MarketLineIC UnitedKingdomJuices 041221

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MarketLine Industry Profile
Juices in the United

Kingdom
November 2016
Reference Code: 0183-0127
Publication Date: November 2016
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
United Kingdom - Juices 0183 - 0127 - 2015
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EXECUTIVE SUMMARY
Market value
The United Kingdom juices market grew by 3.3% in 2015 to reach a value of $3,113.8 million.
Market value forecast

In 2020, the United Kingdom juices market is forecast to have a value of $2,769.6 million, a decrease of 11.1% since
2015.
Market volume
The United Kingdom juices market shrank by 5% in 2015 to reach a volume of 1,001.7 million liters.
Market volume forecast

In 2020, the United Kingdom juices market is forecast to have a volume of 809.7 million liters, a decrease of 19.2% since
2015.
Geography segmentation
The United Kingdom accounts for 19.1% of the European juices market value.
Market share
PepsiCo is the leading player in the United Kingdom juices market, generating a 33.1% share of the market's value.
Market rivalry
The UK juices market is concentrated, with the top four leading players accounting for 60.3% of the market’s value,
indicating moderate levels of rivalry between players.

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

Britvic plc ................................................................................................................................................................... 21
The Coca-Cola Company .......................................................................................................................................... 25
PepsiCo, Inc. ............................................................................................................................................................. 29
Princes Ltd................................................................................................................................................................. 33
Macroeconomic Indicators............................................................................................................................................. 34
Country data .............................................................................................................................................................. 34
Methodology .................................................................................................................................................................. 36
Industry associations ................................................................................................................................................. 37
Related MarketLine research .................................................................................................................................... 37
Appendix........................................................................................................................................................................ 38
About MarketLine ...................................................................................................................................................... 38

LIST OF TABLES
Table 1: United Kingdom juices market value: $ million, 2011–15 ..................................................................................8
Table 2: United Kingdom juices market volume: million liters, 2011–15 .........................................................................9
Table 3: United Kingdom juices market geography segmentation: $ million, 2015 .......................................................10
Table 4: United Kingdom juices market share: % share, by value, 2015 ......................................................................11
Table 5: United Kingdom juices market distribution: % share, by value, 2015..............................................................12
Table 6: United Kingdom juices market value forecast: $ million, 2015–20 ..................................................................13
Table 7: United Kingdom juices market volume forecast: million liters, 2015–20..........................................................14
Table 8: Britvic plc: key facts ......................................................................................................................................... 21
Table 9: Britvic plc: key financials ($) ............................................................................................................................ 22
Table 10: Britvic plc: key financials (£) .......................................................................................................................... 22
Table 11: Britvic plc: key financial ratios........................................................................................................................23
Table 12: The Coca-Cola Company: key facts..............................................................................................................25
Table 13: The Coca-Cola Company: key financials ($) .................................................................................................26
Table 14: The Coca-Cola Company: key financial ratios ..............................................................................................27
Table 15: PepsiCo, Inc.: key facts ................................................................................................................................. 29
Table 16: PepsiCo, Inc.: key financials ($) ....................................................................................................................30
Table 17: PepsiCo, Inc.: key financial ratios..................................................................................................................31
Table 18: Princes Ltd.: key facts ................................................................................................................................... 33
Table 19: United Kingdom size of population (million), 2011–15 ..................................................................................34
Table 20: United Kingdom gdp (constant 2005 prices, $ billion), 2011–15 ...................................................................34
Table 21: United Kingdom gdp (current prices, $ billion), 2011–15...............................................................................34
Table 22: United Kingdom inflation, 2011–15................................................................................................................35
Table 23: United Kingdom consumer price index (absolute), 2011–15.........................................................................35
Table 24: United Kingdom exchange rate, 2011–15 .....................................................................................................35

LIST OF FIGURES
Figure 1: United Kingdom juices market value: $ million, 2011–15.................................................................................8
Figure 2: United Kingdom juices market volume: million liters, 2011–15 ........................................................................9
Figure 3: United Kingdom juices market geography segmentation: % share, by value, 2015 ......................................10
Figure 4: United Kingdom juices market share: % share, by value, 2015 .....................................................................11
Figure 5: United Kingdom juices market distribution: % share, by value, 2015.............................................................12
Figure 6: United Kingdom juices market value forecast: $ million, 2015–20 .................................................................13
Figure 7: United Kingdom juices market volume forecast: million liters, 2015–20 ........................................................14
Figure 8: Forces driving competition in the juices market in the United Kingdom, 2015 ...............................................15
Figure 9: Drivers of buyer power in the juices market in the United Kingdom, 2015.....................................................16
Figure 10: Drivers of supplier power in the juices market in the United Kingdom, 2015 ...............................................17
Figure 11: Factors influencing the likelihood of new entrants in the juices market in the United Kingdom, 2015 .........18
Figure 12: Factors influencing the threat of substitutes in the juices market in the United Kingdom, 2015 ..................19
Figure 13: Drivers of degree of rivalry in the juices market in the United Kingdom, 2015.............................................20
Figure 14: Britvic plc: revenues & profitability................................................................................................................23
Figure 15: Britvic plc: assets & liabilities........................................................................................................................24
Figure 16: The Coca-Cola Company: revenues & profitability ......................................................................................27
Figure 17: The Coca-Cola Company: assets & liabilities ..............................................................................................28
Figure 18: PepsiCo, Inc.: revenues & profitability..........................................................................................................31
Figure 19: PepsiCo, Inc.: assets & liabilities..................................................................................................................32

