Professional Documents
Culture Documents
Euromonitor International
February 2022
SOFT DRINKS IN INDIA Passport i
© Euromonitor International
SOFT DRINKS IN INDIA Passport ii
Table 22 Distribution of Off-trade Soft Drinks (as sold) by Format and Category:
% Volume 2021 .......................................................................................... 18
Table 23 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by
Channel: Volume 2021-2026 ..................................................................... 19
Table 24 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by
Channel: % Volume Growth 2021-2026 ..................................................... 19
Table 25 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel:
Value 2021-2026 ........................................................................................ 19
Table 26 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: %
Value Growth 2021-2026 ........................................................................... 19
Table 27 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: Volume
2021-2026 .................................................................................................. 20
Table 28 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: % Volume
Growth 2021-2026 ..................................................................................... 20
Table 29 Forecast Off-trade Sales of Soft Drinks by Category: Value 2021-
2026 ........................................................................................................... 20
Table 30 Forecast Off-trade Sales of Soft Drinks by Category: % Value Growth
2021-2026 .................................................................................................. 21
APPENDIX ................................................................................................................................. 21
Fountain sales in India ............................................................................................................ 21
DISCLAIMER ............................................................................................................................. 22
SOURCES.................................................................................................................................. 22
Summary 1 Research Sources ...................................................................................... 22
© Euromonitor International
SOFT DRINKS IN INDIA Passport 1
Competitive landscape
Both the leading players in soft drinks, Coca-Cola India and PepsiCo India Holdings, have
been focusing on reducing the sugar content in their products. The pandemic accelerated this
process. Coca-Cola India is working on reducing the sugar content of 330ml carbonate cans to
6g from 35g. Similarly, in 2021 PepsiCo India Holdings changed its formulation in India for the
© Euromonitor International
SOFT DRINKS IN INDIA Passport 2
first time to reduce the sugar content. In conjunction with the growing trend of reducing sugar
content across its portfolio, the company also wanted to reduce the gap with Thums Up by
Coca-Cola, which has a lower sugar content. Over the last few years, the leading players have
expanded their zero or low-calorie portfolios in India. Similarly, companies have been launching
concentrates with fruit content. Considering COVID-19 and increasing awareness of the
importance of obesity in terms of the severity of symptoms, health awareness and weight loss
have become increasingly important factors influencing consumers’ purchasing decisions.
The pandemic highlighted the potential in rural areas. When demand declined, companies
looked to rural India to drive sales. In 2020, to tap into rural demand and at-home consumption,
which increased due to lockdown restrictions and increased working from home, PepsiCo India
Holdings and Coca-Cola India partnered with Common Services Centres (CSC) to list their food
products on the Grameen e-Store. Companies are addressing the need for last-mile delivery to
these rural areas, as there has been increased demand due to multiple factors, including
reverse migration. PepsiCo India started this as a pilot project for the state of Rajasthan.
However, in 2021, owing to its success, it extended the partnership to three more states –
Andhra Pradesh, Madhya Pradesh and Jharkhand. More prominent players also collaborated
with hyperlocal players such as Swiggy, BigBasket and Dunzo to ensure the availability of
products, particularly during the lockdowns.
Retailing developments
Most companies allocated more resources to the e-commerce channel during the pandemic.
In 2020 and 2021, the lockdowns overlapped with the summer season, thereby limiting the
growth of soft drinks. Companies therefore partnered with online delivery platforms to drive
sales and get their products to consumers. In some cases, cost took a back seat, as the main
aim was to ensure that consumers did not shift to other brands due to lack of availability.
Although e-commerce is here to stay, and products will continue to be sold online on
marketplaces such as Amazon and Flipkart, companies believe that partnerships with hyperlocal
delivery players such as Swiggy and Dunzo are not sustainable in the long run. The commission
charged by hyperlocal players is high, and the margins on some of these products do not
warrant partnership. Although fmcg giants can go down the direct to consumer route, mid-sized
and smaller companies cannot do this, due to the high logistics costs and fuel prices.
