In a battle where Coca-Cola's 48% market share towers over Pepsi's 26%, the real story of this century-old rivalry is told not just in taste but in global branding wars, billion-dollar marketing gambles, and a surprising flip in the soda rankings.
Key Takeaways
- As of 2023, Coca-Cola holds a 48% share of the carbonated soft drink market in the United States
- PepsiCo’s carbonated soft drink market share in the US stood at approximately 26% in 2023
- Coca-Cola Classic is the number one soda brand in the US with a market share of roughly 19.2%
- Coca-Cola’s revenue in 2023 was approximately $45.75 billion
- PepsiCo’s total revenue in 2023 was approximately $91.47 billion
- Coca-Cola’s net income for 2023 reached $10.71 billion
- Coca-Cola was ranked as the 7th most valuable brand globally by Interbrand in 2023
- Pepsi was ranked as the 35th most valuable brand globally by Interbrand in 2023
- Coca-Cola’s brand value is estimated at $58 billion by Interbrand
- A 12oz can of Coca-Cola Classic contains 39 grams of sugar
- A 12oz can of Pepsi contains 41 grams of sugar
- Coca-Cola Classic contains 140 calories per 12oz serving
- Coca-Cola aims to use 50% recycled material in its packaging by 2030
- PepsiCo aims to reduce absolute virgin plastic in its packaging by 50% by 2030
- Coca-Cola was named the world’s #1 plastic polluter for six consecutive years (2018-2023) by Break Free From Plastic
Coca-Cola dominates the soda market while PepsiCo earns higher total revenue from a broader food portfolio.
Brand and Marketing
1Coca-Cola was ranked as the 7th most valuable brand globally by Interbrand in 2023
Verified2Pepsi was ranked as the 35th most valuable brand globally by Interbrand in 2023
Verified3Coca-Cola’s brand value is estimated at $58 billion by Interbrand
Verified4Pepsi’s brand value is estimated at $19 billion by Interbrand
Directional5Coca-Cola has over 110 million followers on Facebook
Single source6Pepsi has approximately 38 million followers on Facebook
Verified7Coca-Cola’s Instagram account has over 2.9 million followers
Verified8Pepsi’s Instagram account has over 2.0 million followers
Verified9Coca-Cola has been a sponsor of the Olympic Games since 1928
Directional10PepsiCo is the official sponsor of the Super Bowl Halftime Show (ending 2022, replaced by Apple Music but remained sponsor)
Single source11Coca-Cola’s "Share a Coke" campaign led to a 2% increase in US sales
Verified12Pepsi’s "Pepsi Challenge" blind taste test found 50% of consumers preferred Pepsi over Coke in the 1970s
Verified13Coca-Cola spent $100 million on its 1985 "New Coke" launch which lasted only 79 days
Verified14PepsiCo’s logo redesign in 2008 cost an estimated $1 million
Directional15Coca-Cola’s red and white color palette is recognized by 94% of the world’s population
Single source16Pepsi changed its logo in 2023 for the first time in 14 years to embrace "electric blue"
Verified17Coca-Cola use of the Santa Claus image in marketing dates back to 1931
Verified18PepsiCo signed a $50 million branding deal with Beyoncé in 2012
Verified19Coca-Cola’s YouTube channel has over 3.9 million subscribers
Directional20Pepsi’s YouTube channel has over 850,000 subscribers
Single source21Coca-Cola’s trademark is considered the most recognized word globally after "OK"
Verified22PepsiCo Beverages North America (PBNA) marketing spend increased 10% in 2023
Verified23Coca-Cola’s "Open Happiness" campaign ran for over 6 years in 200 countries
Verified24Pepsi’s "Live for Now" global campaign targeted the millennial demographic exclusively
Directional2580% of Coca-Cola’s marketing budget is now digital-first
Single source26PepsiCo’s annual "Crash the Super Bowl" contest ran for 10 years, receiving 32,000 entries
Verified27Coca-Cola sponsors FIFA World Cup and has a contract through 2030
Verified28PepsiCo’s Lay's brand "Do Us a Flavor" contest generated 14 million submissions in one year
Verified29Coca-Cola’s polar bear commercials first debuted in 1993 during the Academy Awards
Directional30PepsiCo spent $7 million for a 30-second Super Bowl ad spot in 2023
Single sourceBrand and Marketing Interpretation
Coca-Cola has built a century of cultural real estate so dominant that Pepsi’s entire history of clever stunts, taste-test victories, and celebrity endorsements feels like a very expensive and well-produced second-place trophy.