MARKET OVERVIEW
Market definition
The juice market consists of retail sale juices.
The market is valued according to retail selling price (RSP) and includes any applicable taxes.
Any currency conversions used in the creation of this report have been calculated using constant 2015 annual average
exchange rates.
For the purpose of this report the global figure comprises of North America, South America, Europe, Asia-Pacific, Middle
East, and South Africa.
The Americas comprises Argentina, Brazil, Canada, Chile, Colombia, Mexico, Venezuela, and the United States.
North America comprises Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, Peru, and Venezuela.
Europe comprises Belgium, the Czech Republic, Austria, Finland, Portugal, Ireland, Denmark, France, Germany,
Greece, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
For the purpose of this report Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Japan, India, Indonesia, Malaysia, New Zealand, Pakistan, the Philippines,
Singapore, South Korea, Hong Kong, Vietnam, Kazakhstan, Taiwan, and Thailand.
Middle East comprises of Egypt, Saudi Arabia, and the United Arab Emirates.
Market analysis
The UK juices market has been producing a moderate amount of growth in recent years and this rate of growth is
expected to decelerate during the forecast period till 2020.
Increasing effort of British consumers to reduce their sugary juice consumption will affect the market in the UK. Rise in
sugar free juice trends among consumers is likely to weaken the growth opportunity of the market.
The UK Juices market had total revenues of $3,113.8m in 2015, representing a compound annual growth rate (CAGR) of
2.4% between 2011 and 2015. In comparison, the French market increased with a CAGR of 4.5%, and the German
market declined with a CAGR of -5.5%, over the same period, to reach respective values of $3,108.8m and $3,465.1m in
2015.
Market consumption volume declined with a compound annual rate of change (CARC) of -5.7% between 2011 and 2015,
to reach a total of 1,001.7 million liters in 2015. The market's volume is expected to fall to 809.7 million liters by the end
of 2020, representing a CARC of -4.2% for the 2015-2020 period.
Juice consumption decreased considerably among children aged 18 years or less. This was also influenced by high
percentage of sugar in juices, which led parents to limiting juice consumption of their children. Therefore, companies
such as Heinz focused on rebranding their juices as fruit flavored water to attract this consumer segment.
Sales through hypermarkets and supermarkets distribution channel accounted for the highest value share in the UK
juices market in 2015, with total sales of $2,167.6m, equivalent to 69.6% of the market's overall value. In comparison,
sales through on-trade outlets reached a value of $758.7m in 2015, equating to 24.4% of the total market.
The performance of the market is forecast to decline, with an anticipated CARC of -2.3% for the five-year period 2015 -
2020, which is expected to drive the market to a value of $2,769.6m by the end of 2020. Comparatively, the French
market will decline with a CARC of -0.04%, and the German market will increase with a CAGR of 1.2%, over the same
period, to reach respective values of $3,103.1m and $3,681.5m in 2020.

MARKET DATA
Market value
The United Kingdom juices market grew by 3.3% in 2015 to reach a value of $3,113.8 million.
The compound annual growth rate of the market in the period 2011–15 was 2.4%.
Table 1: United Kingdom juices market value: $ million, 2011–15
Year $ million £ million € million % Growth

2011 2,832.9 1,853.9 2,553.5
2012 2,918.4 1,909.8 2,630.6 3.0%
2013 3,042.3 1,990.9 2,742.3 4.2%
2014 3,014.8 1,972.9 2,717.5 (0.9%)
2015 3,113.8 2,037.7 2,806.7 3.3%
CAGR: 2011–15 2.4%
SOURCE: MARKETLINE MARKETLINE
Figure 1: United Kingdom juices market value: $ million, 2011–15

Market volume
The United Kingdom juices market shrank by 5% in 2015 to reach a volume of 1,001.7 million liters.
The compound annual rate of change of the market in the period 2011–15 was -5.7%.
Table 2: United Kingdom juices market volume: million liters, 2011–15
Year million liters % Growth

2011 1,268.2
2012 1,218.4 (3.9%)
2013 1,141.0 (6.4%)
2014 1,054.3 (7.6%)
2015 1,001.7 (5.0%)
CAGR: 2011–15 (5.7%)
Figure 2: United Kingdom juices market volume: million liters, 2011–15

MARKET SEGMENTATION
Geography segmentation
The United Kingdom accounts for 19.1% of the European juices market value.
Germany accounts for a further 21.3% of the European market.
Table 3: United Kingdom juices market geography segmentation: $ million, 2015
Geography 2015 %
Germany 3,465.1 21.3
United Kingdom 3,113.8 19.1
France 3,108.8 19.1
Spain 656.9 4.0
Italy 389.5 2.4
Rest of Europe 5,571.9 34.2
Total 16,306 100.1%
Figure 3: United Kingdom juices market geography segmentation: % share, by value, 2015

