks market distribution: % share, by value, 2017
Channel % Share
On Trade 37.8%
Hypermarkets & Supermarkets 36.5%
Convenience Stores 18.6%
Vending machines 5.8%
Other 1.3%
Total 100%
Figure 5: Global carbonated soft drinks market distribution: % share, by value, 2017

MARKET OUTLOOK
Market value forecast
In 2022, the global carbonated soft drinks market is forecast to have a value of $328,551.9 million, an increase of 15.3%
since 2017.
The compound annual growth rate of the market in the period 2017–22 is predicted to be 2.9%.
Table 6: Global carbonated soft drinks market value forecast: $ million, 2017–22
Year $ million € million % Growth

2017 284,924.9 251,700.7 1.9%
2018 291,500.2 257,509.3 2.3%
2019 301,584.4 266,417.6 3.5%
2020 310,661.0 274,435.8 3.0%
2021 319,768.2 282,481.0 2.9%
2022 328,551.9 290,240.4 2.7%
CAGR: 2017–22 2.9%
Figure 6: Global carbonated soft drinks market value forecast: $ million, 2017–22

Market volume forecast
In 2022, the global carbonated soft drinks market is forecast to have a volume of 174,742.1 million liters, a decrease of
0.1% since 2017.
The market is therefore expected to be stagnant in the period 2017–22.
Table 7: Global carbonated soft drinks market volume forecast: million liters, 2017–22
Year million liters % Growth

2017 174,969.5 (1.6%)
2018 173,686.8 (0.7%)
2019 174,399.4 0.4%
2020 174,580.0 0.1%
2021 174,785.6 0.1%
2022 174,742.1 0.0%
CAGR: 2017–22 (0.0%)
Figure 7: Global carbonated soft drinks market volume forecast: million liters, 2017–22

FIVE FORCES ANALYSIS
The carbonated soft drinks market will be analyzed taking manufacturers of carbonated soft drinks as players. The key
buyers will be taken as distributors and retailers of carbonated soft drinks, and producers of packaging, carbonated soft
drinks ingredients and other raw materials as the key suppliers.
Summary
Figure 8: Forces driving competition in the global carbonated soft drinks market, 2017
Whilst high fixed costs serve to enhance rivalry, moderate market growth during the review period (2013–2017) has
alleviated this to some extent.
On-trade outlets are the main distribution channel in the global carbonated soft drink market. Hypermarkets and
supermarkets are also significant. Though retailers are unlikely to be swayed by brand loyalty, they are compelled to
stock brands preferred by consumers. Buyer power in this market is driven by low switching costs.
Leading companies must maintain product quality if they are to maintain their brand equity in the long term. However, a
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 is
possible for a new entrant to achieve small-scale success by stressing a unique production method or nutritional
benefits.
Substitutes to carbonated soft drinks include 100% juices, fruit based drinks, and ready to drink (RTD) iced tea and
coffee, which pose a moderate threat.

Buyer power
Figure 9: Drivers of buyer power in the global carbonated soft drinks market, 2017
On-trade businesses constitute the major buyers in the global carbonated drinks market, accounting for 37.8% of the
total market value in 2017; hypermarkets and supermarkets are also significant, with 36.5% of the overall value that year.
Thus, the size of the average buyer is large, which enhances their negotiating position and increases buyer power. Large
retailers, such as supermarkets, can make large purchases and negotiate on price with manufacturers, boosting 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. There are also several ways for market players to differentiate their products. Moreover, though
manufacturers are dependent on packaging companies, this is less so for the retailers of finished products. Therefore,
buyer power is overall assessed as moderate.

Supplier power
Figure 10: Drivers of supplier power in the global carbonated soft drinks market, 2017
The primary inputs for carbonated soft drinks manufacturers include carbon dioxide, acidity (pH), flavorings, and a range
of natural and synthetic sweeteners such as corn syrup and aspartame.
Some of these commodities, although available from several sources, are subject to price fluctuations. Others
(aspartame for instance) 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.