Environmental and Corporate Social Responsibility
1Coca-Cola aims to use 50% recycled material in its packaging by 2030
Verified2PepsiCo aims to reduce absolute virgin plastic in its packaging by 50% by 2030
Verified3Coca-Cola was named the world’s #1 plastic polluter for six consecutive years (2018-2023) by Break Free From Plastic
Verified4PepsiCo was named the world's #2 plastic polluter in the same ranking
Directional5Coca-Cola achieved a 100% water replenishment goal in 2015 (five years early)
Single source6PepsiCo improved its operational water-use efficiency by 18% since 2015
Verified7Coca-Cola’s "World Without Waste" initiative aims to collect and recycle a bottle or can for every one sold by 2030
Verified8PepsiCo’s pep+ (PepsiCo Positive) strategy targets net-zero emissions by 2040
Verified9Coca-Cola employs approximately 79,000 direct employees globally
Directional10PepsiCo employs approximately 318,000 employees globally (due to large snack division and direct distribution)
Single source11Coca-Cola’s Foundation has granted over $1.5 billion since its inception in 1984
Verified12The PepsiCo Foundation invested $100 million in community impact programs in 2022
Verified13Coca-Cola transitioned to 100% rPET (recycled plastic) for all bottles in the Netherlands and Norway in 2020
Verified14PepsiCo plans to move all Pepsi-brand products to 100% rPET in 11 European markets by 2025
Directional15Coca-Cola reduced its carbon footprint by 25% between 2010 and 2020
Single source16PepsiCo has transitioned to 100% renewable electricity for its US operations as of 2020
Verified17Coca-Cola’s board of directors consists of 42% women
Verified18PepsiCo’s leadership team is 40% women as of 2023
Verified19Coca-Cola spent $1 billion with diverse suppliers in 2022
Directional20PepsiCo spent $3 billion with diverse suppliers through its supplier diversity program in 2022
Single source21Coca-Cola uses about 1.79 liters of water to produce 1 liter of beverage
Verified22PepsiCo uses an average of 1.7 liters of water per liter of beverage produced globally
Verified23Coca-Cola pledged to increase its recycled content in packaging to 25% by 2025
Verified24PepsiCo’s snack packaging goal is to be 100% recyclable, compostable, or biodegradable by 2025
Directional25Coca-Cola has helped 5 million women achieve economic empowerment through the 5by20 initiative
Single source26PepsiCo provided 68 million people with access to safe water between 2006 and 2022
Verified27Coca-Cola’s greenhouse gas emission reduction goal for 2030 is 25% compared to 2015
Verified28PepsiCo’s greenhouse gas emission reduction goal for 2030 is 40% compared to 2015
VerifiedEnvironmental and Corporate Social Responsibility Interpretation
The cola giants are locked in a heated, decades-long race where the clear winner seems to be public relations, as they meticulously track who pollutes most while boasting who promises to pollute slightly less next time.