Market share
PepsiCo is the leading player in the United Kingdom juices market, generating a 33.1% share of the market's value.
Coca-Cola accounts for a further 23.3% of the market.
Table 4: United Kingdom juices market share: % share, by value, 2015
Company % Share
PepsiCo 33.1%
Coca-Cola 23.3%
Britvic 2.0%
Princes Soft Drinks 1.9%
Other 39.7%
Total 100%
Figure 4: United Kingdom juices market share: % share, by value, 2015

Market distribution
Hypermarkets & Supermarkets form the leading distribution channel in the United Kingdom juices market, accounting for
a 69.6% share of the total market's value.
On Trade accounts for a further 24.4% of the market.
Table 5: United Kingdom juices market distribution: % share, by value, 2015
Channel % Share
Hypermarkets & Supermarkets 69.6%
On Trade 24.4%
Convenience Stores 5.0%
Other General Retailers 1.0%
Total 100%
Figure 5: United Kingdom juices market distribution: % share, by value, 2015

MARKET OUTLOOK
Market value forecast
In 2020, the United Kingdom juices market is forecast to have a value of $2,769.6 million, a decrease of 11.1% since
2015.
The compound annual rate of change of the market in the period 2015–20 is predicted to be -2.3%.
Table 6: United Kingdom juices market value forecast: $ million, 2015–20
Year $ million £ million € million % Growth

2015 3,113.8 2,037.7 2,806.7 3.3%
2016 2,870.8 1,878.6 2,587.7 (7.8%)
2017 2,819.7 1,845.2 2,541.6 (1.8%)
2018 2,794.8 1,828.9 2,519.2 (0.9%)
2019 2,781.8 1,820.4 2,507.4 (0.5%)
2020 2,769.6 1,812.4 2,496.4 (0.4%)
CAGR: 2015–20 (2.3%)
Figure 6: United Kingdom juices market value forecast: $ million, 2015–20

Market volume forecast
In 2020, the United Kingdom juices market is forecast to have a volume of 809.7 million liters, a decrease of 19.2% since
2015.
The compound annual rate of change of the market in the period 2015–20 is predicted to be -4.2%.
Table 7: United Kingdom juices market volume forecast: million liters, 2015–20
Year million liters % Growth

2015 1,001.7 (5.0%)
2016 910.0 (9.2%)
2017 876.4 (3.7%)
2018 851.4 (2.9%)
2019 830.3 (2.5%)
2020 809.7 (2.5%)
CAGR: 2015–20 (4.2%)
Figure 7: United Kingdom juices market volume forecast: million liters, 2015–20

FIVE FORCES ANALYSIS
The juices market will be analyzed taking manufacturers of juices as players. The key buyers will be taken as distributors
and retailers of juices, and producers of packaging, juices ingredients and other raw materials as the key suppliers.
Summary
Figure 8: Forces driving competition in the juices market in the United Kingdom, 2015
The UK juices market is concentrated, with the top four leading players accounting for 60.3% of the market’s value,
indicating moderate levels of rivalry between players.
Larger retailers, such as hypermarkets and supermarkets, can make large purchases and negotiate on price with
manufacturers, boosting buyer power. Retailers are unlikely to be swayed by brand loyalty, but they will have to stock
brands preferred by consumers. The threat of new entrants is moderate due to fair capital investments and the presence
of well-established brands. Substitutes to juices include nectars, sports drinks, RTD/iced tea and other fresh products,
which pose a moderate threat. High fixed costs and exit barriers intensify rivalry in the market.

Buyer power
Figure 9: Drivers of buyer power in the juices market in the United Kingdom, 2015
The main distribution channels for the juices market are hypermarkets and supermarkets, which account for 69.6% of the
total market value. 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.
Most raw materials are readily sourced from multiple suppliers, although their prices may fluctuate in response to supply
and demand from other product manufacturers. Market entry is relatively easy in principle, although the strong brands
and established distribution systems of the market leaders may be difficult for a new entrant to compete with. There are
many potential substitutes, which pose a moderate level of indirect competition for juices; however, the leading
manufacturers often produce the substitutes as well, limiting their impact. Overall, buyer power is assessed as strong.

Supplier power
Figure 10: Drivers of supplier power in the juices market in the United Kingdom, 2015
The primary inputs for juices manufacturers include fresh fruits or vegetables, 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.
The power of packaging manufacturers is growing since there is a growing demand for more consumer and
environmentally friendly packaging.
Overall, supplier power is moderate in this market.

