Soft Drinks in The United States December 2019: Marketline Industry Profile

MarketLine Industry Profile
Soft Drinks in the United States

December 2019
Reference Code: 0072-0802
Publication Date: December 2019
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Industry Profiles
1. Executive Summary
1.1. Market value

The United States soft drinks market grew by 3.1% in 2018 to reach a value of $196,797.3 million.
1.2. Market value forecast

In 2023, the United States soft drinks market is forecast to have a value of $223,448.7 million, an increase of 13.5%
since 2018.
1.3. Market volume

The United States soft drinks market grew by 1.7% in 2018 to reach a volume of 127,023.9 million liters.
1.4. Market volume forecast

In 2023, the United States soft drinks market is forecast to have a volume of 136,990.3 million liters, an increase of
7.8% since 2018.
1.5. Category segmentation

Carbonates is the largest segment of the soft drinks market in the United States, accounting for 41.4% of the market's
total value.
1.6. Geography segmentation

The United States accounts for 23.6% of the global soft drinks market value.
1.7. Market share

Coca-cola is the leading player in the United States soft drinks market, generating a 31.4% share of the market's value.
1.8. Market rivalry

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

The US softdrinks market has experienced moderate value growth and volume growth in recent years. Coca-Cola is
the leading player in the sector in value terms, while PepsiCo and Dr Pepper Snapple Group accounted for second and
third largest value shares, respectively, in 2018. Moreover, Monster Beverage Corporation gained maximum value
share during 2014-2018.

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

Industry Profiles
6.3. Supplier power ........................................................................................................................... 19
6.4. New entrants .............................................................................................................................. 20
6.5. Threat of substitutes ...................................................................................................................21
6.6. Degree of rivalry ......................................................................................................................... 22
7. Competitive Landscape 23
7.1. Market share .............................................................................................................................. 23
7.2. Who are the leading players in the US softdrinks market? ........................................................23
7.3. Which companies have been most successful in increasing their market share between 2014 and
2018? 24
7.4. Which companies’ market shares have suffered over the same period? ...................................24
7.5. What are the most popular brands in the market? .....................................................................24
8. Company Profiles 25
8.1. The Coca-Cola Co......................................................................................................................25
8.2. PepsiCo Inc ................................................................................................................................ 32
8.3. Dr Pepper Snapple Group Inc (Inactive) ....................................................................................36
9. Macroeconomic Indicators 39
9.1. Country data ............................................................................................................................... 39
Appendix 41
Methodology............................................................................................................................................ 41
9.2. Industry associations ..................................................................................................................42
9.3. Related MarketLine research .....................................................................................................42
About MarketLine .................................................................................................................................... 43

Industry Profiles
LIST OF TABLES
Table 1: United States soft drinks market value: $ million, 2014–18 10
Table 2: United States soft drinks market volume: million liters, 2014–18 11
Table 3: United States soft drinks market category segmentation: $ million, 2018 12
Table 4: United States soft drinks market geography segmentation: $ million, 2018 13
Table 5: United States soft drinks market distribution: % share, by value, 2018 14
Table 6: United States soft drinks market value forecast: $ million, 2018–23 15
Table 7: United States soft drinks market volume forecast: million liters, 2018–23 16
Table 8: United States soft drinks market share: % share, by value, 2018 23
Table 9: The Coca-Cola Co: key facts 25
Table 10: The Coca-Cola Co: Annual Financial Ratios 27
Table 11: The Coca-Cola Co: Key Employees 28
Table 12: The Coca-Cola Co: Key Employees Continued 29
Table 15: PepsiCo Inc: key facts 32
Table 16: PepsiCo Inc: Annual Financial Ratios 33
Table 17: PepsiCo Inc: Key Employees 34
Table 18: PepsiCo Inc: Key Employees Continued 35
Table 19: Dr Pepper Snapple Group Inc (Inactive): key facts 36
Table 20: Dr Pepper Snapple Group Inc (Inactive): Key Employees 38
Table 21: United States size of population (million), 2014–18 39
Table 22: United States gdp (constant 2005 prices, $ billion), 2014–18 39
Table 23: United States gdp (current prices, $ billion), 2014–18 39
Table 24: United States inflation, 2014–18 39
Table 25: United States consumer price index (absolute), 2014–18 40
Table 26: United States exchange rate, 2014–18 40

