India - Carbonated Soft Drinks, November 2023

MarketLine Industry Profile
Carbonated Soft Drinks in India

November 2023
Reference Code: 0102-0028
Publication Date: November 2023
Primary NAICS: 312111
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Industry Profiles
1. Executive Summary
1.1. Market value

The Indian carbonated soft drinks market grew by 53% in 2022 to reach a value of $18,257.1 million.
1.2. Market value forecast

In 2027, the Indian carbonated soft drinks market is forecast to have a value of $49,340.1 million, an
increase of 170.3% since 2022.
1.3. Market volume

The Indian carbonated soft drinks market grew by 31.9% in 2022 to reach a volume of 9,294.8 million liters.
1.4. Market volume forecast

In 2027, the Indian carbonated soft drinks market is forecast to have a volume of 16,961.9 million liters, an
increase of 82.5% since 2022.
1.5. Geography segmentation

India accounts for 22.5% of the Asia-Pacific carbonated soft drinks market value.
1.6. Market share

The Coca-Cola Company is the leading player in the Indian carbonated soft drinks market, generating a
58.2% share of the market's volume.
1.7. Market rivalry

Whilst high fixed costs serve to enhance rivalry, strong market growth during the review period
(2017–2022) has alleviated this somewhat.
1.8. Competitive landscape

Industry Profiles
The Indian carbonated soft drinks market has experienced strong value and volume growth in recent years.
The Coca-Cola Company is the leading player in the sector in value terms. Furthermore, PepsiCo, Inc. and
Parle Agro Group also have strong presence in the country, accounting for second and third largest value
shares respectively, in 2022. Moreover, Parle Agro Group accounted for maximum share during 2017-2022

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. Geography segmentation.............................................................................................................................2
1.6. Market share................................................................................................................................................2
1.7. Market rivalry...............................................................................................................................................2
1.8. Competitive landscape.................................................................................................................................2
2. Market Overview 8
2.1. Market definition .........................................................................................................................................8
2.2. Market analysis ............................................................................................................................................8
3. Market Data 10
3.1. Market value ..............................................................................................................................................10
3.2. Market volume...........................................................................................................................................11
4. Market Segmentation 12
4.1. Geography segmentation...........................................................................................................................12
4.2. Market distribution ....................................................................................................................................13
5. Market Outlook 14
5.1. Market value forecast ................................................................................................................................14
5.2. Market volume forecast.............................................................................................................................15
6. Five Forces Analysis 16
6.1. Summary ....................................................................................................................................................16
6.2. Buyer power...............................................................................................................................................17
6.3. Supplier power ...........................................................................................................................................18
6.4. New entrants .............................................................................................................................................19

Industry Profiles
6.5. Threat of substitutes ..................................................................................................................................20
6.6. Degree of rivalry.........................................................................................................................................21
7. Competitive Landscape 22
7.1. Market share..............................................................................................................................................22
7.2. Who are the leading players in the Indian carbonated soft drinks market?..............................................22
7.3. Which companies have been most successful in increasing their market shares in the last 5 years (2017-
2022)? 23
7.4. Which companies market shares have suffered in the last 5 years (2017-2022)? ....................................23
7.5. What are the most popular brands in the Indian carbonated soft drinks market? ...................................23
8. Company Profiles 24
8.1. The Coca-Cola Co .......................................................................................................................................24
8.2. PepsiCo Inc .................................................................................................................................................30
8.3. Parle Agro Pvt Ltd.......................................................................................................................................34
8.4. Kalimark .....................................................................................................................................................36
9. Macroeconomic Indicators 37
9.1. Country data ..............................................................................................................................................37
9.2. Methodology..............................................................................................................................................39
9.3. Industry associations..................................................................................................................................40
9.4. Related MarketLine research .....................................................................................................................40

Industry Profiles
LIST OF TABLES
Table 1: India carbonated soft drinks market value: $ million, 2017–22 10
Table 2: India carbonated soft drinks market volume: million liters, 2017–22 11
Table 3: India carbonated soft drinks market geography segmentation: $ million, 2022 12
Table 4: India carbonated soft drinks market distribution: % share, by volume, 2022 13
Table 5: India carbonated soft drinks market value forecast: $ million, 2022–27 14
Table 6: India carbonated soft drinks market volume forecast: million liters, 2022–27 15
Table 7: India carbonated soft drinks market share: % share, by volume, 2022 22
Table 8: The Coca-Cola Co: key facts 24
Table 9: The Coca-Cola Co: Annual Financial Ratios 25
Table 10: The Coca-Cola Co: Key Employees 26
Table 11: The Coca-Cola Co: Key Employees Continued 27
Table 14: PepsiCo Inc: key facts 30
Table 15: PepsiCo Inc: Annual Financial Ratios 31
Table 16: PepsiCo Inc: Key Employees 32
Table 17: PepsiCo Inc: Key Employees Continued 33
Table 18: Parle Agro Pvt Ltd: key facts 34
Table 19: Parle Agro Pvt Ltd: Key Employees 35
Table 20: Kalimark: key facts 36
Table 21: India size of population (million), 2018–22 37
Table 22: India gdp (constant 2005 prices, $ billion), 2018–22 37
Table 23: India gdp (current prices, $ billion), 2018–22 37
Table 24: India inflation, 2018–22 37
Table 25: India consumer price index (absolute), 2018–22 37
Table 26: India exchange rate, 2018–22 38