New entrants
Figure 11: Factors influencing the likelihood of new entrants in the juices market in the United
Kingdom, 2015
The UK juices market recorded moderate growth in recent years. This tends to encourage newcomers. Large,
multinational players such as Coca-Cola and PepsiCo dominate the market. The top four 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 juices market can try to distinguish their products to some extent by stressing their 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 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 juices manufacturing. For example, in most countries there are
requirements for food and drink to be prepared in hygienic conditions. Specific ingredients may be subject to regulation:
the natural low-calorie sweetener stevia has been used in Japan since 1971, whereas it was only permitted in the EU in
2011. In July 2015, the British Medical Association called on the UK government to tackle obesity by introducing a 20%
sugary drink tax, as in Mexico and some other countries. Therefore, to manage the situation the government announced
the juices Industry Levy (SDIL) or sugar tax in the budget 2016. The tax is expected to implement from April 2018
onwards.
Overall, there is a moderate likelihood of new entrants.

Threat of substitutes
Figure 12: Factors influencing the threat of substitutes in the juices market in the United
Kingdom, 2015
The substitutes for juices primarily include, nectars, sports drinks, RTD/iced tea and other fresh products.
Leading players tend to have diverse product ranges, which reduces the threat posed by substitutes. For example, Coca-
Cola is a major player in the soft drinks market as well as being a leading manufacturer of juices.
Overall, there is a moderate threat from substitutes.

Degree of rivalry
Figure 13: Drivers of degree of rivalry in the juices market in the United Kingdom, 2015
The UK juices market is concentrated, with the top four leading players accounting for 60.3% of the market’s value. 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 juices
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 increase the intensity of rivalry.
Overall, there is a moderate degree of rivalry in the UK juices market.

LEADING COMPANIES
Britvic plc
Table 8: Britvic plc: key facts
Head office: Breakspear Park, Breakspear Way, Hertfordshire HP2 4TZ, GBR
Telephone: 0121 711 1102
Website: www.britvic.com
Financial year-end: September
Ticker: BVIC
Stock exchange: London
SOURCE: COMPANY WEBSITE MARKETLINE
Britvic is a manufacturer and distributor of soft drinks based in the UK. The company operates in the UK, France, Brazil
and Ireland markets. It exports its products to over 50 countries and franchises its brands in the US and India.
The company classifies its business operations into five reportable segments: GB Stills, GB Carbonates, Ireland, France
and International.
Under the GB Stills segment, the company offers sophisticated juice drinks, ice tea, squash, mineral waters, mixers,
squash and energy drinks to the UK excluding Northern Ireland. The company’s key brands include Robinsons, J2O,
Tango and Fruit Shoot. It supplies beverages to pubs and clubs and take-home markets in the UK. In FY2015, GB Stills
sold 377.5 million liters of beverages. In FY2015, the GB Stills segment reported revenue of GBP321.6 million,
accounting for 24.7% of the company's total revenue.
The company under the GB Carbonates segment offers carbonated soft drinks to the UK excluding Northern Ireland. In
FY2015, GB Carbonates sold 1,206.7 million liters of beverages. In FY2015, the GB Carbonates segment reported
revenue of GBP565.7 million, accounting for 43.5% of the company's total revenue.
The Ireland segment offers soft drinks under the brands Ballygowan, Club, Mi Wadi and TK. In FY2015, Ireland segment
sold 202.2 million liters of beverages. In FY2015, the Ireland segment reported revenue of GBP120.4 million, accounting
for 9.3% of the company's total revenue.
Under the Britvic’s France segment, the company offers several softdrinks under the brands Teisseire, Fruite and
Pressade, Moulin de Valdonne, Fruit Shoot and Sicilia. In FY2015, France segment sold 288.9 million liters of
beverages. In FY2015, the France segment reported revenue of GBP240.3 million, accounting for 18.5% of the
company's total revenue.
The company under the International segment manages export and franchises of many brands in more than 50
countries. The segment offers these products under the brands Robinsons, J2O, Tango and Fruit Shoot. It also
distributes PepsiCo’s global brands such as Pepsi, 7UP and Mountain Dew Energy. In FY2015, International segment
sold 41.3 million liters of beverages. In FY2015, the International segment reported revenue of GBP52.1 million,
accounting for 4% of the company's total revenue.

The company’s carbonates products include cola, fruit-flavored carbs, non fruit flavored carbs, glucose and stimulant,
lemonade, and traditional mixers. Stills products include plain water, water plus, pure juice, squash, juice drinks, sports,
smoothies/dairy drinks and cold/hot drinks. The company’s Robinsons brand is one among the major squash brands in
the UK. J2O is a premium juice brand while Fruit Shoot is a kid’s soft drink brand. Other brands like Tango, R Whites
Lemonade and Britvic juices and mixers are the company's major grocery brands in the UK. In Ireland, it offers water
products under Ballygowan brand and squash products under MiWadi brand.
The company sells its products through supermarkets, small local shops, and through on premise formats such as
restaurants, pubs, hotels and cinemas.
Geographically, the company’s operations are classified into four divisions: the UK, Republic of Ireland, France and
Other. In FY2015, the UK division accounted for 72.3% of the company’s total revenue, followed by France (19.4%),
Ireland (7.7%) and Other countries (0.6%).
Key Metrics
The company recorded revenues of $2,141 million in the fiscal year ending September 2015, a decrease of 3.3%
compared to fiscal 2014. Its net income was $171 million in fiscal 2015, compared to a net income of $148 million in the
preceding year.
Table 9: Britvic plc: key financials ($)
$ million 2011 2012 2013 2014 2015