Industry Profiles
LIST OF FIGURES
Figure 1: United States soft drinks market value: $ million, 2014–18 10
Figure 2: United States soft drinks market volume: million liters, 2014–18 11
Figure 3: United States soft drinks market category segmentation: % share, by value, 2018 12
Figure 4: United States soft drinks market geography segmentation: % share, by value, 2018 13
Figure 5: United States soft drinks market distribution: % share, by value, 2018 14
Figure 6: United States soft drinks market value forecast: $ million, 2018–23 15
Figure 7: United States soft drinks market volume forecast: million liters, 2018–23 16
Figure 8: Forces driving competition in the soft drinks market in the United States, 2018 17
Figure 9: Drivers of buyer power in the soft drinks market in the United States, 2018 18
Figure 10: Drivers of supplier power in the soft drinks market in the United States, 2018 19
Figure 11: Factors influencing the likelihood of new entrants in the soft drinks market in the United States,
2018 20
Figure 12: Factors influencing the threat of substitutes in the soft drinks market in the United States, 201821
Figure 13: Drivers of degree of rivalry in the soft drinks market in the United States, 2018 22
Figure 14: United States soft drinks market share: % share, by value, 2018 23

Industry Profiles

Industry Profiles
2. Market Overview
2.1. Market definition

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

The US soft drinks market registered moderate growth during the review period (2014-2018). The growth of the
market is expected to decelerate over the forecast period (2018-2023).
Positive economic conditions resulted in high consumer purchasing power in the country. The US soft drinks market
accounted for 23.6% of the global soft drinks market value in 2018. According to the Centers for Disease Control and
Prevention, US obesity levels are increasing at an alarming rate. Thus, consumers are becoming health conscious and
limiting the sugar consumption. However, packaged water and soft drinks with organic and natural ingredients are
estimated to boost the market growth during the forecast period.
The US soft drinks market had total revenues of $196,797.3m in 2018, representing a compound annual growth rate
(CAGR) of 3% between 2014 and 2018. In comparison, the European and Asia-Pacific markets grew with CAGRs of 4%
and 4.6% respectively, over the same period, to reach respective values of $181,207.7m and $307,187.8m in 2018.
Market consumption volume increased with a CAGR of 1.7% between 2014-2018, to reach a total of 127,023.9 million
liters in 2018. The market's volume is expected to rise to 136,990.3 million liters by the end of 2023, representing a
CAGR of 1.5% for the 2018-2023 period.
The Carbonates segment was the market's most lucrative in 2018, with total revenues of $81,546.8m, equivalent to
41.4% of the market's overall value. The Packaged Water segment contributed revenues of $27,064.2m in 2018,
equating to 13.8% of the market's aggregate value.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 2.6% for the five-year period
2018 - 2023, which is expected to drive the market to a value of $223,448.7m by the end of 2023. Comparatively, the
European and Asia-Pacific markets will grow with CAGRs of 3.9% and 5.6% respectively, over the same period, to
reach respective values of $219,262.5m and $404,064.9m in 2023.

Industry Profiles
3. Market Data
3.1. Market value

The United States soft drinks market grew by 3.1% in 2018 to reach a value of $196,797.3 million.
The compound annual growth rate of the market in the period 2014–18 was 3%.
Table 1: United States soft drinks market value: $ million, 2014–18
Year $ million € million % Growth

2014 174,673.9 147,902.0
2015 181,745.6 153,889.9 4.0%
2016 187,731.1 158,958.0 3.3%
2017 190,817.9 161,571.7 1.6%
2018 196,797.3 166,634.6 3.1%
CAGR: 2014–18 3.0%
SOURCE: MARKETLINE MARKETLINE
Figure 1: United States soft drinks market value: $ million, 2014–18

Industry Profiles
3.2. Market volume

The United States soft drinks market grew by 1.7% in 2018 to reach a volume of 127,023.9 million liters.
The compound annual growth rate of the market in the period 2014–18 was 1.7%.
Table 2: United States soft drinks market volume: million liters, 2014–18
Year million liters % Growth