Industry Profiles
LIST OF FIGURES
Figure 1: India carbonated soft drinks market value: $ million, 2017–22 10
Figure 2: India carbonated soft drinks market volume: million liters, 2017–22 11
Figure 3: India carbonated soft drinks market geography segmentation: % share, by value, 2022 12
Figure 4: India carbonated soft drinks market distribution: % share, by volume, 2022 13
Figure 5: India carbonated soft drinks market value forecast: $ million, 2022–27 14
Figure 6: India carbonated soft drinks market volume forecast: million liters, 2022–27 15
Figure 7: Forces driving competition in the carbonated soft drinks market in India, 2022 16
Figure 8: Drivers of buyer power in the carbonated soft drinks market in India, 2022 17
Figure 9: Drivers of supplier power in the carbonated soft drinks market in India, 2022 18
Figure 10: Factors influencing the likelihood of new entrants in the carbonated soft drinks market in India, 2022 19
Figure 11: Factors influencing the threat of substitutes in the carbonated soft drinks market in India, 2022 20
Figure 12: Drivers of degree of rivalry in the carbonated soft drinks market in India, 2022 21
Figure 13: India carbonated soft drinks market share: % share, by volume, 2022 22

Industry Profiles
2. Market Overview
2.1. Market definition

The carbonated soft drinks market consists of retail sale of carbonated drinks. However, the total market volume
for carbonated 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 2022 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
the Middle East, Ghana, 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, Dominican Republic, Ecuador, Panama,
Peru, Puerto Rico, and Uruguay.
Europe consists of Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal,
Romania, Russia, Slovak Republic, Spain, Sweden, Switzerland, Turkey, Ukraine, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea and Thailand.
The Middle East comprises Bahrain, Egypt, Iran, Israel, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates.
2.2. Market analysis

The Indian carbonated soft drinks market registered a strong growth during the review period (2017-2022). The
growth of the market is expected to accelerate over the forecast period (2022-2027).
During the review period, Indian consumers have increasingly adopted the products that are formulated and
packaged by Indian producers, as the popularity of the Atmanirbhar Bharat (“self-reliant India”) initiative is
spreading across the country. In addition, Ecommerce sales have grown significantly, supported by increasing
internet penetration and a shift in purchasing habits during the lockdown. With the advent of COVID-19, health
concerns emerged as a critical element in consumer choices and also resulted in an increased emphasis on healthy
food and lifestyle choices. As consumers are becoming more mindful of their calorie and sugar consumption, the
demand for low-calorie and sugar-free carbonated soft drinks grew significantly which resulted in strong market
growth. Moreover, the lifting of mobility restrictions stimulated economic recovery in 2022. As people left their
homes more often for work, studies, socializing, and leisure activities, on-the-go consumption of carbonated soft
drinks increased. An expansion in tourist arrivals further boosted on-the-go and on-premise consumption of
carbonated soft drinks. These factors are anticipated to augment the market growth during the forecast period.
The Indian Carbonated Soft Drinks market had total revenues of $18,257.1 million in 2022, representing a
compound annual growth rate (CAGR) of 19.8% between 2017 and 2022. In comparison, the South Korean and
Chinese markets grew with CAGRs of 3.5% and 8.4% respectively, over the same period, to reach respective values
of $4,742.3 million and $25,696.3 million in 2022.
Market consumption volume increased with a CAGR of 10.2% between 2017 and 2022, to reach a total of 9,294.8
million liters in 2022. The market's volume is expected to rise to 16,961.9 million liters by the end of 2027,
representing a CAGR of 12.8% for the 2022-2027 period.
The Carbonates segment was the market's most lucrative in 2022, with total revenues of $18.3 billion, equivalent
to 100% of the market's overall value.

Industry Profiles
The performance of the market is forecast to accelerate, with an anticipated CAGR of 22% for the five-year period
2022 - 2027, which is expected to drive the market to a value of $49,340.1 million by the end of 2027.
Comparatively, the South Korean and Chinese markets will grow with CAGRs of 7.1% and 4.9% respectively, over
the same period, to reach respective values of $6,685.7 million and $32,628.8 million in 2027.

Industry Profiles
3. Market Data
3.1. Market value

The Indian carbonated soft drinks market grew by 53% in 2022 to reach a value of $18,257.1 million.
The compound annual growth rate of the market in the period 2017–22 was 19.8%.
Table 1: India carbonated soft drinks market value: $ million, 2017–22
Year $ million Rs. million € million % Growth

2017 7,390.3 580,862.4 7,025.0
2018 8,147.0 640,338.9 7,744.3 10.2%
2019 9,196.1 722,792.4 8,741.5 12.9%
2020 7,671.5 602,965.2 7,292.3 (16.6%)
2021 11,930.2 937,690.9 11,340.5 55.5%
2022 18,257.1 1,434,972.1 17,354.7 53.0%
CAGR: 2017–22 19.8%

Source: MARKETLINE MARKETLINE
Figure 1: India carbonated soft drinks market value: $ million, 2017–22

Industry Profiles
3.2. Market volume

The Indian carbonated soft drinks market grew by 31.9% in 2022 to reach a volume of 9,294.8 million liters.
The compound annual growth rate of the market in the period 2017-22 was 10.2%.
Table 2: India carbonated soft drinks market volume: million liters, 2017–22
Year million liters % Growth

2017 5,730.9
2018 6,216.2 8.5%
2019 6,821.5 9.7%
2020 5,239.2 (23.2%)
2021 7,044.9 34.5%
2022 9,294.8 31.9%
CAGR: 2017–22 10.2%