New entrants
Figure 11: Factors influencing the likelihood of new entrants in the global carbonated soft drinks
market, 2017
Large multinational players such as Coca-Cola and PepsiCo dominate the market. The top 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 carbonated soft drinks market are able to distinguish their products to some extent by stressing health
benefits 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 by 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 facilities in order to produce the concentrates. This is
generally capital-intensive and can restrict market entry. However, market niches can be exploited by new entrants. A
number of larger players have already done this by catering for local tastes. Additionally, changes in consumer
preferences have caused 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 drinks to be prepared in hygienic conditions. Specific ingredients may be subject to regulation.
Concerns about rising levels of obesity have led many countries to impose special taxes on the sale of sugary drinks,
which will decrease the consumption of many soft drink products. Increased regulation will discourage newcomers.
The global carbonated soft drinks market recorded moderate growth during the review period. This is likely to encourage
newcomers. Overall, the likelihood of new entrants is moderate.

Threat of substitutes
Figure 12: Factors influencing the threat of substitutes in the global carbonated soft drinks
market, 2017
The substitutes for carbonated soft drinks primarily include 100% juices, fruit based drinks, and RTD iced tea and coffee.
Leading players tend to have diverse product ranges, which reduces the threat posed by substitutes. For example,
Nestlé is a major player in the coffee market as well as being a leading manufacturer of carbonated soft drinks. Overall,
there is a moderate threat from substitutes.

Degree of rivalry
Figure 13: Drivers of degree of rivalry in the global carbonated soft drinks market, 2017
The global carbonated soft drinks market is concentrated, with the top four leading players, Coca-Cola, PepsiCo, Dr
Pepper Snapple Group and Suntory Holdings, accounting for 80.7% of the market’s value in 2017. Notably, Coca-Cola
secured 53.8% of the total market share in 2017.
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. Moreover, 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 that manufactures ready-
for-consumption carbonated 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 have fewer assets, and exit is therefore easier.
The moderate growth of the market during the review period helps to decrease the intensity of rivalry. Overall, there is a
moderate degree of rivalry in the global carbonated soft drinks market.

LEADING COMPANIES
The Coca-Cola Co
Table 8: The Coca-Cola Co: key facts
Head office: One Coca-Cola Plaza, Atlanta, Georgia, USA

Telephone: 1 404 676 2121
Website: www.coca-colacompany.com
Financial year-end: December
Ticker: KO
Stock exchange: NYSE
SOURCE: COMPANY WEBSITE MARKETLINE
The Coca-Cola Company (Coca-Cola) manufactures, distributes and markets non-alcoholic beverages. The company
offers more than 4,100 beverage products including 1,300 low and no-calorie products, and owns, licenses, and markets
more than 500 non-alcoholic beverage brands including the world's top four non-alcoholic sparkling drink brands: Coca-
Cola, Diet Coke, Fanta and Sprite.
Coca-Cola's 21 billion-dollar brands include Ayataka, I LOHAS, Glaceau Smartwater, Ice Dew, Fuze Tea, Gold Peak,
Glaceau vitaminwater, Simply, Dasani, Minute Maid Pulpy, Aquarius, Schweppes, Del Valle, Powerade, Georgia, Minute
Maid, Coca-Cola Zero Sugar, Diet Coke/Coca-Cola Light, Sprite, Fanta and Coca-Cola.
The company classifies its offerings into two categories: concentrate operations and finished product operations. In
FY2017, the concentrate operations category accounted for 51% of the company’s total revenue, while the remaining
49% was contributed by finished product operations.
Coca-Cola operates 48 principal beverage manufacturing and bottling facilities, of which 44 are owned and four are
leased. It also operates 32 owned principal concentrate and syrup manufacturing plants. The company operates 185
beverage distribution and storage warehouses, of which 149 are leased and 36 are owned. Coca-Cola distributes its
products through company owned or controlled bottling and distribution operations, independent bottling partners,
distributors, wholesalers and retailers serving approximately 1.9 billion customers daily. The company also authorizes
bottling agreements through which the authorized bottlers pack and distribute these products in specific geographic
regions. It has also entered into joint ventures and strategic partnerships with Monster Beverage Corporation, Aujan
Industries Company J.S.C. and Fairlife, LLC to distribute their products in the US, Canada and other international
markets.
As of December 2017, the company sold approximately 29.2 billion unit cases of products, of which sparkling beverages
and trademark Coca-Cola beverages accounted for 69% and 45% respectively. In terms of volume, outside the US
accounted for 81% of the company’s worldwide unit sales and the remaining 19% is accounted by the US region. Coca-
Cola markets its products in over 200 countries worldwide.
Geographically, the company classifies its business operations into six operating segments: Europe, the Middle East and
Africa (EMEA), Latin America, North America, Asia-Pacific, Bottling Investments and Corporate.
Key Metrics
The company recorded revenues of $35,410 million in the fiscal year ending December 2017, a decrease of 15.4%
compared to fiscal 2016. Its net income was $1,248 million in fiscal 2017, compared to a net income of $6,527 million in
the preceding year.