2014 118,754.8
2015 120,942.0 1.8%
2016 123,763.6 2.3%
2017 124,887.5 0.9%
2018 127,023.9 1.7%
CAGR: 2014–18 1.7%
Figure 2: United States soft drinks market volume: million liters, 2014–18

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Carbonates is the largest segment of the soft drinks market in the United States, accounting for 41.4% of the market's
total value.
The Packaged water segment accounts for a further 13.8% of the market.
Table 3: United States soft drinks market category segmentation: $ million, 2018
Category 2018 %
Carbonates 81,546.8 41.4%
Packaged Water 27,064.2 13.8%
Energy Drinks 17,146.0 8.7%
Iced/rtd Tea Drinks 13,502.7 6.9%
Juice 13,181.7 6.7%
Still Drinks 11,174.3 5.7%
Other 33,181.5 16.9%
Total 196,797.2 100.1%
Figure 3: United States soft drinks market category segmentation: % share, by value, 2018

Industry Profiles
4.2. Geography segmentation

The United States accounts for 23.6% of the global soft drinks market value.
Asia-pacific accounts for a further 36.9% of the global market.
Table 4: United States soft drinks market geography segmentation: $ million, 2018
Geography 2018 %
Asia-pacific 307,187.8 36.9
United States 196,797.3 23.6
Europe 181,207.7 21.8
Rest Of The World 147,258.9 17.7
Total 832,451.7 100%
Figure 4: United States soft drinks market geography segmentation: % share, by value, 2018

Industry Profiles
4.3. Market distribution

Hypermarkets & Supermarkets form the leading distribution channel in the United States soft drinks market,
accounting for a 47.3% share of the total market's value.
On Trade accounts for a further 35.4% of the market.
Table 5: United States soft drinks market distribution: % share, by value, 2018
Channel % Share
Hypermarkets & Supermarkets 47.3%
On Trade 35.4%
Vending Machines 8.4%
Convenience Stores 7.5%
Other 1.3%
Total 100%
Figure 5: United States soft drinks market distribution: % share, by value, 2018

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2023, the United States soft drinks market is forecast to have a value of $223,448.7 million, an increase of 13.5%
since 2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 2.6%.
Table 6: United States soft drinks market value forecast: $ million, 2018–23
Year $ million € million % Growth

2018 196,797.3 166,634.6 3.1%
2019 202,981.8 171,871.2 3.1%
2020 208,602.6 176,630.6 2.8%
2021 213,264.9 180,578.2 2.2%
2022 218,390.2 184,918.0 2.4%
2023 223,448.7 189,201.2 2.3%
CAGR: 2018–23 2.6%
Figure 6: United States soft drinks market value forecast: $ million, 2018–23

Industry Profiles
5.2. Market volume forecast

In 2023, the United States soft drinks market is forecast to have a volume of 136,990.3 million liters, an increase of
7.8% since 2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 1.5%.
Table 7: United States soft drinks market volume forecast: million liters, 2018–23
Year million liters % Growth

2018 127,023.9 1.7%
2019 129,193.0 1.7%
2020 131,172.3 1.5%
2021 132,743.5 1.2%
2022 134,932.1 1.6%
2023 136,990.3 1.5%
CAGR: 2018–23 1.5%
Figure 7: United States soft drinks market volume forecast: million liters, 2018–23

Industry Profiles
6. Five Forces Analysis

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

Industry Profiles
6.2. Buyer power

Figure 9: Drivers of buyer power in the soft drinks market in the United States, 2018
The main distribution channels for the US soft drinks market are hypermarkets & supermarkets, which accounted for
47.3% of the total market value 2018. On-trade outlets are also significant, accounted for 35.4% of the total market
value in 2018.
The degree of retail concentration varies significantly from country to country. High retail concentration generally
implies greater buyer power, as the major chains have a strong bargaining position. The US supermarket nationwide
landscape is fragmented, although within particular geographic regions, it’s concentrated - and therefore buyer power
- may be higher than this implies.
Brands are highly important to consumers in this market, which weakens buyer power because it is important for
retailers to stock popular brands. Also, there are several ways for market players to differentiate their products.
Moreover, bottling companies highly dependent on soft drink concentrate manufacturers but retailers of finished
products less so. Therefore, overall buyer power assessed as moderate.