Figure 2: India carbonated soft drinks market volume: million liters, 2017–22

Industry Profiles
4. Market Segmentation
4.1. Geography segmentation

India accounts for 22.5% of the Asia-Pacific carbonated soft drinks market value.
China accounts for a further 31.7% of the Asia-Pacific market.
Table 3: India carbonated soft drinks market geography segmentation: $ million, 2022
Geography 2022 %
China 25,696.3 31.7
India 18,257.1 22.5
Japan 6,849.4 8.5
South Korea 4,742.3 5.9
Singapore 243.9 0.3
Rest of Asia-Pacific 25,208.8 31.1
Total 80,997.8 100%

Figure 3: India carbonated soft drinks market geography segmentation: % share, by value, 2022

Industry Profiles
4.2. Market distribution

Convenience Stores form the leading distribution channel in the Indian carbonated soft drinks market, accounting for a
53.2% share of the total market's volume.
On Trade accounts for a further 41.3% of the market.
Table 4: India carbonated soft drinks market distribution: % share, by volume, 2022
Channel % Share
Convenience Stores 53.2%
On Trade 41.3%
Hypermarkets & Supermarkets 3.6%
Vending machines 1.5%
Other 0.5%
Total 100%
Figure 4: India carbonated soft drinks market distribution: % share, by volume, 2022

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2027, the Indian carbonated soft drinks market is forecast to have a value of $49,340.1 million, an increase of
170.3% since 2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 22%.
Table 5: India carbonated soft drinks market value forecast: $ million, 2022–27
Year $ million Rs. million € million % Growth

2022 18,257.1 1,434,972.1 17,354.7 53.0%
2023 23,701.5 1,862,890.8 22,530.0 29.8%
2024 29,214.2 2,296,173.7 27,770.2 23.3%
2025 35,297.3 2,774,290.3 33,552.6 20.8%
2026 41,993.4 3,300,591.1 39,917.7 19.0%
2027 49,340.1 3,878,026.2 46,901.2 17.5%
CAGR: 2022–27 22.0%

Figure 5: India carbonated soft drinks market value forecast: $ million, 2022–27

Industry Profiles
5.2. Market volume forecast

In 2027, the Indian carbonated soft drinks market is forecast to have a volume of 16,961.9 million liters, an increase of
82.5% since 2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 12.8%.
Table 6: India carbonated soft drinks market volume forecast: million liters, 2022–27
Year million liters % Growth

2022 9,294.8 31.9%
2023 10,688.5 15.0%
2024 12,174.4 13.9%
2025 13,712.6 12.6%
2026 15,286.4 11.5%
2027 16,961.9 11.0%
CAGR: 2022–27 12.8%

Figure 6: India carbonated soft drinks market volume forecast: million liters, 2022–27

Industry Profiles
6. 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.
6.1. Summary
Figure 7: Forces driving competition in the carbonated soft drinks market in India, 2022
Whilst high fixed costs serve to enhance rivalry, strong market growth during the review period (2017–2022) has
alleviated this somewhat.
Convenience stores are the main distribution channel in the Indian carbonated soft drinks market. On-trade outlets and
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 RTD iced tea/coffee, which pose a
moderate threat.

Industry Profiles
6.2. Buyer power
Figure 8: Drivers of buyer power in the carbonated soft drinks market in India, 2022
Convenience stores constitutes the major buyers in the Indian carbonated drinks market, which account for 53.16% of
the total market value in 2022. On-trade outlets and hypermarkets & supermarkets are also significant, together
accounted for 44.88% of the total market share in 2022. Thus, the size of the average buyer is large, which enhances
their negotiating position and therefore 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. Also, there are several ways for market players to differentiate their products.
Moreover, manufacturers are also dependent on packaging companies but retailers of finished products less so.
Therefore, overall buyer power assessed as moderate.

Industry Profiles
6.3. Supplier power
Figure 9: Drivers of supplier power in the carbonated soft drinks market in India, 2022
The primary inputs for carbonated soft drinks manufacturers include carbon dioxide, acidity (pH), 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 10: Factors influencing the likelihood of new entrants in the carbonated soft drinks market in India, 2022
Large, multinational players such as The Coca-Cola Company, PepsiCo, Inc., and Parle Agro Group 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 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 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 carbonated 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: the natural low-calorie sweetener, stevia, has been used in Japan since 1971, whereas it was only permitted
in the EU in 2011. India approved it in 2015. Moreover, in April 2017, the Government of India introduced a Goods and
Services Tax (GST), which made soft drinks, particularly fizzy drinks, more costly. Increased regulation will discourage
newcomers.
The Indian carbonated soft drinks market experienced strong growth rate during the review period. This is likely to
encourage newcomers. Overall, there is a moderate likelihood of new entrants.

Industry Profiles
6.5. Threat of substitutes
Figure 11: Factors influencing the threat of substitutes in the carbonated soft drinks market in India, 2022
The substitutes for carbonated soft drinks primarily include, 100% juices, fruit based drinks, and RTD iced tea/coffee.
Leading players tend to have diverse product ranges, which reduces the threat posed by substitutes. For example,
Nestle 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.

Industry Profiles
6.6. Degree of rivalry
Figure 12: Drivers of degree of rivalry in the carbonated soft drinks market in India, 2022
The Indian carbonated soft drinks market is concentrated, with the top four leading players, The Coca-Cola Company,
PepsiCo, Inc., Parle Agro Group, and Kali Mark accounting for 90.09% of the market’s value in 2022. Notably, The Coca-
Cola Company secured 58.15% of the total market share in 2022.
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 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 tend to have fewer assets, and exit is therefore easier.
The strong 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 Indian carbonated soft drinks market.