Table 9: The Coca-Cola Co: key financials ($)
$ million 2013 2014 2015 2016 2017

Revenues 46,854.0 45,998.0 44,294.0 41,863.0 35,410.0
Net income (loss) 8,584.0 7,098.0 7,351.0 6,527.0 1,248.0
Total assets 90,055.0 92,023.0 89,996.0 87,270.0 87,896.0
Total liabilities 56,882.0 61,703.0 64,442.0 64,050.0 68,919.0
Employees 130,600 129,200 123,200 100,300 61,800
SOURCE: COMPANY FILINGS MARKETLINE
Table 10: The Coca-Cola Co: key financial ratios
Ratio 2013 2014 2015 2016 2017

Profit margin 18.3% 15.4% 16.6% 15.6% 3.5%
Revenue growth (2.4%) (1.8%) (3.7%) (5.5%) (15.4%)
Asset growth 4.5% 2.2% (2.2%) (3.0%) 0.7%
Liabilities growth 6.6% 8.5% 4.4% (0.6%) 7.6%
Debt/asset ratio 63.2% 67.1% 71.6% 73.4% 78.4%
Return on assets 9.7% 7.8% 8.1% 7.4% 1.4%
Revenue per employee $358,760 $356,022 $359,529 $417,378 $572,977
Profit per employee $65,727 $54,938 $59,667 $65,075 $20,194

Figure 14: The Coca-Cola Co: revenues & profitability
Figure 15: The Coca-Cola Co: assets & liabilities

Dr Pepper Snapple Group Inc
Table 11: Dr Pepper Snapple Group Inc: key facts
Head office: 5301 Legacy Drive, Plano, Texas, USA

