Pepsi surpasses Diet Coke in huge soda shift

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Pepsi

Pepsi-Cola has surpassed Diet Coke to become the No. 2 soda brand in the US behind Coca-Cola.

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Diet Coke volume fell 6.6% in 2014, according to the trade publication Beverage Digest.

The drink now has a market share of 8.5%, slightly smaller than Pepsi's 8.8% share.

Coca-Cola remains a clear leader, with a 17.6% share of the market. But volumes increased only 0.1% in 2014.

Here's how the rankings shake out, according to Beverage Digest.

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Beverage Digest

Beverage Digest

Diet Coke has been the second biggest brand by volume in the US since 2010, when it pushed Pepsi to the No. 3 spot.

Pepsi's shift back to the No. 2 spot is evidence of Americans' growing dislike for diet sodas, as shown in the chart below from a Morgan Stanley report last year.

diet soda

Morgan Stanley

Sales of low-calorie soft drinks in the US have dropped b nearly 20% over the past five years, according to Euromonitor data cited by the Washington Post.

Americans are drinking less soda overall, but diet drinks have been hit particularly hard because of a growing mistrust of artificial sweeteners.

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"Consumer's attitudes towards sweeteners have really changed," said Howard Telford, an industry analyst with Euromonitor, told the Washington Post. "There's a very negative perception about artificial sweeteners. The industry is still trying to get its head around this."

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