Industry Profiles
7. Competitive Landscape
The Indian carbonated soft drinks market has experienced strong value and volume growth in recent years. The
Coca-Cola Company is the leading player in the sector in value terms. Furthermore, PepsiCo, Inc. and Parle Agro
Group also have strong presence in the country, accounting for second and third largest value shares respectively,
in 2022. Moreover, Parle Agro Group accounted for maximum share during 2017-2022
7.1. Market share
Table 7: India carbonated soft drinks market share: % share, by volume, 2022
Company % Share
The Coca-Cola Company 58.2%
PepsiCo, Inc. 25.4%
Parle Agro Group 5.5%
Kali Mark 1.0%
Other 9.9%
Total 100%
Figure 13: India carbonated soft drinks market share: % share, by volume, 2022
7.2. Who are the leading players in the Indian carbonated soft drinks
market?

Industry Profiles
US based multinational The Coca-Cola Company is the leading player in the Indian carbonated soft drinks market,
accounting for 58.15% of the market value in 2022, and is expected to retain its leadership position in the coming years.
The company has a strong foothold in carbonates segment in 2022, through brands such as The Coca-Cola Company,
Fanta, Kinley Club Soda, Sprite, and Thums Up.
US based multinational PepsiCo, Inc. is the second leading player in the Indian carbonated soft drinks market,
accounting for 25.43% of the market value in 2022. The company has a strong foothold in carbonates segment in 2022,
through brands such as 7-Up, Dukes, Evervess, Mirinda, Mountain Dew, Diet Pepsi, and Teem (PepsiCo, Inc.).
India based multinational Parle Agro Group is the third leading player in the Indian carbonated soft drinks market,
accounting for 5.46% of the market value in 2022. The company has a strong foothold in carbonates segment in 2022,
through brand such as Appy Fizz and Bailley.
7.3. Which companies have been most successful in increasing their

market shares in the last 5 years (2017-2022)?
Between 2017 and 2022, Parle Agro Group registered the highest rise in its market share with 3.65 percentage points in
value terms in the Indian carbonated soft drinks sector, increasing from 1.81% in 2017 to 5.46% in 2022. Over the same
period, the value market share of The Coca-Cola Company registered rise in its market share with 1.08 percentage
points in value terms, increasing from 57.07% in 2017 to 58.15% in 2022 . Moreover, UB Group, India witnessed an
increase of 0.04 percentage points to its value share, up from 0.26% in 2017 to 0.30% in 2022.
7.4. Which companies market shares have suffered in the last 5 years
(2017-2022)?
In the Indian carbonated soft drinks market, PepsiCo, Inc. witnessed the loss of value share by 3.83 percentage points
between 2017 and 2022, down from 29.26% in 2017 to 25.43% in 2022. Kali Mark witnessed the loss of value share by
0.36 percentage points in the last five years, down from 1.40% in 2017 to 1.04% in 2022. In addition, Ajegroup
witnessed the loss of value share by 0.13 percentage points in the last five years, down from 0.28% in 2017 to 0.15% in
2022.
7.5. What are the most popular brands in the Indian carbonated soft
drinks market?
Thums Up & Sprite (both owned by The Coca-Cola Company) is the most popular brand in the Indian carbonated soft
drinks market, accounting for a value share of 20.95% and 18.10%, in 2022. Furthermore, Mountain Dew (owned by
PepsiCo, Inc.) are also top brands of the sector, which held brand value share of 12.36% respectively in the same year.

Industry Profiles
8. Company Profiles
8.1. The Coca-Cola Co
8.1.1. Company Overview
The Coca-Cola Co (Coca-Cola) is a producer, distributor, and marketer of non-alcoholic beverages. The
company’s product portfolio comprises sparkling beverages and a variety of still beverages including juices and
juice drinks, water, enhanced waters, ready-to-drink teas and coffees, and energy and sports drinks. The
company also offers ready-to-drink hard seltzers, alternatives and pre-mixed cocktails. It markets beverages
under Sprite, Coca-Cola Zero, Diet Coke, Fanta, Glaceau Vitaminwater, Powerade, Dasani, FUZE TEA, Minute
Maid, Simply, Georgia, and Del Valle brand names. Coca-Cola sells products to independent bottling partners,
distributors, wholesalers, and retailers. The company has business presence in Europe, the Middle East and
Africa, the Americas, and Asia-Pacific. Coca-Cola is headquartered in Atlanta, Georgia, the US.
The company reported revenues of (US Dollars) US$43,004 million for the fiscal year ended December 2022
(FY2022), an increase of 11.3% over FY2021. In FY2022, the company’s operating margin was 25.5%, compared
to an operating margin of 28.2% in FY2021. In FY2022, the company recorded a net margin of 22.2%, compared
to a net margin of 25.3% in FY2021. The company reported revenues of US$11,953 million for the third quarter
ended September 2023, a decrease of 0.2% over the previous quarter.
8.1.2. Key Facts
Table 8: The Coca-Cola Co: key facts
Head office: 1 Coca Cola Plaza , Atlanta, Georgia, United States