Industry Profiles
6.3. Supplier power

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

Industry Profiles
6.4. New entrants

Figure 11: Factors influencing the likelihood of new entrants in the soft drinks market in the United States, 2018
The US soft drinks market recorded moderate growth during the review period. This will tend to encourage
newcomers. Large multinational players such as, Coca-Cola and PepsiCo wield significant power and benefit from scale
economies, strong brands, and a diverse range of products.
Players in the soft drinks market can try to distinguish their products to some extent by stressing their health benefits
(especially for juices and functional drinks) and taste. Although it would be difficult for a new entrant to compete with
the brand strength and reach of existing players, it may be possible to achieve small-scale success stressing a unique
production method or nutritional benefits.
Even if a new player opts for a business model in which much of the production process is performed by bottling
partners under license, there will still be a need to invest in manufacturing capacity in order to produce the
concentrates. This will generally be fairly capital-intensive and can restrict market entry. However, market niches can
be exploited by new entrants. Some of the larger players have already done this by catering for local tastes.
Additionally, changing consumer preferences cause a shift towards health-oriented wellness drinks.
Government regulation affects several aspects of soft drink manufacturing. For example, in most countries there are
requirements for food and drink to be prepared in hygienic conditions. Specific ingredients may be subject to
regulation. Concerns about rising levels of obesity have led the US government to impose special taxes on the sales of
sugary drinks, which will tend to decrease consumption of many soft drink products. Increasing regulation or tax tends
to discourage newcomers.
Overall, there is a moderate likelihood of new entrants.

Industry Profiles
6.5. Threat of substitutes

Figure 12: Factors influencing the threat of substitutes in the soft drinks market in the United States, 2018
The substitutes for soft drinks primarily include non-ready-to-drink hot drinks and alcoholic beverages. Leading
players tend to have diverse product ranges, which reduces the threat posed by substitutes. For example, Nestle is a
major player in the coffee market as well as being one of the leading manufacturer of soft drinks. Overall, there is a
moderate threat from substitutes.

Industry Profiles
6.6. Degree of rivalry

Figure 13: Drivers of degree of rivalry in the soft drinks market in the United States, 2018
The US soft drinks market is rather concentrated with the top four players, Coca-Cola, PepsiCo, Dr Pepper Snapple
Group, and Nestle SA holding 60.9% of the total market by value 2018, Coca-Cola leading the market with 31.4%
market share.
The players in this market are fairly similar: most operate primarily in the food and drink industry. This increases
rivalry, and means that market fluctuations are likely to affect companies in the same way. Switching costs are low:
buyers can switch from one player to another without incurring costs. This boosts rivalry.
The ease of exit depends to some extent on the business model of the company. A company, which manufactures
ready-for-consumption soft drinks in a single integrated process, will need to dispose of assets such as specialized
equipment in order to exit the market. On the other hand, a company of the same size that operates in conjunction
with a network of bottling partners will tend to have fewer assets, and exit is therefore easier.
The moderate growth of the market helps to decrease the intensity of rivalry. Overall, there is a moderate degree of
rivalry in the US soft drinks market.

Industry Profiles
7. Competitive Landscape
The US softdrinks market has experienced moderate value growth and volume growth in recent years. Coca-Cola is
the leading player in the sector in value terms, while PepsiCo and Dr Pepper Snapple Group accounted for second and
third largest value shares, respectively, in 2018. Moreover, Monster Beverage Corporation gained maximum value
share during 2014-2018.
7.1. Market share
Table 8: United States soft drinks market share: % share, by value, 2018
Company % Share
Coca-cola 31.4%
Pepsico 13.5%
Dr Pepper Snapple Group 10.0%
Nestle Sa 5.9%
Other 39.1%
Total 100%
Figure 14: United States soft drinks market share: % share, by value, 2018
7.2. Who are the leading players in the US softdrinks market?