Revenues 2,124.8 2,068.8 2,176.7 2,213.1 2,140.8
Net income (loss) 96.2 94.5 101.9 148.2 170.9
Total assets 1,754.3 1,689.1 1,750.0 1,814.6 2,139.1
Total liabilities 1,717.3 1,628.0 1,682.7 1,677.9 1,790.4
Employees 3,532 3,337 3,276 3,000 3,000
SOURCE: COMPANY FILINGS MARKETLINE
Table 10: Britvic plc: key financials (£)
£ million 2011 2012 2013 2014 2015

Revenues 1,290.4 1,256.4 1,321.9 1,344.0 1,300.1
Net income (loss) 58.4 57.4 61.9 90.0 103.8
Total assets 1,065.4 1,025.8 1,062.8 1,102.0 1,299.1
Total liabilities 1,042.9 988.7 1,021.9 1,019.0 1,087.3

Table 11: Britvic plc: key financial ratios
Ratio 2011 2012 2013 2014 2015

Profit margin 4.5% 4.6% 4.7% 6.7% 8.0%
Revenue growth 13.3% (2.6%) 5.2% 1.7% (3.3%)
Asset growth 1.8% (3.7%) 3.6% 3.7% 17.9%
Liabilities growth (3.2%) (5.2%) 3.4% (0.3%) 6.7%
Debt/asset ratio 97.9% 96.4% 96.2% 92.5% 83.7%
Return on assets 5.5% 5.5% 5.9% 8.3% 8.6%
Revenue per employee $601,590 $619,967 $664,433 $737,691 $713,596
Profit per employee $27,226 $28,324 $31,113 $49,399 $56,973
Figure 14: Britvic plc: revenues & profitability

Figure 15: Britvic plc: assets & liabilities

The Coca-Cola Company
Table 12: The Coca-Cola Company: key facts
Head office: One Coca-Cola Plaza, Atlanta, Georgia 30313, USA

Telephone: 1 404 676 2121
Fax: 1 404 676 6792
Local office: Coca�Cola Great Britain, 1A Wimpole Street, London, W1G 0EA, GBR
Telephone: 44 20 8237 3000
Website: www.coca-colacompany.com
Financial year-end: December
Ticker: KO
Stock exchange: New York
Coca-Cola manufactures, distributes and markets non-alcoholic beverages.
The company’s offerings are classified into two categories: Beverage Concentrates and Finished Products.
Coca-Cola offers Finished Products under two sub-categories: Sparkling Beverages and Still Beverages. Its sparkling
Beverages portfolio includes non-alcoholic ready-to-drink beverages with carbonation such as energy drinks, carbonated
waters and flavored waters while Still Beverages portfolio includes non-alcoholic beverages without carbonation such as
non-carbonated waters, flavored and enhanced waters, juices and juice drinks, ready to drink teas, coffees and sports
drinks. In FY2015, the company generated 63% of revenue from Finished Products operations.
Under the Beverage Concentrates category, Coca-cola offers syrups, fountain syrups, and concentrates, such as
flavoring ingredients and sweeteners to authorized bottling and canning operations. In FY2015, the company generated
37% of revenue from beverage concentrates.
Coca-Cola has a product portfolio of over 3,800 beverages including 1,100 low- and no-calorie products that are
marketed under 500 brands. The company’s most popular sparkling beverage products are offered under Coca-Cola,
Sprite, Diet Coke or Coca-Cola Light, Fanta Orange, Fanta Zero Orange, Fanta Apple, Cherry Coke, Coca-Cola Zero or
Coke Zero, Schweppes, Sprite, Diet Sprite, Sprite Zero and Sprite Light brands.
Under Still Beverages, the company’s widely accepted juices and juice drinks are offered under Del Valle, Dobriy,
Simply, Minute Maid Pulpy and Minute Maid brands. Its iced coffee and tea drinks include Nestea teas, Georgia coffees
and Dogadan teas.
Its popular brands of bottled water include Ciel, Dasani, Glaceau smartwater, Bonaqua or Bonaqa, Ice Dew, Kinley, and
Glacéau Smartwater. Its energy drinks brands include Burn, Relentless, NOS and Full Throttle. The company offers
sports drinks under Powerade and Aquarius brands. Other still beverages of the company are offered under Glaceau
Vitaminwater and FUZE.
The company sells purified water products such as Dasani to authorized bottling operations. It manufactures fountain
syrups and sells them to authorized fountain wholesalers and some fountain retailers such as restaurants and
convenience stores.
Coca-Cola offers its products globally through a diversified network of the company-owned or controlled bottling and
distribution operations, bottling partners, distributors, wholesalers and retailers.