Telephone: 1 972 673 7000
Website: www.drpeppersnapplegroup.com
Ticker: DPS
Dr Pepper Snapple Group, Inc. (DPS) is an integrated brand owner, manufacturer and distributor of non-alcoholic
beverages in the US, Mexico, Caribbean and Canada. It also sells certain products to distributors in Europe and Asia.
The company merchandise and sell these products under 50 well-known brands. As of December 2017, the company
sold 1.6 billion equivalent 288 fluid ounce cases and operated 22 manufacturing facilities.
The company classifies its business operations into three reportable segments: Packaged Beverages, Beverage
Concentrates and Latin America Beverages.
Under the Packaged Beverages segment, it primarily manufactures and distributes packaged beverages and other
products, including the company’s own brands, third party owned brands and certain private label beverages in the US
and Canada. Some of the major non-carbonated beverage (NCB) brands offered under this segment include Snapple,
Hawaiian Punch, Mott's, FIJI mineral water, Clamato, Yoo-Hoo, Deja Blue, Bai Brands, ReaLemon, AriZona tea, Vita
Coco coconut water, Mr and Mrs T mixers, BodyArmor, Nantucket Nectars, Garden Cocktail, Mistic and Rose's. In
addition, it offers carbonated soft drinks (CSD) under Dr Pepper, 7UP, Canada Dry, A&W, Sunkist soda, Squirt, RC Cola,
Big Red, Vernors, Venom, IBC, Diet Rite and Sun Drop. These products are primarily manufactured in multiple facilities
across the US and are distributed to retailers and their warehouses through its own distribution network and through third
party distributors. The company sells its packaged beverages through Direct Store Delivery system (DSD) and
Warehouse Direct delivery system (WD). These two include the sales to all major retail channels, including
supermarkets, fountains, mass merchandisers, club stores, vending machines, convenience stores, gas stations, small
groceries, drug chains and dollar stores. As of December 2017, the company operated 17 production facilities, of which
12 are owned and five are leased. It also operates 98 distribution centers and warehouse facilities, of which 37 are
owned and 61 are leased across the US. In FY2017, Packaged Beverages reported revenues of US$4,871 million,
accounting for 72.8% of the company's total revenue.
Under the Beverage Concentrates segment, the company manufactures and sells beverage concentrates in the US and
Canada. It markets these carbonated soft drinks (CSD) under various brands including Dr Pepper, Canada Dry, Crush,
Schweppes, Sunkist soda, A&W, 7UP, Sun Drop, Squirt, RC Cola, Diet Rite, Vernors and the concentrate form of
Hawaiian Punch. The company produces majority of these beverage concentrates through its facility in St. Louis,
Missouri, the US. Beverage concentrates are primarily shipped to third party bottlers and to the company's own
manufacturing systems which in turn is combined and mixed with carbonation, water, sweeteners and other ingredients
for developing the final product and then packs the product in PET containers, glass bottles and aluminum cans and sells
them as finished beverages to retailers. It also produces syrup which is primarily sold to fountain customers such as fast
food restaurants. The company's beverage concentrates brands are sold by its bottlers, including the company's
packaged beverages segment, through all major retail channels, including supermarkets, fountains, mass
merchandisers, club stores, vending machines, convenience stores, gas stations, small groceries, drug chains and dollar
stores. As of December 2017, the company operated one owned facility in the US. In FY2017, Beverage Concentrates
reported revenues of US$1,332 million, accounting for 19.9% of the company's total revenue.

Under the Latin America Beverages segment, DPS manufactures and distributes carbonated mineral water, flavored
carbonated soft drinks (CSDs), bottled water and vegetable juices. These products are marketed and sold through
Squirt, Penafiel, Aguafiel, Crush and Clamato. In Mexico, the company manufactures and distributes its products through
its own bottling operations and through third party bottlers and distributors. In addition, DPS distribute certain products in
other Caribbean and in other international jurisdictions through various third-party bottlers and distributors. It also sells
finished beverages across major Mexican retail channels including mom and pop stores, supermarkets, hypermarkets,
convenience stores and on-premise channels. As of December 2017, the company operated four owned manufacturing
facilities in Mexico and Canada and 21 distribution and warehouse facilities, of which four are owned and 17 are leased.
In FY2017, Latin America Beverages reported revenues of US$487 million, accounting for 7.3% of the company's total
revenue.
The company’s Research and Development (R&D) team composed on engineers and scientists across the US and
Mexico who are primarily involved in product development, microbiology, analytical chemistry, process engineering,
sensory science, nutrition, knowledge management and regulatory compliance that in turn allows it to improve the quality
and taste of its existing products and also enables it to develop new and innovative products based on the changing
market trends.
Geographically, the company classifies its business operations into two regions: the US, and international. In FY2017,
the US segment accounted for 89.4% of the company's total revenues and the remaining 10.6% is accounted from
international operations.
Key Metrics
The company recorded revenues of $6,690 million in the fiscal year ending December 2017, an increase of 3.9%
compared to fiscal 2016. Its net income was $1,076 million in fiscal 2017, compared to a net income of $847 million in
the preceding year.
Table 12: Dr Pepper Snapple Group Inc: key financials ($)
$ million 2013 2014 2015 2016 2017

Revenues 5,997.0 6,121.0 6,282.0 6,440.0 6,690.0
Net income (loss) 624.0 703.0 764.0 847.0 1,076.0
Total assets 8,201.0 8,265.0 8,869.0 9,791.0 10,022.0
Employees 19,000 19,000 19,000 20,000 21,000

Table 13: Dr Pepper Snapple Group Inc: key financial ratios
Ratio 2013 2014 2015 2016 2017