Number of Employees: 82500
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 Co (Coca-Cola) produces, distributes, and markets non-alcoholic beverages. The company’s product
portfolio consists of 200 brands.
Coca-Cola operates through seven reportable business segments: Europe, Middle East and Africa; Latin America;
North America; Asia Pacific; Global Ventures; Bottling Investments; and Corporate.
Based on product offerings, the company classifies its operations into two business lines: Concentrate Operations
and Finished Product Operations.
As of December 2022, Coca-Cola operated 116 owned and 198 leased distribution and storage warehouses, 93
owned and eight leased principal beverage manufacturing/ bottling plants and 32 owned principal concentrate
and syrup plants. As of December 2022, it also operated 1,636 leased retail stores. 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 9: The Coca-Cola Co: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % -5.28 8.65 -11.41 17.09 11.25
Operating Income Growth % 0.89 23.00 4.07 13.98 0.44
EBITDA Growth % -1.24 23.34 5.17 11.29 -1.16
Net Income Growth % 415.54 38.64 -13.15 26.13 -2.34
EPS Growth % 31.03 8.93 -15.79 24.88 5.14
Working Capital Growth % -141.19 70.35 -170.69 -44.06 10.48
Equity Ratios
EPS (Earnings per Share) USD 2.00 2.18 1.84 2.29 2.41
Dividend per Share USD 1.54 1.59 1.63 1.67 1.74
Dividend Cover Absolute 1.30 1.37 1.13 1.37 1.39
Book Value per Share USD 3.98 4.43 4.49 5.32 5.57
Profitability Ratios
Gross Margin % 61.90 60.77 59.31 60.27 58.14
Operating Margin % 21.82 24.70 29.01 28.24 25.50
Net Profit Margin % 18.76 23.94 23.47 25.28 22.19
Profit Markup % 162.49 154.91 145.77 151.71 138.91
PBT Margin (Profit Before Tax) % 23.98 28.94 29.53 32.14 27.17
Return on Equity % 37.89 46.99 40.14 42.48 39.59
Return on Capital Employed % 13.75 15.49 13.18 14.67 15.01
Return on Assets % 7.52 10.52 8.92 10.76 10.20
Return on Working Capital % -194.26 -140.26 206.49 420.73 382.49
Operating Costs (% of Sales) % 78.18 75.30 70.99 71.76 74.50
Administration Costs (% of Sales) % 32.02 32.60 29.48 31.42 29.95
Liquidity Ratios
Current Ratio Absolute 0.87 0.76 1.32 1.13 1.15
Quick Ratio Absolute 0.76 0.63 1.09 0.96 0.93
Cash Ratio Absolute 0.32 0.24 0.47 0.49 0.48
Leverage Ratios
Debt to Equity Ratio Absolute 2.60 2.25 2.22 1.86 1.62
Net Debt to Equity Absolute 1.65 1.66 1.65 1.31 1.14
Debt to Capital Ratio Absolute 0.72 0.69 0.69 0.65 0.62
Efficiency Ratios
Asset Turnover Absolute 0.40 0.44 0.38 0.43 0.46
Fixed Asset Turnover Absolute 3.85 3.42 2.69 3.27 3.81
Inventory Turnover Absolute 4.56 4.53 4.04 4.60 4.71
Current Asset Turnover Absolute 1.12 1.64 1.67 1.85 1.91
Capital Employed Turnover Absolute 0.63 0.63 0.45 0.52 0.59
Working Capital Turnover Absolute -8.90 -5.68 7.12 14.90 15.00
Source: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 10: The Coca-Cola Co: Key Employees
Name Job Title Board

Alexis M. Herman Director Non Executive Board
Amity Millhiser Director Non Executive Board
Ana Botin Director Non Executive Board
General Manager Coca Cola Middle East
Andrew Buckingham Senior Management
region
Andrew Buckingham Vice President Coca Cola Middle East region Senior Management
Ashna Zaheer Assistant Corporate Secretary Senior Management
Ashna Zaheer Head Securities and Capital Markets Senior Management
Ashna Zaheer Senior Legal Counsel Senior Management
Barry Ballow Vice President Internal Audit Senior Management
Barry Diller Director Non Executive Board
Chief Communications, Sustainability and
Beatriz Perez Senior Management
Strategic Partnerships Officer
Beatriz Perez Senior Vice President Senior Management
Ben Reiling Director, Sports Marketing Management
Bernard McGuinness Vice President Global Flavor Supply Senior Management
Bruno Pietracci President Latin America Operating Unit Senior Management
Caroline J. Tsay Director Non Executive Board
Carolyn Everson Director Non Executive Board
President Nutrition, Juice, Dairy and Plant
Christina Ruggiero Senior Management
Category
Christopher C. Davis Director Non Executive Board
Claudia Lorenzo President ASEAN and South Pacific Senior Management
Director Public Affairs, Communications, and
Clifford Machoka Senior Management
Sustainability East Africa region
David B. Weinberg Director Non Executive Board
Dusan Stojankic General Manager UK and Ireland Senior Management
Global Football Properties, Worldwide Sports
Elizabeth Griffith Management
& Event Management
Evguenia Stoichkova President Global Ventures Senior Management
Vice President Strategy and Corporate
Felix Poh Senior Management
Development
Francesca Aguilar Senior Manager UEFA & Special Olympics Management
Franck Salmon Marketing Director, Coca-Cola Chile Management
Frank Penne Operational Marketing Director Management
Gilles Leclerc President Greater China and Mongolia Senior Management

Industry Profiles
Table 11: The Coca-Cola Co: Key Employees Continued

Griet Van den Brande Manager, Rights & Activation Marketing Management
Helene D. Gayle Director Non Executive Board
Henrique Braun President International Development Senior Management
Henrique Braun Senior Vice President Corporate Senior Management
Herbert A. Allen III Director Non Executive Board
Jaideep Kibe Global Brand Director - Coca Cola Management
James Quincey Chairman Executive Board
James Quincey Chief Executive Officer Executive Board
Jasmin Vinculado President Sparkling Flavors Category Senior Management
Jeffrey Gilbert Chief Security Officer Senior Management
Jeffrey Gilbert Vice President Senior Management
Jennifer K. Mann President North America Operating Unit Senior Management
Jennifer K. Mann Senior Vice President Senior Management
President North America Operating Unit The
Jennifer Manning Senior Management
Coca Cola
Jennifer Manning Senior Vice President North America Senior Management
John Murphy Chief Financial Officer Senior Management
John Murphy President Senior Management
Jorge Garduno President Japan and South Korea Senior Management
Kate Hartman Group Director, Global Brand PR Management
Kathy Loveless Controller Senior Management
Kathy Loveless Vice President Senior Management
Khalil Younes President Emerging Category Senior Management
Larry M. Mark Vice President Global Finance Operations Senior Management
Lisa Chang Chief People Officer Senior Management
Lisa Chang Senior Vice President Senior Management
Lucy Reid Vice President Strategic Ingredient Supply Senior Management
Luisa Ortega President Africa Operating Unit Senior Management
Manuel Arroyo Chief Marketing Officer Senior Management
Marc Bolland Director Non Executive Board
Marcos de Quinto Senior Adviser to the Chief Executive Officer Management

