In October, PepsiCo CEO Indra Nooyi told investors that focusing solely on traditional, carbonated soft drinks was "a thing of the past." Instead, noncarbonated beverages are "driving all the growth in the whole industry."
Nearly half of Pepsi's beverage sales are now in low- or zero-calorie drinks, juice, or sports drinks, more than double the proportion they represented 15 years ago. In the past few years, Coke has invested in brands including Monster Energy, coconut-water company ZICO, and organic-focused Suja Juice.
PepsiCo declined to comment for this story.