Financials
1Coca-Cola’s revenue in 2023 was approximately $45.75 billion
Verified2PepsiCo’s total revenue in 2023 was approximately $91.47 billion
Verified3Coca-Cola’s net income for 2023 reached $10.71 billion
Verified4PepsiCo’s net income for 2023 reached $9.07 billion
Directional5Coca-Cola spends approximately $4 billion annually on global advertising
Single source6PepsiCo’s annual marketing and advertising spend is approximately $5.2 billion
Verified7Coca-Cola’s gross profit margin for 2023 was approximately 59.5%
Verified8PepsiCo’s gross profit margin for 2023 was approximately 54.1%
Verified9Coca-Cola’s operating margin stands at roughly 28.6% as of 2023
Directional10PepsiCo’s operating margin stands at roughly 13.3% as of 2023
Single source11Coca-Cola’s market capitalization as of early 2024 is approximately $260 billion
Verified12PepsiCo’s market capitalization as of early 2024 is approximately $230 billion
Verified13Coca-Cola has increased its dividend for 62 consecutive years
Verified14PepsiCo has increased its dividend for 52 consecutive years
Directional15North America accounts for 35% of Coca-Cola’s total revenue
Single source16North America accounts for 61% of PepsiCo’s total revenue
Verified17Coca-Cola’s stock symbol is KO and is part of the Dow Jones Industrial Average
Verified18PepsiCo’s stock symbol is PEP and is part of the Nasdaq-100
Verified19Coca-Cola’s effective tax rate in 2023 was 18.9%
Directional20PepsiCo’s effective tax rate in 2023 was 21.0%
Single source21Coca-Cola reported cash and cash equivalents of $9.3 billion at the end of 2023
Verified22PepsiCo reported cash and cash equivalents of $6.5 billion at the end of 2023
Verified23Coca-Cola’s capital expenditures in 2023 were $1.9 billion
Verified24PepsiCo’s capital expenditures in 2023 were $5.3 billion
Directional25Coca-Cola’s price-to-earnings (P/E) ratio is typically around 24x
Single source26PepsiCo’s price-to-earnings (P/E) ratio is typically around 25x
Verified27Coca-Cola’s long-term debt as of 2023 was $35.5 billion
Verified28PepsiCo’s long-term debt as of 2023 was $36.0 billion
Verified29Coca-Cola’s Return on Equity (ROE) in 2023 was 41.5%
Directional30PepsiCo’s Return on Equity (ROE) in 2023 was 49.3%
Single sourceFinancials Interpretation
PepsiCo may rake in twice the revenue by selling snacks and sodas across a sprawling empire, but Coca-Cola demonstrates the focused, high-margin art of selling mostly beverages so profitably that it ultimately makes more money with far greater efficiency.
Market Share
1As of 2023, Coca-Cola holds a 48% share of the carbonated soft drink market in the United States
Verified2PepsiCo’s carbonated soft drink market share in the US stood at approximately 26% in 2023
Verified3Coca-Cola Classic is the number one soda brand in the US with a market share of roughly 19.2%
Verified4Pepsi-Cola is the second most popular soda brand with an 8.2% market share in the US retail sector
Directional5Diet Coke holds a 7.1% market share in the US soft drink category
Single source6Pepsi Zero Sugar saw a volume growth of 26% in 2022 as it competes for market share
Verified7Coca-Cola’s global volume share in the sparkling soft drink category is estimated at 43%
Verified8PepsiCo controls approximately 9% of the global beverage volume market excluding snacks
Verified9Sprite, owned by Coca-Cola, maintains a 7.5% share of the total US carbonated soft drink market
Directional10Mountain Dew, owned by PepsiCo, holds a 6.2% share of the US soda market
Single source11Coca-Cola is sold in over 200 countries and territories worldwide
Verified12PepsiCo products are distributed in over 200 countries and territories globally
Verified13In the fountain soda market (restaurants), Coca-Cola occupies an estimated 70% share
Verified14PepsiCo holds roughly 20% of the restaurant/foodservice fountain equipment contracts in the US
Directional15Coca-Cola Enterprises once handled 80% of European bottling volume for the brand