Profit margin 10.4% 11.5% 12.2% 13.2% 16.1%
Revenue growth 0.0% 2.1% 2.6% 2.5% 3.9%
Asset growth (8.1%) 0.8% 7.3% 10.4% 2.4%
Liabilities growth (10.9%) 0.8% 12.0% 14.5% (1.1%)
Debt/asset ratio 72.2% 72.2% 75.4% 78.2% 75.5%
Return on assets 7.3% 8.5% 8.9% 9.1% 10.9%
Figure 16: Dr Pepper Snapple Group Inc: revenues & profitability

Figure 17: Dr Pepper Snapple Group Inc: assets & liabilities

PepsiCo, Inc.
Table 14: PepsiCo, Inc.: key facts
Head office: 700 Anderson Hill Road, Purchase, New York 10577, USA
Telephone: 1 914 253 2000
Fax: 1 914 253 2070
Website: www.pepsico.com
Ticker: PEP
PepsiCo Inc (PepsiCo), a food and beverage company, markets, distributes and sells salty, sweet and grain-based
snacks, food products, carbonated and non-carbonated beverages in approximately 200 countries and territories
worldwide.
The company operates through six reportable segments: North America Beverages (NAB), Frito-Lay North America
(FLNA), Europe Sub-Saharan Africa (ESSA), Latin America, Asia, Middle East and North Africa (AMENA) and Quaker
Foods North America (QFNA), which accounted for 33%, 24.9%, 17.4%, 11.3%, 9.5% and 3.9% of the company's total
revenue, respectively, in FY2017.
The company conducts a variety of research and development (R&D) activities and continues to invest to augment its
growth and drive innovation worldwide. Its R&D focuses on the development of nutritious and convenient beverages,
foods and snacks, meeting changing consumer demands and preferences. In FY2017, the company spent US$737
million on R&D, which was 1.2% of its revenue and decreased 3% YoY. It has R&D facilities in Brazil, China, India,
Mexico, Russia, the UAE, the UK and the US.
PepsiCo has three snack plants in Mexico, and one each in Egypt and Australia; a snack, beverage and dairy plant in
Russia; a food plant in in the US; a fruit juice plant in Belgium; a beverage plant in Egypt; and two concentrate plants in
Ireland.
The company distributes its products through direct-store-deliveries (DSD), customer warehouse and distributor
networks to various wholesale and other distributors, foodservice customers, grocery stores, drug stores, convenience
stores, discount/dollar stores, mass merchandisers, membership stores, e-commerce retailers and authorized
independent bottlers. In addition, it authorizes various independent bottlers to produce certain beverage products in
specific geographic regions. PepsiCo also supplies food and snacks to various restaurants, businesses, schools and
stadiums through various third-party foodservice and vending distributors and operators.
Business Segments:
The North America Beverages (NAB) segment includes beverage businesses in the US and Canada. Product portfolio
comprises fountain syrups, beverage concentrates, and finished goods. NAB also produces and sells ready-to-drink tea
and coffee products through joint ventures with Unilever and Starbucks. Major brands include Gatorade, Pepsi, Mountain
Dew, Aquafina, Diet Pepsi, Tropicana, Diet Mountain Dew, Mist Twst and Propel.
NAB manufactures and distributes some brands including Dr Pepper, Crush and Schweppes licensed from Dr Pepper
Snapple Group, Inc. and certain juice brands licensed from Dole Food Company, Inc. and Ocean Spray Cranberries, Inc.
It also sells concentrate and finished goods for owned brands to authorized and independent bottlers, who in turn sell
these products to independent distributors and retailers.

The Frito-Lay North America (FLNA) segment includes branded food and snack businesses in the US and Canada.
FLNA produces and markets branded snack foods. Offerings include potato chips, tortilla chips, cheese-flavored snacks
and corn chips.
It also sells Sabra refrigerated dips and spreads in joint venture with Strauss Group. FLNA sells these products through
independent distributors and retailers. Major brands include Cheetos, Doritos, Fritos, Lay’s, Ruffles, Santitas and
Tostitos.
The Europe Sub-Saharan Africa (ESSA) segment comprises beverage, food and snack businesses in Europe and Sub-
Saharan Africa. Its offerings include snack foods, cereals, beverage concentrates, fountain syrups and finished goods.
Major brands include Lay’s, Doritos, Walkers, Cheetos, Quaker, Ruffles, Pepsi, Pepsi Max, 7UP, Diet Pepsi, Mirinda,
and Tropicana. ESSA sells these products to authorized bottlers, independent distributors and retailers.
It also produces and distributes ready-to-drink tea products through an international joint venture with Unilever, and
offers dairy products including Chudo, Agusha and Domik v Derevne.
In Canada, the company offers its products under the Aquafina brand name.
Key Metrics
the preceding year.
Table 15: PepsiCo, Inc.: key financials ($)
$ million 2013 2014 2015 2016 2017