Industry Profiles

Marie Quintero-Johnson Head Corporate Development Senior Management
Marie Quintero-Johnson Vice President Senior Management
Mark Randazza Chief Accounting Officer Senior Management
Mark Randazza Vice President Senior Management
Mark Westfall Chief Services Officer Senior Management
Mark Westfall Vice President Senior Management
President Hydration, Sports, Coffee and Tea
Matrona Filippou Senior Management
Category
Vice President Marketing, ASEAN and South
Matthias Blume Senior Management
Pacific
Monica Howard Douglas General Counsel Senior Management
Monica Howard Douglas Senior Vice President Senior Management
Murat Ozgel President Bottling Investments Group Senior Management
Nancy Quan Chief Technical and Innovation Officer Senior Management
Nancy Quan Senior Vice President Senior Management
Neeraj Tolmare Chief Information Officer Senior Management
Neeraj Tolmare Vice President Senior Management
Nikolaos Koumettis President Europe Senior Management
Peter Franklin Senior Manager-UEFA & Special Olympics Management
Petro Kacur Media Relations Director Management
Global Head - Creative Strategy and
Pratik Thakar Senior Management
Integrated Content, Coca-Cola TM portfolio
Ricardo Fort Vice President, Global Assets & Partnerships Management
Robert Jordan, Jr. General Tax Counsel Senior Management
Robert Jordan, Jr. Vice President Senior Management
Roberto Mercade President The McDonald’s Division Senior Management
Robin Moore Vice President Services Operations Senior Management
Vice President Public Affairs, Communications
Russell Mahoney Senior Management
and Sustainability
Saadia Madsbjerg Vice President Global Community Affairs Senior Management
Sanket Ray President India and Southwest Asia Senior Management
Sedef Salingan Sahin Head Eurasia and Middle East Operating Unit Senior Management
Selman Careaga President Global Coca Cola Category Senior Management
Stacy Apter Treasurer Senior Management

Industry Profiles

Stacy Apter Vice President Senior Management
Group Director, Public Affairs &
Susan Stribling Management
Communications, North America
Thomas S. Gayner Director Non Executive Board
Tim Goudie Social Media Director, Sustainability Management
Timothy K. Leveridge Vice President Investor Relations Senior Management
Victoria Badiola Director of Platform Innovation Management

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, pasta, rice cake, packaged water, sports
and energy drinks, juice, and fountain syrups. It markets its products under the Pepsi, Pepsi Max, Mountain
Dew, Lay's, Frito-Lay, Gatorade, Quaker, and Yachak brand names. The company sells and distributes its
products to grocery stores, drug stores, convenience stores, discount/dollar stores, mass merchandisers, hard
discounters, membership stores, wholesale and other distributors, e-commerce retailers, and authorized
independent bottlers. It has business presence in North America, Latin America, Europe, Africa, the Middle East,
and Asia-Pacific. PepsiCo is headquartered in Purchase, New York, the US.
The company reported revenues of (US Dollars) US$86,392 million for the fiscal year ended December 2022
(FY2022), an increase of 8.7% over FY2021. In FY2022, the company’s operating margin was 12.9%, compared
to an operating margin of 14% in FY2021. In FY2022, the company recorded a net margin of 10.3%, compared
to a net margin of 9.6% in FY2021.
8.2.2. Key Facts
Table 14: PepsiCo Inc: key facts
Head office: 700 Anderson Hill Rd , Purchase, New York, United States
Telephone: 19142532000
Fax: 19142532070
Number of Employees: 315000
Website: www.pepsico.com
Financial year-end: December
Ticker: PEP
Stock exchange: NASDAQ
8.2.3. Business Description
PepsiCo Inc (PepsiCo) produces, markets, distributes, and sells carbonated and non-carbonated beverages, snacks,
and other food products.
The company classifies its business operations into seven reportable segments: Frito-Lay North America (FLNA),
PepsiCo Beverages North America (PBNA), Europe, Latin America (LatAm), Africa, Middle East, and South Asia
(AMESA), Asia Pacific, Australia, and New Zealand and China Region (APAC) and, Quaker Foods North America
(QFNA).
PepsiCo serves customers and consumers in more than 200 countries and territories worldwide.