Single source16In Mexico, Coca-Cola’s market share for carbonated drinks exceeds 60%
Verified17PepsiCo’s snacks division (Frito-Lay) holds a 60% share of the US savory snack market
Verified18Coca-Cola Zero Sugar market share grew by 0.5 percentage points in 2023
Verified19PepsiCo’s Gatorade brand holds a 68% share of the US sports drink category
Directional20Coca-Cola’s Powerade holds approximately 13% of the US sports drink market
Single source21Coca-Cola owns 11 labels with annual sales exceeding $1 billion each
Verified22PepsiCo has 23 brands that each generate more than $1 billion in annual retail sales
Verified23Coca-Cola’s market share in the Indian soda market is approximately 50%
Verified24Pepsi’s market share in India for beverages is roughly 15% through its partner Varun Beverages
Directional25Diet Pepsi market share in the US is currently 3.5%
Single source26Fanta (Coca-Cola) maintains a 2.1% total carbonated soft drink market share in the US
Verified27Dr Pepper, often distributed by both, overtook Pepsi as the #2 soda brand in 2024 with an 8.32% share
Verified28Coca-Cola’s RTD (Ready-to-Drink) tea share through Gold Peak is approximately 10%
Verified29Pure Leaf (PepsiCo) is the leader in the premium RTD tea market with a 20% share
DirectionalMarket Share Interpretation
Coca-Cola’s empire is built on global soda dominance, while PepsiCo survives as a savvy conglomerate by conquering snacks and niches, though its flagship cola is now staring up at both Coke and Dr Pepper.
Product and Nutrition
1A 12oz can of Coca-Cola Classic contains 39 grams of sugar
Verified2A 12oz can of Pepsi contains 41 grams of sugar
Verified3Coca-Cola Classic contains 140 calories per 12oz serving
Verified4Pepsi contains 150 calories per 12oz serving
Directional5Coca-Cola Classic has 34mg of caffeine per 12oz can
Single source6Pepsi has 38mg of caffeine per 12oz can
Verified7Coca-Cola use phosphoric acid as an acidulant
Verified8Pepsi uses citric acid in addition to phosphoric acid
Verified9Coca-Cola Zero Sugar contains 0 calories and 0 grams of sugar
Directional10Pepsi Zero Sugar contains 0 calories and 69mg of caffeine (higher than regular)
Single source11Coca-Cola Life (sweetened with Stevia) was discontinued in the US in 2020
Verified12Pepsi True (Stevia-sweetened) was discontinued shortly after launch in most markets
Verified13Coca-Cola’s pH level is approximately 2.5
Verified14Pepsi’s pH level is approximately 2.4
Directional15Coca-Cola’s recipe is kept in a vault in Atlanta, Georgia
Single source16Pepsi was originally called "Brad's Drink" when created in 1893
Verified17Coca-Cola uses high fructose corn syrup (HFCS) for the US market and cane sugar for many international markets
Verified18Pepsi "Made with Real Sugar" is a permanent product line in the US market
Verified19Coca-Cola bottles originally used the "contour" design patented in 1915
Directional20Pepsi’s "Easy-Grip" bottle was launched in 2013 to improve ergonomics
Single source21Coca-Cola Freestyle machines offer over 100 different drink options
Verified22Pepsi Spire is the competitor fountain machine offering up to 1,000 combinations
Verified2325% of Coca-Cola’s beverage portfolio consists of low- or no-calorie options
Verified24PepsiCo aims for 67% of its beverage volume to have 100 calories or fewer from added sugar by 2025
Directional25Coca-Cola’s sodium content per 12oz is 45mg
Single source26Pepsi’s sodium content per 12oz is 30mg
Verified27Diet Coke contains aspartame as its primary sweetener
Verified28Diet Pepsi famously removed aspartame in 2015 but brought it back in 2018 due to consumer demand
VerifiedProduct and Nutrition Interpretation
The great cola war is a meticulously balanced contest of two corporate giants determined, with near-identical fervor, to sell you slightly different recipes for liquid sugar, caffeine, and acid.
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