Revenues 66,415.0 66,683.0 63,056.0 62,799.0 63,525.0
Net income (loss) 6,740.0 6,513.0 5,452.0 6,329.0 4,857.0
Total assets 77,478.0 70,509.0 69,667.0 73,490.0 79,804.0
Employees 274,000 271,000 263,000 264,000 263,000

Table 16: PepsiCo, Inc.: key financial ratios
Ratio 2013 2014 2015 2016 2017

Profit margin 10.1% 9.8% 8.6% 10.1% 7.6%
Revenue growth 1.4% 0.4% (5.4%) (0.4%) 1.2%
Asset growth 3.8% (9.0%) (1.2%) 5.5% 8.6%
Liabilities growth 1.6% (0.2%) 8.8% 8.1% 10.4%
Debt/asset ratio 68.7% 75.3% 82.9% 84.9% 86.4%
Return on assets 8.9% 8.8% 7.8% 8.8% 6.3%
Figure 18: PepsiCo, Inc.: revenues & profitability

Figure 19: PepsiCo, Inc.: assets & liabilities

Suntory Holdings Limited
Table 17: Suntory Holdings Limited: key facts
Head office: 2-1-40 Dojimahama, Kita-ku, Osaka City, Osaka, JPN

Telephone: 81 663 460 835
Website: www.suntory.com
Suntory Holdings Limited (Suntory) is a holding company that produces and distributes alcoholic and non-alcoholic
beverages, health, beauty and processed food products. The company conducts its business operations through 321
group companies across Europe, Japan, the Americas and Asia, Oceania.
The company classifies its business operations into three reportable segments: Food and Non-Alcoholic Beverage,
Alcoholic Beverage and Other.
Under the Food and Non-Alcoholic Beverage segment, the company produces and sells mineral water, canned coffee,
RTD tea, carbonates, functional drinks, processed food. The segment primarily operates through the company’s
subsidiary Suntory Beverage & Food Ltd and through other indirect subsidiaries. It offers these products to its customers
located in Japan, Europe, Asia, Oceania and Americas. Suntory Beverage & Food offers coffee, mineral water, tea,
oolong tea, carbonated soft drinks, fruit juices, energy drinks and Food for Specified Health Use (FOSHU) approved
beverages in Japan. These products are marketed under various brands including Iyemon, Suntory Oolong Tea, BOSS,
Pepsi, Orangina, C. C. Lemon, Natchan!, Dekavita C, Suntory Black Oolong Tea, Iyemon Tokucha, Green Dakara and
Suntory Tennensui . In Europe, the segment operates through Orangina Suntory France, Lucozade Ribena Suntory and
Suntory Beverage and Food Europe. Its product portfolio includes carbonated soft drinks, juices, hydration drinks and
energy drinks. It markets these products under various brands including Orangina, Schweppes, La Casera, Oasis,
Ribena, Trina, Lucozade Sport and Lucozade Energy. In Asia, the company operates through Suntory Beverage & Food
Asia Pte. Ltd and through its other subsidiaries including Suntory Garuda and Suntory PepsiCo. These include tea,
energy drinks, juices, health foods and hydration drinks. These products are marketed under TEA + Oolong Tea, MYTEA
Oolong Tea, Sting, Lucozade Energy, Okky, Ribena, Brand’s Essence of Chicken, Brand’s Bird’s Nest and Lucozade
Sport. In Oceania, the segment primarily operates through Frucor and Cerebos. It offers energy drinks, hydration drinks,
processed food, carbonated soft drinks and cola. It markets these products under various brands including V, Lucozade
Energy, Just Juice, OVI, Maximus, Mizone, h2go, Gravox, gregg’s Mixed Herbs and Caffe L’affare. In North America, the
segment operates through Pepsi Bottling Ventures Group, and offers soft drinks that include tea, water and juice.
Under the Alcoholic Beverage Segment, Suntory offers spirits, beer and wine. Under spirits, it operates through the
company’s subsidiary Suntory Spirits Limited and Beam Suntory Inc. Beam Suntory offers spirits under the brands Jim
Beam, Maker’s Mark, Suntory whisky Kakubin, Knob Creek bourbon, Yamazaki, Hakushu and Hibiki Japanese whiskies,
Teacher’s, Laphroaig, and Bowmore Scotch whiskies, Canadian Club whisky, Courvoisier cognac, Hornitos and Sauza
tequila, EFFEN and Pinnacle vodka, Sipsmith gin, and Midori liqueur. Beam Suntory has strong presence in the US and
Japan. It is the second largest spirits company in the US and Japan. Suntory Spirits offers whisky, liqueur, and spirits.
These are marketed under various brands including Macallan, Canadian Club, Lejay-Cassis, Kahlua, Campari,
Beefeater, Hibiki, Yamazaki, Hakushu and Kakubin. In addition to this, the company offers beer under Malt’s, Mater’s
Dream and Suntory All-free.