Many companies offering bottled water have also warmed up to e-commerce. Parle Bisleri,
the bottled water company, launched its web shop.bisleri.com, through which consumers can
order bottled water. However, the direct to consumer model is challenging to sustain, especially
for still bottled water, as the margins in this category are narrow. However, the channel gave a
new lease of life to companies that target the hospitality and aviation industries by selling
premium products. Many companies engaged in institutional sales were forced to review their
business models and modify them to offer their products through retail channels, as the COVID-
19 pandemic and the resultant lockdown restricted out of home sales. On-trade establishments
continued to be impacted by consecutive waves of COVID-19, not allowing these players to
have any respite. For instance, before the pandemic, companies selling premium bottled water
brands such as Aava Alkaline, Blue Pine, GC Natural Spring Water and Perrier, had a limited
retail presence, and they were available only in selected modern retail outlets. However, to
ensure cash flow, companies were forced to offer their products primarily through e-commerce,
as well as selected modern grocery retail chains. Companies tied up with online marketplaces
and grocery delivery platforms such as Amazon and BigBasket and modern retailers such as
Food Hall to connect with their target customers. Similarly, some companies offering 100% juice
and kombucha also took the direct to consumer route. These are premium products with higher
margins that are made available only in metropolitan areas and tier 1 cities, ensuring the direct
to consumer path is cost-effective.
© Euromonitor International
SOFT DRINKS IN INDIA Passport 3
© Euromonitor International
SOFT DRINKS IN INDIA Passport 4
© Euromonitor International
SOFT DRINKS IN INDIA Passport 5
© Euromonitor International
SOFT DRINKS IN INDIA Passport 6
© Euromonitor International
SOFT DRINKS IN INDIA Passport 7
MARKET DATA
Table 1 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume 2016-
2021
million litres
2016 2017 2018 2019 2020 2021
Table 2 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: % Volume Growth
2016-2021
% volume growth
2020/21 2016-21 CAGR 2016/21 Total
© Euromonitor International
SOFT DRINKS IN INDIA Passport 8
INR million
2016 2017 2018 2019 2020 2021
Table 4 Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value Growth 2016-
2021
Table 5 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: Volume 2020
million litres
Off-trade On-trade Total
Table 6 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: % Volume
2020
% volume analysis
© Euromonitor International
SOFT DRINKS IN INDIA Passport 9
INR million
Off-trade On-trade Total
% value analysis
Off-trade On-trade Total
million litres
© Euromonitor International
SOFT DRINKS IN INDIA Passport 10
Table 10 Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth 2016-2021
% volume growth
2020/21 2016-21 CAGR 2016/21 Total
INR million
2016 2017 2018 2019 2020 2021
© Euromonitor International
SOFT DRINKS IN INDIA Passport 11
Table 13 NBO Company Shares of Total Soft Drinks (RTD): % Volume 2017-2021
Table 14 LBN Brand Shares of Total Soft Drinks (RTD): % Volume 2018-2021
© Euromonitor International
SOFT DRINKS IN INDIA Passport 12
Co, The)
Thums Up (Coca-Cola Coca-Cola India Pvt Ltd 4.1 3.8 3.6 3.5
Co, The)
