PepsiCo has also found success with its snack business, with the Frito-Lay division serving as a bright spot in the company's most recent quarter. Frito-Lay sales rose 3%, thanks to average price increases in the division that makes Doritos, Cheetos, and Lay's chips.
Pepsi's move toward snacks and non-soda beverages comes at a time when soda consumption is dropping across the US.
The total volume of soda consumed in the US decreased 1.2% in 2015, according to Beverage Digest's annual report. Pepsi Cola consumption in the US dropped 3.2%, compared to Coca-Cola's decrease of 1% by volume.
With soda consumption declining, soda giants have been forced to either diversify or win back customers.