Industry Profiles
US based multinational Coca-Cola is the leading player in the US softdrinks market, accounting for 31.4% of the
market value in 2018 and is expected to retain its lead position in the coming years. The company accounted for value
share of 52.9%, 50.7% and 50.5% in enhanced water, sports drinks, and carbonates segments, respectively in 2018.
US based multinational PepsiCo is the second leading player in the US softdrinks market, accounting for 13.5% of the
market value in 2018. The company accounted for value share of 41.9%, 20.3% and 18.7% in sports drinks, carbonates
and enhanced water segments, respectively in 2018.
US based multinational Dr Pepper Snapple Group is the third leading player in the US softdrinks market, accounting
for 10.0% of the market value in 2018. The company accounted for value shares of 20.0%, 13.3% and 6.0% in
carbonates, still drinks and nectars segments, respectively in 2018.
7.3. Which companies have been most successful in increasing

their market share between 2014 and 2018?
In the US softdrinks market, Monster Beverage Corporation gained largest market share with a 0.7 percentage points
increase in value terms over the last four years, increasing from 2.8% in 2014 to 3.5% in 2018. Over the same period,
value market share of National Beverage Corp increased with a 0.3 percentage points, growing from 1.2% in 2014 to
1.5% in 2018, while Fiji Mineral Water Company witnessed increase of 0.3 percentage points to its value share, up
from 0.2% in 2014 to 0.5% in 2018.
7.4. Which companies’ market shares have suffered over the same
period?
In the US softdrinks market, PepsiCo witnessed loss of value share in the last four years, falling 1.9 percentage points,
down from 15.4% in 2014 to 13.5% in 2018. Coca-Cola also witnessed loss of value market share by 0.4 percentage
points, down from 31.8% in 2014 to 31.4% in 2018. Moreover, value share of DS Services of America also declined in
the last four years, falling 0.3 percentage points, down from 1.0% in 2014 to 0.7% in 2018.
7.5. What are the most popular brands in the market?

Coca-Cola which is owned by Coca-Cola, is the most popular brand in the US softdrinks market, accounting for a value
share of 7.7%, in 2018. Furthermore, Dr Pepper (owned by Dr Pepper Snapple Group) and Diet Coke (owned by Coca-
Cola) are also top brands of the sector, which held brand value shares of 4.9% and 4.2%, respectively, in the same
year.

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

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

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

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

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

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

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

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

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

Industry Profiles

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

Industry Profiles

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

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

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

Industry Profiles
Table 17: PepsiCo Inc: Key Employees

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

Industry Profiles
Table 18: PepsiCo Inc: Key Employees Continued

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

Industry Profiles
8.3. Dr Pepper Snapple Group Inc (Inactive)
Dr Pepper Snapple Group, Inc. (DPS or “the company” ) manufactures and distributes non-alcoholic beverages. Its
product portfolio includes carbonated soft drinks (CSDs), non-carbonated beverages (NCBs), juices, ready-to-drink
(RTD) teas, mixers, waters and other beverages. These products are marketed and sold under various brands including
Dr Pepper, Canada Dry, A&W, Penafiel, Squirt, Schweppes, Snapple, Bali, Mott’s and Clamato, to mention a few. DPS
merchandise and sell these products to various bottlers and distributors and to other retail channels such as
supermarkets, fountains, mass merchandisers, club stores, vending machines, convenience stores, gas stations, small
groceries, drug chains and dollar stores. The company operates and manages manufacturing facilities in the US,
Mexico and Canada. DPSG is headquartered in Plano, Texas, the US.In July 2018, Keurig Green Mountain and Dr
Pepper Snapple Group merged to form a new entity, Keurig Dr Pepper Inc.
an increase of 3.9% over FY2016. In FY2017, the company’s operating margin was 19.8%, compared to an operating
13.2% in FY2016.The company reported revenues of US$1,886.0 million for the second quarter ended June 2018, an
increase of 18.3% over the previous quarter.
8.3.2. Key Facts
Table 19: Dr Pepper Snapple Group Inc (Inactive): key facts
Head office: 5301 Legacy DrivePlano, Texas, United States

Website: www.drpeppersnapplegroup.com
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 mnaufacturing 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

Industry Profiles
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
USD4,871 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 USD1,332 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 USD487 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.