Maaza (Coca-Cola Coca-Cola India Pvt Ltd 2.6 2.4 3.0 3.1
Co, The)
Mountain Dew PepsiCo India Holdings 2.9 2.7 2.7 2.6
(PepsiCo Inc) Pvt Ltd
Frooti Parle Agro Pvt Ltd 1.9 1.8 2.3 2.3
7-Up (PepsiCo Inc) PepsiCo India Holdings 2.0 2.0 1.8 1.8
Pvt Ltd
Limca (Coca-Cola Coca-Cola India Pvt Ltd 2.0 2.0 1.8 1.8
Co, The)
Oxyrich (Manikchand Dhariwal Industries Ltd 1.2 1.2 1.9 1.8
Group)
Coca-Cola (Coca- Coca-Cola India Pvt Ltd 2.1 1.9 1.8 1.8
Cola Co, The)
Pepsi (PepsiCo Inc) PepsiCo India Holdings 2.0 1.8 1.7 1.7
Pvt Ltd
Mirinda (PepsiCo Inc) PepsiCo India Holdings 1.6 1.5 1.6 1.5
Pvt Ltd
Slice (PepsiCo Inc) PepsiCo India Holdings 1.1 1.1 1.4 1.4
Pvt Ltd
Fanta (Coca-Cola Coca-Cola India Pvt Ltd 1.6 1.4 1.6 1.4
Co, The)
Kingfisher UB Group 1.1 1.1 1.5 1.4
Réal Dabur India Ltd 0.7 0.7 0.9 1.0
Rasna Pioma Industries Ltd 0.6 0.6 0.8 0.8
Tropicana (PepsiCo PepsiCo India Holdings 0.4 0.4 0.5 0.6
Inc) Pvt Ltd
Himalayan (Tata Mount Everest Mineral - - 0.5 0.5
Consumer Products Water Ltd
Ltd)
Evervess (PepsiCo PepsiCo India Holdings 0.3 0.2 0.3 0.3
Inc) Pvt Ltd
Minute Maid (Coca- Coca-Cola India Pvt Ltd 0.2 0.2 0.3 0.3
Cola Co, The)
Qua (Narang group, Narangs Hospitality 0.2 0.2 0.2 0.2
The) Services Pvt Ltd
Kissan (Unilever Hindustan Unilever Ltd 0.2 0.1 0.2 0.2
Group)
Rooh Afza Hamdard Wakf 0.1 0.1 0.1 0.1
Laboratories Ltd
Gatorade (PepsiCo PepsiCo India Holdings 0.1 0.1 0.1 0.1
Inc) Pvt Ltd
Tang (Mondelez Mondelez India Foods 0.1 0.1 0.1 0.1
International Inc) Pvt Ltd
Duke's (PepsiCo Inc) PepsiCo India Holdings 0.1 0.1 0.1 0.1
Pvt Ltd
Catch Natural Dharmapal Satyapal Ltd 0.1 0.1 0.1 0.1
Mineral Water
Himalayan (Tata Mount Everest Mineral 0.5 0.5 - -
Global Beverages Ltd) Water Ltd
Others Others 47.7 48.4 39.8 43.4
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 15 NBO Company Shares of On-trade Soft Drinks (RTD): % Volume 2017-2021
© Euromonitor International
SOFT DRINKS IN INDIA Passport 13
Table 16 LBN Brand Shares of On-trade Soft Drinks (RTD): % Volume 2018-2021
© Euromonitor International
SOFT DRINKS IN INDIA Passport 14
Table 17 NBO Company Shares of Off-trade Soft Drinks (RTD): % Volume 2017-2021
% off-trade volume
Company 2017 2018 2019 2020 2021
Table 18 LBN Brand Shares of Off-trade Soft Drinks (RTD): % Volume 2018-2021
% off-trade volume
Brand (GBO) Company (NBO) 2018 2019 2020 2021
© Euromonitor International
SOFT DRINKS IN INDIA Passport 15
Kinley (Coca-Cola Coca-Cola India Pvt Ltd 6.5 6.7 9.0 6.7
Co, The)
Aquafina (PepsiCo PepsiCo India Holdings 4.0 4.4 6.1 6.0
Inc) Pvt Ltd
Sprite (Coca-Cola Coca-Cola India Pvt Ltd 4.8 4.8 4.3 4.2
Co, The)
Maaza (Coca-Cola Coca-Cola India Pvt Ltd 3.8 3.5 4.1 4.1
Co, The)
Thums Up (Coca-Cola Coca-Cola India Pvt Ltd 3.9 3.6 3.4 3.3
Co, The)
Frooti Parle Agro Pvt Ltd 2.7 2.6 3.0 3.0
Mountain Dew PepsiCo India Holdings 2.8 2.7 2.7 2.5
(PepsiCo Inc) Pvt Ltd
Oxyrich (Manikchand Dhariwal Industries Ltd 1.7 1.8 2.4 2.4
Group)
Slice (PepsiCo Inc) PepsiCo India Holdings 1.7 1.7 1.9 1.9
Pvt Ltd
7-Up (PepsiCo Inc) PepsiCo India Holdings 1.9 2.0 1.8 1.8
Pvt Ltd
Limca (Coca-Cola Coca-Cola India Pvt Ltd 1.9 1.9 1.7 1.7
Co, The)
Coca-Cola (Coca- Coca-Cola India Pvt Ltd 2.0 1.8 1.7 1.6
Cola Co, The)
Pepsi (PepsiCo Inc) PepsiCo India Holdings 1.9 1.7 1.7 1.6
Pvt Ltd
Mirinda (PepsiCo Inc) PepsiCo India Holdings 1.5 1.4 1.6 1.4
Pvt Ltd
Fanta (Coca-Cola Coca-Cola India Pvt Ltd 1.5 1.4 1.6 1.3
Co, The)
Réal Dabur India Ltd 1.1 1.0 1.3 1.3