The Other segment includes the company’s business in China. It comprises Suntory wine, healthy foods, ice cream,
restaurants, flowers, and other services. The segment operates through the company’s subsidiaries Suntory (China)
Holding Co., Ltd., Suntory Wine International Ltd., Suntory F&B International (H.K.) Co. Ltd and SUN-AD. Dynac
Corporation operates approximately 250 restaurants, bars and pubs; whereas Pronto Corporation operates about 250
cafes and bars. Suntory also operates restaurants under Izutsu Maisen banner. The company is involved in managing
the Japanese franchise operations of the Subway chain, production and sales of Haagen-Dazs ice cream.
Geographically, the company operates in four regions: Japan, the Americas, Europe, and Asia, Oceania.
Key Metrics
the preceding year.
Table 18: Suntory Holdings Limited: key financials ($)
$ million 2013 2014 2015 2016 2017

Revenues 18,202.1 21,905.0 23,970.6 21,041.0 21,593.1
Net income (loss) 1,744.9 342.3 403.6 1,987.9 2,246.9
Total assets 21,180.8 40,473.7 41,102.3 39,901.3 40,857.7
Table 19: Suntory Holdings Limited: key financials (¥)
¥ million 2013 2014 2015 2016 2017

Revenues 2,040,204.0 2,455,249.0 2,686,765.0 2,358,404.0 2,420,286.0
Net income (loss) 195,575.0 38,363.0 45,239.0 222,812.0 251,846.0
Total assets 2,374,071.0 4,536,537.0 4,606,990.0 4,472,380.0 4,579,576.0
Total liabilities 1,317,344.0 3,345,781.0 3,444,361.0 3,200,245.0 3,033,863.0

Table 20: Suntory Holdings Limited: key financial ratios
Ratio 2013 2014 2015 2016 2017

Profit margin 9.6% 1.6% 1.7% 9.4% 10.4%
Revenue growth 10.2% 20.3% 9.4% (12.2%) 2.6%
Asset growth 37.4% 91.1% 1.6% (2.9%) 2.4%
Liabilities growth 10.3% 154.0% 2.9% (7.1%) (5.2%)
Debt/asset ratio 55.5% 73.8% 74.8% 71.6% 66.2%
Return on assets 9.5% 1.1% 1.0% 4.9% 5.6%
Figure 20: Suntory Holdings Limited: revenues & profitability

