Cola giants PepsiCo and Coca-Cola increase volume on select packs

PepsiCo India and Coca-Cola India boost volume on select packs while maintaining prices, ahead of the festive season and amid rising competition, say industry sources

As the festive season approaches, aerated beverage companies are capitalising on positive consumer sentiment by offering higher volumes at the same price, alongside pressures from rising competition in the segment.

 

PepsiCo India has increased the volume of its Rs 40 PET bottle from 600 ml to 740 ml, while Coca-Cola India has made similar moves across its brands, including Coca-Cola, Thums Up, and Sprite.

 

A retailer, speaking on the condition of anonymity, said that larger bottles have recently started appearing on store shelves. The retailer added that both companies have been increasing the volume of some stock-keeping units (SKUs) over the past few months.

 

PepsiCo India and Coca-Cola India did not respond to Business Standard’s email query regarding the offering of larger SKUs at the same price.

 

This move by the cola giants follows a dip in sales during the April-June quarter, impacted by an erratic summer. The quarter ending June typically sees higher demand, with companies making a significant portion of their sales during this period.

 

While PepsiCo’s beverage business was affected in Q2 (calendar year 2025) due to unseasonal rains, it managed to gain market share in India, as per the company’s remarks following its earnings report.

 

Coca-Cola also reported a decline in volume during the April-June quarter, citing early monsoons and geopolitical conflicts as contributing factors.

 

“In India, after a strong start to the year, volume declined as our business was impacted by early monsoons and geopolitical conflict early in the crucial summer season. In response, we are engaging consumers with integrated marketing campaigns like Coca-Cola with Meals, supported by execution in the QSR channel; Thums Up with Biryani; Sprite with Spicy Meals; and Maaza with Festivals. We are tailoring these activations to regional and local needs. Additionally, our system is adding customer outlets and recently surpassed 1 million customers on our digital ordering platforms,” said James Quincey, Chairman & CEO, The Coca-Cola Company, during a post-conference call.

 

Competition in the sector has intensified since Campa, from Reliance Consumer Products, entered the market in 2023, offering its aerated beverages at a lower price compared to the market leaders. This has sparked a margin war at the supply chain level, with distributors incentivised by Reliance Consumer to push its products.

 

An analyst, who spoke on the condition of anonymity, explained that several factors have pushed companies to offer higher volumes. One reason is the desire to maintain market share, while increased competition in the sector has led players to adjust their prices.

 

“Consumers are shifting toward diet offerings, and a significant part of Varun Beverages’ (franchisee bottler of PepsiCo in India and other select markets) revenues also comes from these diet options. This could have also prompted companies to offer higher volumes on their non-diet portfolio,” the analyst added.   

•  Cola majors up volume by over 20% in some SKUs
•  Erratic summers hurt demand
•  Firms offer higher volumes as competition hots up
•  Consumers are increasingly moving to diet colas