Kingfisher UB Group 0.9 0.9 1.3 1.2
Rasna Pioma Industries Ltd 1.0 1.0 1.1 1.1
Tropicana (PepsiCo PepsiCo India Holdings 0.6 0.6 0.7 0.8
Inc) Pvt Ltd
Evervess (PepsiCo PepsiCo India Holdings 0.4 0.4 0.4 0.4
Inc) Pvt Ltd
Minute Maid (Coca- Coca-Cola India Pvt Ltd 0.3 0.3 0.4 0.4
Cola Co, The)
Kissan (Unilever Hindustan Unilever Ltd 0.2 0.2 0.3 0.2
Group)
Rooh Afza Hamdard Wakf 0.2 0.2 0.2 0.2
Laboratories Ltd
Gatorade (PepsiCo PepsiCo India Holdings 0.2 0.2 0.2 0.2
Inc) Pvt Ltd
Tang (Mondelez Mondelez India Foods 0.2 0.2 0.2 0.2
International Inc) Pvt Ltd
Nimbooz by 7-Up PepsiCo India Holdings 0.2 0.2 0.1 0.1
(PepsiCo Inc) Pvt Ltd
B Natural ITC Foods Ltd 0.1 0.1 0.1 0.1
Duke's (PepsiCo Inc) PepsiCo India Holdings 0.1 0.1 0.1 0.1
Pvt Ltd
Lipton (Unilever Hindustan Unilever Ltd 0.1 0.1 0.1 0.1
Group)
Others Others 45.7 46.2 38.1 42.1
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
© Euromonitor International
SOFT DRINKS IN INDIA Passport 16
Maaza (Coca-Cola Coca-Cola India Pvt Ltd 7.9 7.8 8.7 8.6
Co, The)
Frooti Parle Agro Pvt Ltd 5.6 5.5 6.2 6.2
Réal Dabur India Ltd 3.6 3.7 4.4 4.7
Slice (PepsiCo Inc) PepsiCo India Holdings 3.6 3.5 4.0 4.0
Pvt Ltd
Thums Up (Coca-Cola Coca-Cola India Pvt Ltd 4.9 4.4 3.9 3.7
Co, The)
Sprite (Coca-Cola Coca-Cola India Pvt Ltd 5.9 5.9 4.8 3.3
Co, The)
Bisleri Parle Bisleri Ltd 2.1 2.2 3.0 3.3
Mountain Dew PepsiCo India Holdings 3.7 3.7 3.5 3.3
(PepsiCo Inc) Pvt Ltd
Kinley (Coca-Cola Coca-Cola India Pvt Ltd 2.5 2.5 3.4 3.0
Co, The)
Tropicana (PepsiCo PepsiCo India Holdings 2.1 2.1 2.5 2.8
Inc) Pvt Ltd
Limca (Coca-Cola Coca-Cola India Pvt Ltd 2.4 2.4 2.0 1.9
Co, The)
Aquafina (PepsiCo PepsiCo India Holdings 1.4 1.6 2.2 1.9
Inc) Pvt Ltd
Coca-Cola (Coca- Coca-Cola India Pvt Ltd 2.5 2.3 2.0 1.9
Cola Co, The)
Pepsi (PepsiCo Inc) PepsiCo India Holdings 2.4 2.2 1.9 1.8
Pvt Ltd
© Euromonitor International
SOFT DRINKS IN INDIA Passport 17
7-Up (PepsiCo Inc) PepsiCo India Holdings 2.3 2.3 1.9 1.8
Pvt Ltd
Mirinda (PepsiCo Inc) PepsiCo India Holdings 2.0 1.9 2.0 1.7
Pvt Ltd
Fanta (Coca-Cola Coca-Cola India Pvt Ltd 2.0 1.9 2.0 1.7
Co, The)
Red Bull Red Bull GmbH 1.3 1.2 1.2 1.1
Rasna Pioma Industries Ltd 1.0 1.0 1.1 1.0
Oxyrich (Manikchand Dhariwal Industries Ltd 0.6 0.6 0.8 0.8
Group)
Raw Pressery Rakyan Beverages Pvt Ltd 0.2 0.2 0.5 0.7
Minute Maid (Coca- Coca-Cola India Pvt Ltd 0.7 0.6 0.7 0.7
Cola Co, The)
Gatorade (PepsiCo PepsiCo India Holdings 0.6 0.7 0.6 0.6
Inc) Pvt Ltd
Kingfisher UB Group 0.3 0.3 0.4 0.4
B Natural ITC Foods Ltd 0.3 0.3 0.4 0.4
Kissan (Unilever Hindustan Unilever Ltd 0.4 0.4 0.4 0.4
Group)
Rooh Afza Hamdard Wakf 0.3 0.3 0.3 0.3
Laboratories Ltd
Evervess (PepsiCo PepsiCo India Holdings 0.3 0.3 0.3 0.3
Inc) Pvt Ltd
Lipton (Unilever Hindustan Unilever Ltd 0.2 0.2 0.2 0.2
Group)
Nimbooz by 7-Up PepsiCo India Holdings 0.2 0.2 0.2 0.2
(PepsiCo Inc) Pvt Ltd
Others Others 36.7 37.8 34.4 37.1
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 21 Distribution of Off-trade Soft Drinks (as sold) by Format: % Volume 2016-2021
% off-trade
2016 2017 2018 2019 2020 2021
© Euromonitor International
SOFT DRINKS IN INDIA Passport 18
Table 22 Distribution of Off-trade Soft Drinks (as sold) by Format and Category: %
Volume 2021
% off-trade
BW C Con F/VJ RTD C RTD T
ED SPD ASD
© Euromonitor International
SOFT DRINKS IN INDIA Passport 19
Table 23 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume
2021-2026
million litres