Industry Profiles
Table 15: PepsiCo Inc: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 1.79 3.87 4.78 12.93 8.70
Operating Income Growth % -1.97 -0.58 -1.61 13.04 0.25
EBITDA Growth % -1.36 -0.20 -0.36 11.67 0.58
Net Income Growth % 157.67 -41.56 -2.65 6.99 16.96
EPS Growth % 70.60 -35.40 8.88 -6.77 33.04
Working Capital Growth % -102.33 1049.39 -86.83 1095.96 18.23
Equity Ratios
EPS (Earnings per Share) USD 8.94 5.77 6.29 5.86 7.80
Dividend per Share USD 3.59 3.79 4.02 4.25 4.53
Dividend Cover Absolute 2.49 1.52 1.56 1.38 1.72
Book Value per Share USD 10.30 10.63 9.75 11.60 12.45
Profitability Ratios
Gross Margin % 54.57 55.36 54.90 53.39 53.47
Operating Margin % 15.58 14.91 14.00 14.02 12.93
Net Profit Margin % 19.35 10.89 10.12 9.59 10.31
Profit Markup % 120.10 124.00 121.75 114.53 114.89
PBT Margin (Profit Before Tax) % 14.21 13.87 12.89 12.36 12.39
Return on Equity % 86.20 49.47 52.92 47.48 51.96
Return on Capital Employed % 18.15 17.24 14.17 16.84 17.08
Return on Assets % 15.90 9.37 8.30 8.22 9.66
Return on Working Capital % -4111.84 -355.68 -2656.33 -251.07 -212.89
Operating Costs (% of Sales) % 84.42 85.09 86.00 85.98 87.07
Administration Costs (% of Sales) % 37.34 38.43 38.83 38.13 38.12
Liquidity Ratios
Current Ratio Absolute 0.99 0.86 0.98 0.83 0.80
Quick Ratio Absolute 0.85 0.70 0.81 0.66 0.61
Cash Ratio Absolute 0.39 0.27 0.35 0.21 0.18
Leverage Ratios
Debt to Equity Ratio Absolute 2.23 2.17 3.28 2.51 2.28
Net Debt to Equity Absolute 1.61 1.78 2.57 2.14 1.97
Debt to Capital Ratio Absolute 0.69 0.68 0.77 0.72 0.69
Efficiency Ratios
Asset Turnover Absolute 0.82 0.86 0.82 0.86 0.94
Fixed Asset Turnover Absolute 3.71 3.49 3.21 3.35 3.38
Inventory Turnover Absolute 9.67 9.27 8.45 8.70 8.40
Current Asset Turnover Absolute 2.44 3.40 3.46 3.55 3.99
Capital Employed Turnover Absolute 1.16 1.16 1.01 1.20 1.32
Working Capital Turnover Absolute -263.92 -23.85 -189.68 -17.91 -16.47

Industry Profiles
Table 16: PepsiCo Inc: Key Employees

Alberto Weisser Director Non Executive Board
Anne Fink President Global Foodservice Senior Management
Athina Kanioura Chief Strategy and Transformation Officer Senior Management
Athina Kanioura Executive Vice President Senior Management
Becky Schmitt Chief Human Resources Officer Senior Management
Becky Schmitt Executive Vice President Senior Management
President PepsiCo International Beverages
Bjorn Bernemann Senior Management
Franchise
Cesar Conde Director Non Executive Board
Daniel Vasella Director Non Executive Board
Darren Walker Director Non Executive Board
Dave J. Lewis Director Non Executive Board
David C. Page Director Non Executive Board
David J. Flavell Executive Vice President Senior Management
David J. Flavell General Counsel Senior Management
David J. Flavell Secretary Senior Management
Dina Dublon Director Non Executive Board
Edith W. Cooper Director Non Executive Board
Chief Executive Officer Africa, Middle East,
Eugene Willemsen Senior Management
South Asia
Gregg Roden Chief Operating Officer Senior Management
Gregg Roden Executive Vice President Senior Management
Hugh F. Johnston Chief Financial Officer Executive Board
Hugh F. Johnston Executive Vice President Executive Board
Hugh F. Johnston Vice Chairman Executive Board
Ian M. Cook Director Non Executive Board
Jane Wakely Chief Consumer and Marketing Officer Senior Management
Jane Wakely Chief Growth Officer, International Foods Senior Management
Jane Wakely Executive Vice President Senior Management
Jennifer Bailey Director Non Executive Board
Jim Andrew Chief Sustainability Officer Senior Management
Jim Andrew Executive Vice President Senior Management

Industry Profiles
Table 17: PepsiCo Inc: Key Employees Continued

Chief Executive Officer PepsiCo Beverages
Kirk Tanner Senior Management
North America
Chief Executive Officer Australia and New
Kyle Faulconer Senior Management
Zealand
Marie T. Gallagher Controller Senior Management
Marie T. Gallagher Senior Vice President Senior Management
Michelle Gass Director Non Executive Board
Chief Executive Officer PepsiCo Latin
Paula Santilli Senior Management
American
Pietro Antonio Tataranni Chief Medical Officer Senior Management
Pietro Antonio Tataranni Senior Vice President Life Sciences Senior Management
Radu Berevoescu General Manager Senior Management
Radu Berevoescu Senior Commercial Director, East Balkans Senior Management
Ram Krishnan Chief Commercial Officer Senior Management
Chief Executive Officer International
Ram Krishnan Senior Management
Beverages
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
Robert C. Pohlad Director Non Executive Board
Segun Agbaje Director Non Executive Board
Seth Cohen Chief Information Officer Senior Management
Seth Cohen Senior Vice President Senior Management
Silviu Popovici Chief Executive Officer Europe Senior Management
Stephen Kehoe Chief Corporate Affairs Officer Senior Management
Stephen Kehoe Executive Vice President Senior Management
Chief Executive Officer PepsiCo Foods North
Steven Williams Senior Management
America
Susan M. Diamond Director Non Executive Board
Chief Marketing Officer India and South Asia
Tarun Bhagat Senior Management
Beverage Business
Tina Bigalke Chief Diversity Equity and Inclusion Officer Senior Management
Vince Jones Head PepsiCo eCommerce Senior Management
Chief Executive Officer Asia Pacific, Australia,
Wern-Yuen Tan Senior Management
New Zealand, and China