In North America, the company owns and operates 63 beverage production facilities, ten principal beverage concentrate
and syrup manufacturing plants, one juice concentrates facility for foodservice, two bottled water facilities and one
container manufacturing facility. It also leases one beverage production facility, one bottled water facility and four
container manufacturing facilities. The company operates 224 principal beverage distribution warehouses, of which, 80
are leased. Coca-Cola also operates 18 beverage concentrate manufacturing plants - three in Eurasia and Africa, three
in Europe, five in Latin America, and seven in Pacific regions. It also operates 76 principal beverage bottling and canning
plants worldwide.
Coca-Cola classifies its operations into seven reportable segments: Eurasia and Africa, Europe, Latin America, North
America, Asia Pacific, Bottling Investments and Corporate. In FY2015, North America segment accounted for 49.2% of
the net operating revenue, followed by Bottling Investments (15.1%), Asia Pacific (10.6%), Europe (10.3%), Latin
America (9%), Eurasia and Africa (5.5%), and Corporate (0.3%).
In FY2015, the Coca-Cola system sold 29.2 billion unit cases of its products. Sparkling beverages and Coca-Cola
Beverages represented 73% and 46% of the worldwide unit case volume in FY2015.
In the UK, Coca-Cola sells its products under Minute Maid, Simply Orange and other brand names.
Key Metrics
The company recorded revenues of $44,294 million in the fiscal year ending December 2015, a decrease of 3.7%
compared to fiscal 2014. Its net income was $7,351 million in fiscal 2015, compared to a net income of $7,098 million in
the preceding year.
Table 13: The Coca-Cola Company: key financials ($)
$ million 2011 2012 2013 2014 2015

Revenues 46,542.0 48,017.0 46,854.0 45,998.0 44,294.0
Net income (loss) 8,572.0 9,019.0 8,584.0 7,098.0 7,351.0
Total assets 79,974.0 86,174.0 90,055.0 92,023.0 89,996.0
Employees 146,200 150,900 130,600 129,200 123,200

Table 14: The Coca-Cola Company: key financial ratios
Ratio 2011 2012 2013 2014 2015

Profit margin 18.4% 18.8% 18.3% 15.4% 16.6%
Revenue growth 32.5% 3.2% (2.4%) (1.8%) (3.7%)
Asset growth 9.7% 7.8% 4.5% 2.2% (2.2%)
Liabilities growth 15.5% 10.3% 6.8% 8.6% 4.8%
Debt/asset ratio 60.1% 61.5% 62.9% 66.8% 71.6%
Return on assets 11.2% 10.9% 9.7% 7.8% 8.1%
Figure 16: The Coca-Cola Company: revenues & profitability

Figure 17: The Coca-Cola Company: assets & liabilities

PepsiCo, Inc.
Table 15: PepsiCo, Inc.: key facts
Head office: 700 Anderson Hill Road, Purchase, New York 10577, USA
Telephone: 1 914 253 2000
Fax: 1 914 253 2070
Local office: 450 South Oak Way, Green Park, Reading RG2 6UW, GBR
Telephone: 44 118 916 0000
Website: www.pepsico.com
Financial year-end: December
Ticker: PEP
Stock exchange: New York
PepsiCo is a food and beverage manufacturing company based in the US. The company produces, markets and sells
salty, sweet and grain based snacks, food products, carbonated and non-carbonated beverages through independent
operations and contract manufacturers. It has operations in over 200 countries.
The company classifies its business operations into six reportable segments: Frito-Lay North America (FLNA), Quaker
Foods North America (QFNA), North America Beverages (NAB), Latin America, Europe Sub-Saharan Africa (ESSA), and
Asia, Middle East and North Africa (AMENA).
Under the FLNA segment, PepsiCo produces, markets, distributes and retails branded snack foods. FLNA’s product
offerings include Lay’s potato chips, Doritos tortilla chips, Cheetos cheese-flavored snacks, Tostitos tortilla chips,
branded dips, Ruffles potato chips, Fritos corn chips and Santitas tortilla chip. It sells its products through independent
distributors and retailers. It also markets, sells and distributes Sabra refrigerated dips and spreads. The FLNA segment
owns or leases around 40 food manufacturing and processing plants and approximately 1,690 warehouses, distribution
centers and offices. It operates research facility in Texas, the US. In FY2015, the FLNA segment reported revenues of
US$14,782 million, which accounted for 23.4% of the company’s total revenue.
Under the QFNA segment, the company manufactures, markets, sells and distributes cereals, rice snacks, pasta, dairy
and other branded products. QFNA’s product portfolio includes Quaker oatmeal, Aunt Jemima mixes and syrups, Quaker
Chewy granola bars, Quaker grits, Cap’n Crunch cereal, Life cereal, Rice-A-Roni side dishes, Quaker rice cakes, Quaker
oat squares and Quaker natural granola. It offers products to independent distributors and retailers. This segment owns
a snack manufacturing plant in Iowa, the US. It also owns and leases five manufacturing facilities and two other facilities.
In FY2015, the QFNA segment reported revenues of US$2,543 million, which accounted for 4% of the company’s total
revenue.
Under the NAB, PepsiCo manufactures, markets, sells and distributes fountain syrups, beverage concentrates, and
finished goods under Gatorade, Pepsi, Mountain Dew, Aquafina, Diet Pepsi, Tropicana Pure Premium, Diet Mountain
Dew, Sierra Mist and Mug brands. The company, through its joint ventures with Unilever and Starbucks, produces,
markets and sells ready-to-drink tea and coffee products. It also manufactures and distributes some brands including Dr
Pepper, Crush and Schweppes licensed from Dr Pepper Snapple Group, Inc. The company operates 65 bottling and
manufacturing plants and 450 other facilities. In FY2015, the NAB segment reported revenues of US$20,618 million,
which accounted for 32.7% of the company’s total revenue.

