This shift in consumer drinking preferences isn't too much of a concern for PepsiCo across the board, being the second largest food and beverage firm in the world (behind Nestle) and boasting 22 brands that each generate over $1 billion in sales per year, including non-soft drinks brands such as Gatorade and Tropicana.
However, the concern at PepsiCo is more related to their flagship brand, Pepsi itself. Only last year it lost its long-term second place in the US market, with Diet Coke sales now exceeding Pepsi. In fact, Pepsi has lost about four market share points in the last ten years in the now declining US carbonated soft drink market.