Industry Profiles
8.3. Parle Agro Pvt Ltd
Parle Agro Pvt. Ltd. (Parle Agro) is a food and beverage company. The company offers packaged water,
carbonate products and others. It markets these products under the brand names Frooti, BFizz, Bombay 99,
Smoodh, Appy Fizz, Appy, Bailley, Bailley Soda, Frio and Dhishoom. IParle Agro serves its products across East
and West Europe, Asia Pacific, Australia, Africa, Gulf countries, Canada, Costa Rica and the US. The company
distributes its products through channel partners across the globe. It operates through its manufacturing
facilities located across Canada, Italy, Germany and India. Parle Agro is headquartered in Mumbai, Maharashtra,
India.
8.3.2. Key Facts
Table 18: Parle Agro Pvt Ltd: key facts
Head office: Off Western Express Highway Sahar - Chakala Road, Parsiwada, Andheri (E),
Mumbai, Maharashtra, India
Website: www.parleagro.com
Financial year-end: April

Industry Profiles
Table 19: Parle Agro Pvt Ltd: Key Employees

Alisha Chauhan Director Senior Management
Nadia Chauhan Chief Marketing Officer Senior Management
Nadia Chauhan Joint Managing Director Senior Management
Schauna Chauhan Chief Executive Officer Senior Management

Industry Profiles
8.4. Kalimark
Kalimark Bovonto (Kalimark) is a supplier of non-alcoholic beverages. The company offers products such as
soda, lemon drinks, fruit juices, ginger beer and club soda, among others. Kalimark is headquartered in
Thoothukudi, Tamil Nadu, India.
8.4.2. Key Facts
Table 20: Kalimark: key facts
Head office: 6-58 - 1 Alwarkarkulam Road, Manakarai

, Thoothukudi, Tamil Nadu, India
Website: www.kalis.in
Financial year-end: April

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 21: India size of population (million), 2018–22
Year Population (million) % Growth

2018 1,298.0 1.1%
2019 1,312.2 1.1%
2020 1,326.2 1.1%
Table 22: India gdp (constant 2005 prices, $ billion), 2018–22
Year Constant 2005 Prices, $ billion % Growth

2018 2,146.3 7.8%
2019 2,315.9 7.9%
2020 2,500.7 8.0%
Table 23: India gdp (current prices, $ billion), 2018–22
Year Current Prices, $ billion % Growth

2018 3,453.7 13.8%
2019 3,932.6 13.9%
2020 4,509.7 14.7%
Table 24: India inflation, 2018–22
Year Inflation Rate (%)

2018 6.3%
2019 6.3%
2020 6.2%
Table 25: India consumer price index (absolute), 2018–22

Industry Profiles
Year Consumer Price Index (2005 = 100)

2018 278.7
2019 296.3
2020 314.6
Table 26: India exchange rate, 2018–22
Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2018 68.4090 80.6918
2019 70.3943 78.8440
2020 74.1023 84.5848
2021 73.9362 87.4531
2022 78.5979 82.6849

Industry Profiles
Appendix
9.2. Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
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:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
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 Profiles
9.3. Industry associations
9.3.1. International Council of Beverages Associations
1101 16th Street, NW, Washington, DC 20036 USA

Tel.: 1 202 463 6790
Fax: 1 202 463 8172
www.icba-net.org
9.4. Related MarketLine research
9.4.1. Industry Profile
Carbonated Soft Drinks in Asia-Pacific

Global Carbonated Soft Drinks
Carbonated Soft Drinks in the United States

Industry Profiles
About MarketLine
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you can absorb key facts in minutes, not hours.
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MarketLine Industry Profile

Carbonated Soft Drinks in India

Reference Code: 0102-0028

Publication Date: November 2023

Primary NAICS: 312111

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1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Geography segmentation

1.6. Market share

1.7. Market rivalry

1.8. Competitive landscape

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

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

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

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

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

1.6. Market share................................................................................................................................................2

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

1.8. Competitive landscape.................................................................................................................................2

2.1. Market definition .........................................................................................................................................8

2.2. Market analysis ............................................................................................................................................8

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

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

4.1. Geography segmentation...........................................................................................................................12

4.2. Market distribution ....................................................................................................................................13

5.1. Market value forecast ................................................................................................................................14

5.2. Market volume forecast.............................................................................................................................15

6. Five Forces Analysis 16

6.1. Summary ....................................................................................................................................................16

6.2. Buyer power...............................................................................................................................................17

6.3. Supplier power ...........................................................................................................................................18

6.4. New entrants .............................................................................................................................................19

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6.5. Threat of substitutes ..................................................................................................................................20

6.6. Degree of rivalry.........................................................................................................................................21

7.1. Market share..............................................................................................................................................22

8.1. The Coca-Cola Co .......................................................................................................................................24

8.2. PepsiCo Inc .................................................................................................................................................30

8.3. Parle Agro Pvt Ltd.......................................................................................................................................34

8.4. Kalimark .....................................................................................................................................................36

9.1. Country data ..............................................................................................................................................37

9.3. Industry associations..................................................................................................................................40

9.4. Related MarketLine research .....................................................................................................................40

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Table 8: The Coca-Cola Co: key facts 24

Table 9: The Coca-Cola Co: Annual Financial Ratios 25

Table 10: The Coca-Cola Co: Key Employees 26

Table 11: The Coca-Cola Co: Key Employees Continued 27

Table 12: The Coca-Cola Co: Key Employees Continued 28

Table 13: The Coca-Cola Co: Key Employees Continued 29

Table 14: PepsiCo Inc: key facts 30

Table 15: PepsiCo Inc: Annual Financial Ratios 31

Table 16: PepsiCo Inc: Key Employees 32