Is Coca-Cola, say, in the market for colas, for carbonated soft drinks, or for all liquid refreshments?
Total sales of carbonated soft drinks are down to the level they were in 1996, the report said.
The U.S. carbonated soft drinks market, which comprises most of the North American market, has been declining in recent years.
About 60% of Coke's revenue in the U.S. is derived from carbonated soft drinks, compared with about a quarter at PepsiCo.
Beverage Digest, which tracks sales, reported that in 2011, sales of carbonated soft drinks dropped by 1%, a steeper decline than the year before.
However, innovation in sweeteners will help beverage companies continue to sell carbonated soft drinks and can potentially lead to a rebound in the overall market.
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Beverage companies are racing to find new sweeteners to drive growth in drinks other than their carbonated soft drinks business, largely a consequence of increasing awareness on health issues.
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That included a 4 percent declined in carbonated soft drinks and a 3 percent decline in non-carbonated drinks, according to a regulatory filing with the Securities and Exchange Commission.
"Pepsi has the leading market share in the U.S. in sports drinks, ready-to-drink coffee, bottled water, juice drinks, ready-to-drink teas and the number two position in carbonated soft drinks, " notes Stack.
SodaStream International is a developer, manufacturer, and marketer of at-home carbonated beverage-making machines and associated products that enable tap water to be turned into carbonated soft drinks and sparkling water.
But in the 1980s, carbonated soft drinks overtook tap as the most popular drink, with Coca-Cola and PepsiCo putting their marketing muscle behind their colas with celebrity endorsements from the likes of pop star Michael Jackson and comedian Bill Cosby.
The average of Trefis member forecasts for U.S. Carbonated Soft Drinks Market Size indicate an increase from 9.8 billion in 2010 to 10.1 billion by 2016, compared to the baseline Trefis estimate of a decrease from 9.3 billion in 2010 to 9.2 billion by the end of the Trefis forecast period.
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Plans to open 10-12 new plants in China to manufacture soft drinks, non-carbonated beverages and snacks.
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