2021 2022 2023 2024 2025 2026
% volume growth
2021/22 2021-26 CAGR 2021/26 Total
Table 25 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2021-
2026
INR million
2021 2022 2023 2024 2025 2026
© Euromonitor International
SOFT DRINKS IN INDIA Passport 20
Table 27 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2021-2026
million litres
2021 2022 2023 2024 2025 2026
Table 28 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth
2021-2026
% volume growth
2021/22 2021-26 CAGR 2021/26 Total
INR million
2021 2022 2023 2024 2025 2026
© Euromonitor International
SOFT DRINKS IN INDIA Passport 21
Table 30 Forecast Off-trade Sales of Soft Drinks by Category: % Value Growth 2021-
2026
APPENDIX
Trends
The presence of fountain on-trade sales of soft drinks is negligible in India. The availability of
fountain soft drinks in the on-trade channel is restricted to tier 1 cities such as Delhi, Mumbai,
Bengaluru and Chennai, and nearly always to captive environments such as multiplex cinemas,
railway stations and airports. Carbonates is the major soft drinks category sold through
fountains in India, followed by RTD tea. Pepsi, Coca-Cola, Sprite, Fanta, Mirinda, Mountain Dew
and Thums Up remain the most common brands sold through fountains. In addition, Hindustan
Unilever’s Lipton Ice Tea, Nestlé India’s Nestea Ice Tea, and Georgia Gold’s RTD Ice Tea are
also sold through fountains.
Fountain sales of soft drinks through convenience stores remained negligible at the end of the
review period, and consumer foodservice channels remained the major contributors to fountain
sales in 2020. Over the forecast period, fountain sales of soft drinks are expected to grow in
direct correlation with the increases expected in the number of consumer foodservice outlets,
shopping centre food courts and office complexes, amongst other possible locations for sales of
fountain soft drinks. It is expected that carbonates and RTD tea will remain the most popular
categories for fountain sales of soft drinks in the future, as other types of soft drinks have yet to
be introduced.
© Euromonitor International
SOFT DRINKS IN INDIA Passport 22
DISCLAIMER
Forecast closing date: 15 November 2021
Report closing date: 7 February 2022
Analysis and data in this report give full consideration to consumer behaviour and market
performance in 2021 and beyond as of the dates above. For the very latest insight on this
industry and consumer behaviour, at both global and national level, readers can access
strategic analysis and updates on www.euromonitor.com and via the Passport system, where
new content is being added on a systematic basis.
SOURCES
Sources used during the research included the following:
© Euromonitor International
SOFT DRINKS IN INDIA Passport 23
Producers
MOFPI
Trade Association
Beverage Digest
Beverage Net
Beverage World
BeverAsia
Business India
Business Line
Business Standard
Business Today
Business World
Capital Market
Catalyst
Commodity India
Domain-b
Economic Times
Economics time
Equity Master
Financial Express
Foodandbeverages.in
FoodAsia
Foodbev.com
Hindustan Times
I Love India
© Euromonitor International
SOFT DRINKS IN INDIA Passport 24
India Earnings
India Infoline
India Retailing
India Times
India Today
Indian Express
IndianTelevision.com
Live Mint
MAG India
Money Control
NDTV
Outlook Money
Retail Asia
Reuters
The Hindu
The Week
Times of India
Trak
Tribune
YourStory
© Euromonitor International