For decades, Pepsi and Coke have been at war with one another in grocery stores, special promotions, and exclusive deals with food retailers like McDonald’s and KFC. That “one on one” competition is over for now. Sales of Dr. Pepper have matched those of Pepsi. The Cola Wars are now a three-horse race.
According to The Wall Street Journal, “The regular versions of Pepsi and Dr Pepper are neck and neck in a spot that Pepsi has held nearly every year for the past four decades, according to sales-volume data from Beverage Digest.” The Journal says Dr. Pepper’s improvement is due to extensive marketing investments and promotions on platforms like TikTok.
In reality, the soda race only has one horse. Coke has a market share of 20%. Dr Pepper, Sprite, and Pepsi are bunched close together at just below 8% each. Several less well-known brands and diet solas make up the balance of the market.
It would be tempting to tie soda market share to the corporate parents of the three brands. However, PepsiCo (NYSE: PEP), Coca-Cola (NYSE: KO), and Keurig Dr Pepper (NASDAQ: KDP) are each multi-brand companies. Coca-Cola, for example, has a large snake business. Warren Buffett owns Coca-Cola stock.
Ultimately, the horse race among sodas is as much for bragging rights as revenue.
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