Figure 21: Suntory Holdings Limited: assets & liabilities

METHODOLOGY
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provide the foundation for all related industry profiles
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profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
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definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
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then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry associations
The Japan Soft Drinks Association
Nihonbashi-Muromachi 3-3-3 CM Build.3F, Chuo-Ku, Tokyo 103-0022, JPN
Tel.: 81 3 3270 7300
Fax: 81 3 3270 7306
www.j-sda.or.jp
American Beverage Association
1101 16th Street, N.W. Washington, DC 20036-4803, USA
Tel.: 1 202 463 6790
Fax: 1 202 463 8172
www.ameribev.org
UNESDA-CISDA
Bd Saint-Michel 77-79 B-1040 Brussels, BEL
Tel.: 32 2 743 4050
Fax: 32 2 732 5102
www.unesda.eu
Related MarketLine research

Industry Profile
Carbonated Soft Drinks in Europe
Carbonated Soft Drinks in Asia-Pacific
Carbonated Soft Drinks in the United States

APPENDIX
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MarketLine Industry Profile

Reference Code: 0199-0028

Publication Date: October 2018

Global - Carbonated Soft Drinks 0199 - 0028 - 2017

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

Market value forecast

Market volume forecast

Global - Carbonated Soft Drinks 0199 - 0028 - 2017

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

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

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

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

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

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

Market definition .......................................................................................................................................................... 7

Market Data ..................................................................................................................................................................... 8

Market value ................................................................................................................................................................ 8

Market volume ............................................................................................................................................................. 9

Market Segmentation .................................................................................................................................................... 10

Geography segmentation .......................................................................................................................................... 10

Market distribution ..................................................................................................................................................... 12

Market Outlook .............................................................................................................................................................. 13

Market value forecast ................................................................................................................................................ 13

Market volume forecast ............................................................................................................................................. 14

Five Forces Analysis ..................................................................................................................................................... 15

Buyer power .............................................................................................................................................................. 16

New entrants ............................................................................................................................................................. 18

Threat of substitutes .................................................................................................................................................. 19

Degree of rivalry ........................................................................................................................................................ 20

Global - Carbonated Soft Drinks 0199 - 0028 - 2017

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Dr Pepper Snapple Group Inc ................................................................................................................................... 24

PepsiCo, Inc. ............................................................................................................................................................. 28

Suntory Holdings Limited........................................................................................................................................... 32

Industry associations ................................................................................................................................................. 37

Related MarketLine research .................................................................................................................................... 37

About MarketLine ...................................................................................................................................................... 38

Global - Carbonated Soft Drinks 0199 - 0028 - 2017

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Table 8: The Coca-Cola Co: key facts........................................................................................................................... 21

Table 9: The Coca-Cola Co: key financials ($)..............................................................................................................22

Table 10: The Coca-Cola Co: key financial ratios .........................................................................................................22

Table 11: Dr Pepper Snapple Group Inc: key facts .......................................................................................................24

Table 13: Dr Pepper Snapple Group Inc: key financial ratios........................................................................................26

Table 14: PepsiCo, Inc.: key facts ................................................................................................................................. 28

Table 15: PepsiCo, Inc.: key financials ($) ....................................................................................................................29

Table 16: PepsiCo, Inc.: key financial ratios..................................................................................................................30

Table 17: Suntory Holdings Limited: key facts ..............................................................................................................32

Table 18: Suntory Holdings Limited: key financials ($)..................................................................................................33

Table 19: Suntory Holdings Limited: key financials (¥)..................................................................................................33

Table 20: Suntory Holdings Limited: key financial ratios ...............................................................................................34

Global - Carbonated Soft Drinks 0199 - 0028 - 2017

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Figure 14: The Coca-Cola Co: revenues & profitability .................................................................................................23

Figure 15: The Coca-Cola Co: assets & liabilities .........................................................................................................23

Figure 16: Dr Pepper Snapple Group Inc: revenues & profitability................................................................................26

Figure 17: Dr Pepper Snapple Group Inc: assets & liabilities........................................................................................27

Figure 18: PepsiCo, Inc.: revenues & profitability..........................................................................................................30

Figure 19: PepsiCo, Inc.: assets & liabilities..................................................................................................................31

Figure 20: Suntory Holdings Limited: revenues & profitability .......................................................................................34

Figure 21: Suntory Holdings Limited: assets & liabilities ...............................................................................................35

Global - Carbonated Soft Drinks 0199 - 0028 - 2017