Through the Latin America segment, the company manufactures, markets, sells and distributes snack foods. It markets
these products under various brands including Doritos, Marias Gamesa, Cheetos, Ruffles, Saladitas, Emperador, Lay’s,
Sabritas, Rosquinhas Mabel and Tostitos. The company manufactures, markets and distributes beverage concentrates,
fountain syrups and finished goods under various brands including Pepsi, Gatorade, 7UP, Diet 7UP, Mirinda, Manzanita
Sol and Diet Pepsi. It offers ready-to-drink tea under Lipton brand through its joint venture with Unilever. In FY2015, the
Latin America segment reported revenues of US$ 8,228 million, which accounted for 13% of the company’s total
revenue.
Under the ESSA segment, PepsiCo produces, markets and sells snack foods under Lay’s, Doritos, Walkers, Cheetos,
Quarker and Ruffles brands. It also offers beverage concentrates, fountain syrups and finished goods under various
brands comprising Pepsi, Pepsi Max, 7UP, Diet Pepsi, Mirinda, and Tropicana. The company sells its products to
authorized bottlers, distributors and retailers. PepsiCo produces and distributes dairy products including Agusha, Chudo
and Domik v Derevne. The company owns 105 bottling and manufacturing plants and 390 other facilities. In FY2015, the
ESSA segment reported revenues of US$ 10,510 million, which accounted for 16.7% of the company’s total revenue.
Under the AMENA segment, the company manufactures, markets, sells and distributes a range of snack foods brands
such as Lay's, Chipsy, Kurkure, Doritos, Cheetos and Crunchy. It offers these products through consolidated businesses
and non-controlled affiliates. The AMENA is also involved in manufacturing, marketing, selling and distribution of many
Quaker-brand cereals and snacks, beverage concentrates, fountain syrups and finished goods, under various beverage
brands including Pepsi, Mirinda, 7-Up, Mountain Dew, Aquafina and Tropicana. It offers these products to authorized
bottlers, independent distributors and retailers. AMENA operates its own 50 bottling and manufacturing plants and 390
other facilities. In FY2015, the AMENA segment reported revenues of US$ 6,375 million, which accounted for 10.2% of
the company’s total revenue.
The company’s major customers comprise wholesale distributors, grocery stores, drug stores, convenience stores, mass
merchandisers, membership stores, authorized independent bottlers and foodservice distributors, including hotels and
restaurants.
PepsiCo classifies its business operations under seven geographic regions: the US, Russia, Mexico, Canada, the UK,
Brazil and all other countries. In FY2015, the US region contributed 56% of the company’s total revenues, followed by
other countries (25%), Mexico (6%), Russia (4%), Canada (4%), the UK (3%) and Brazil (2%).
In the UK, the company offers its products under Pepsi, Pepsi Max, Lipton, 7up, Mountain Dew and other brand names.
Key Metrics
The company recorded revenues of $63,056 million in the fiscal year ending December 2015, a decrease of 5.4%
compared to fiscal 2014. Its net income was $5,452 million in fiscal 2015, compared to a net income of $6,513 million in
the preceding year.
Table 16: PepsiCo, Inc.: key financials ($)
$ million 2011 2012 2013 2014 2015

Revenues 66,504.0 65,492.0 66,415.0 66,683.0 63,056.0
Net income (loss) 6,462.0 6,214.0 6,740.0 6,513.0 5,452.0
Total assets 72,882.0 74,638.0 77,478.0 70,509.0 69,667.0
Employees 297,000 278,000 274,000 271,000 263,000

Table 17: PepsiCo, Inc.: key financial ratios
Ratio 2011 2012 2013 2014 2015

Profit margin 9.7% 9.5% 10.1% 9.8% 8.6%
Revenue growth 15.0% (1.5%) 1.4% 0.4% (5.4%)
Asset growth 6.9% 2.4% 3.8% (9.0%) (1.2%)
Liabilities growth 11.4% 0.5% 1.6% (0.2%) 8.8%
Debt/asset ratio 71.3% 70.0% 68.5% 75.1% 82.7%
Return on assets 9.2% 8.4% 8.9% 8.8% 7.8%
Figure 18: PepsiCo, Inc.: revenues & profitability

Figure 19: PepsiCo, Inc.: assets & liabilities

Princes Ltd.
Table 18: Princes Ltd.: key facts
Head office: Royal Liver Building, Pier Head, Liverpool L3 1NX, England, GBR
Telephone: 44 151 9667000
Fax: 44 151 9667010
Website: www.princes.co.uk
Princes Ltd is a provider of juice, nectars, still drinks, squash/syrups, carbonates and natural mineral water. The
company’s product portfolio also includes canned fish, meat products, ready meals, canned fruit and sandwich pastes. It
has 14 production facilities in the UK and operates as the subsidiary of Mitsubishi Corporation. Princes accounts for a
significant proportion of private label production in the UK. The company headquarters are in Liverpool, UK.
Key Metrics
The company generated revenues of GBP1,740 m ($2,865 m) in 2015. As a privately held company, Princes Ltd., is not
obliged to publish its financial statements.