Industry Profiles
Table 20: Dr Pepper Snapple Group Inc (Inactive): Key Employees

Angela A. Stephens Controller Senior Management
Angela A. Stephens Senior Vice President Senior Management
Antonio Carrillo Director Non Executive Board
David E. Alexander Director Non Executive Board
Executive Vice President Research and
David J. Thomas Senior Management
Development
Derry L. Hobson Executive Vice President Supply Chain Senior Management
Dunia A. Shive Director Non Executive Board
President Beverage Concentrates and Latin
James J. Johnston Senior Management
America Beverages
James L. Baldwin Executive Vice President Senior Management
James L. Baldwin General Counsel Senior Management
James R. Trebilcock Chief Commercial Officer Senior Management
James R. Trebilcock Executive Vice President Senior Management
Jaxie Alt Executive Vice President Human Resources Senior Management
Jose M. Gutierrez Director Non Executive Board
Lain Hancock Chief Executive Officer Bai Brands Senior Management
Larry D. Young Chief Executive Officer Executive Board
Larry D. Young Director Executive Board
Larry D. Young President Executive Board
M. Anne Szostak Director Non Executive Board
Martin M. Ellen Chief Financial Officer Senior Management
Martin M. Ellen Executive Vice President Senior Management
Pamela H. Patsley Director Non Executive Board
Philip Lain Hancock Chief Executive Officer, Bai Brands Senior Management
Rodger D. Collins President Packaged Beverages Senior Management
Ronald G. Rogers Director Non Executive Board
Wayne R. Sanders Chairman Executive Board

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 21: United States size of population (million), 2014–18
Year Population (million) % Growth

2014 318.9 0.8%
2015 321.4 0.8%
2016 323.8 0.8%
2017 326.3 0.8%
2018 328.9 0.8%
Table 22: United States gdp (constant 2005 prices, $ billion), 2014–18
Year Constant 2005 Prices, $ billion % Growth

2014 14,799.6 2.4%
2015 15,276.3 3.2%
2016 15,739.0 3.0%
2017 16,161.3 2.7%
2018 16,559.0 2.5%
Table 23: United States gdp (current prices, $ billion), 2014–18
Year Current Prices, $ billion % Growth

2014 17,420.2 3.9%
2015 18,313.5 5.1%
2016 19,223.8 5.0%
2017 20,145.1 4.8%
2018 21,077.3 4.6%
Table 24: United States inflation, 2014–18

Industry Profiles
Year Inflation Rate (%)

2014 1.8%
2015 2.0%
2016 2.1%
2017 2.3%
2018 2.3%
Table 25: United States consumer price index (absolute), 2014–18
Year Consumer Price Index (2005 = 100)

2014 121.5
2015 123.9
2016 126.4
2017 129.3
2018 132.2
Table 26: United States exchange rate, 2014–18
Year Exchange rate (€/$)

2014 1.3290
2015 1.1095
2016 1.1068
2017 1.1320
2018 1.1810

Industry Profiles
Appendix
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
9.2. Industry associations
9.2.1. 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
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Soft Drink

Soft Drink in Asia-Pacific
Soft Drink in Europe

Industry Profiles
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Soft Drinks in the United States

Reference Code: 0072-0802

Publication Date: December 2019

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

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market share

1.8. Market rivalry

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

1.9. Competitive Landscape

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

6. Five Forces Analysis 17

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

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

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

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

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

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

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

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

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

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

8.3. Dr Pepper Snapple Group Inc (Inactive) ....................................................................................36

9.1. Country data ............................................................................................................................... 39

9.2. Industry associations ..................................................................................................................42

9.3. Related MarketLine research .....................................................................................................42

About MarketLine .................................................................................................................................... 43

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

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

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

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

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

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

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

Table 15: PepsiCo Inc: key facts 32

Table 16: PepsiCo Inc: Annual Financial Ratios 33

Table 17: PepsiCo Inc: Key Employees 34

Table 18: PepsiCo Inc: Key Employees Continued 35

Table 19: Dr Pepper Snapple Group Inc (Inactive): key facts 36

Table 20: Dr Pepper Snapple Group Inc (Inactive): Key Employees 38