MACROECONOMIC INDICATORS
Country data
Table 19: United Kingdom size of population (million), 2011–15
Year Population (million) % Growth

2011 63.3 0.8%
2012 63.7 0.7%
2013 64.1 0.6%
2014 64.5 0.6%
2015 64.8 0.6%
Table 20: United Kingdom gdp (constant 2005 prices, $ billion), 2011–15
Year Constant 2005 Prices, $ billion % Growth

2011 2,389.3 1.1%
2012 2,395.9 0.3%
2013 2,437.7 1.7%
2014 2,507.1 2.8%
2015 2,576.1 2.8%
Table 21: United Kingdom gdp (current prices, $ billion), 2011–15
Year Current Prices, $ billion % Growth

2011 2,464.6 7.3%
2012 2,481.3 0.7%
2013 2,531.8 2.0%
2014 2,853.7 12.7%
2015 2,979.4 4.4%

Table 22: United Kingdom inflation, 2011–15
Year Inflation Rate (%)

2011 4.5%
2012 2.8%
2013 2.5%
2014 1.6%
2015 1.8%
Table 23: United Kingdom consumer price index (absolute), 2011–15
Year Consumer Price Index (2005 = 100)

2011 119.7
2012 123.1
2013 126.2
2014 128.2
2015 130.5
Table 24: United Kingdom exchange rate, 2011–15
Year Exchange rate ($/£) Exchange rate (€/£)

2011 0.6235 0.8674
2012 0.6311 0.8111
2013 0.6397 0.8491
2014 0.6073 0.8062
2015 0.6544 0.7260

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 associations
British Soft Drinks Association
20-22 Stukeley Street, London WC2B 5LR, GBR
Tel.: 44 20 7430 0356
Fax: 44 20 7831 6014
www.britishsoftdrinks.com
AIJN - European Fruit Juice Association
Rue de la Loi 221 box 5, B-1040 Brussels
Tel.: 32 2 235 06 20
Fax: 32 2 282 94 20
www.aijn.org
Related MarketLine research

Industry Profile
Juices in France
Juices in Germany
Juices in Europe

APPENDIX
About MarketLine
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What we do
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MarketLine Industry Profile

Juices in the United

Reference Code: 0183-0127

Publication Date: November 2016

United Kingdom - Juices 0183 - 0127 - 2015

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

Market value forecast

Market volume forecast

United Kingdom - Juices 0183 - 0127 - 2015

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

United Kingdom - Juices 0183 - 0127 - 2015

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

The Coca-Cola Company .......................................................................................................................................... 25

PepsiCo, Inc. ............................................................................................................................................................. 29

Country data .............................................................................................................................................................. 34

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

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

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

United Kingdom - Juices 0183 - 0127 - 2015

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Table 5: United Kingdom juices market distribution: % share, by value, 2015..............................................................12

Table 8: Britvic plc: key facts ......................................................................................................................................... 21

Table 9: Britvic plc: key financials ($) ............................................................................................................................ 22

Table 10: Britvic plc: key financials (£) .......................................................................................................................... 22

Table 11: Britvic plc: key financial ratios........................................................................................................................23

Table 12: The Coca-Cola Company: key facts..............................................................................................................25

Table 13: The Coca-Cola Company: key financials ($) .................................................................................................26

Table 14: The Coca-Cola Company: key financial ratios ..............................................................................................27

Table 15: PepsiCo, Inc.: key facts ................................................................................................................................. 29

Table 16: PepsiCo, Inc.: key financials ($) ....................................................................................................................30

Table 17: PepsiCo, Inc.: key financial ratios..................................................................................................................31

Table 18: Princes Ltd.: key facts ................................................................................................................................... 33

Table 19: United Kingdom size of population (million), 2011–15 ..................................................................................34

Table 21: United Kingdom gdp (current prices, $ billion), 2011–15...............................................................................34

Table 22: United Kingdom inflation, 2011–15................................................................................................................35

Table 23: United Kingdom consumer price index (absolute), 2011–15.........................................................................35

Table 24: United Kingdom exchange rate, 2011–15 .....................................................................................................35

United Kingdom - Juices 0183 - 0127 - 2015

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

Figure 5: United Kingdom juices market distribution: % share, by value, 2015.............................................................12

Figure 14: Britvic plc: revenues & profitability................................................................................................................23