Soft_Drinks_in_India.pdf

Soft Drinks in India
Euromonitor International
February 2022

S O F T D R I N K S I N I N D I A P a s s p o r t i
© E u r o m o n i t o r I n t e r n a t i o n a l
LIST OF CONTENTS AND TABLES
EXECUTIVE SUMMARY.............................................................................................................. 1
Soft drinks in 2021: The big picture .......................................................................................... 1
Communication around functional references is of paramount importance .............................. 1
Competitive landscape ............................................................................................................. 1
Retailing developments ............................................................................................................ 2
Foodservice vs retail split ......................................................................................................... 3
What next for soft drinks?......................................................................................................... 3
Chart 1 Soft Drinks Off-Trade Volume Sales Growth Scenarios: 2019-2026............ 3
Chart 2 Soft Drinks On-Trade Volume Sales Growth Scenarios: 2019-2026............ 4
Chart 3 Soft Drinks Impact of Drivers on Off-Trade Volume Sales: 2019-2026 ........ 5
Chart 4 Soft Drinks Impact of Drivers on On-Trade Volume Sales: 2019-2026 ........ 6
MARKET DATA............................................................................................................................ 7
Table 1 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume
2016-2021.................................................................................................... 7
Table 2 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: %
Volume Growth 2016-2021 .......................................................................... 7
Table 3 Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2016-
2021............................................................................................................. 8
Table 4 Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value
Growth 2016-2021 ....................................................................................... 8
Table 5 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category:
Volume 2020................................................................................................ 8
Table 6 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: %
Volume 2020................................................................................................ 8
Table 7 Off-trade vs On-trade Sales of Soft Drinks by Category: Value 2020........... 9
Table 8 Off-trade vs On-trade Sales of Soft Drinks by Category: % Value 2020....... 9
Table 9 Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2016-2021........ 9
Table 10 Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth
2016-2021.................................................................................................. 10
Table 11 Off-trade Sales of Soft Drinks by Category: Value 2016-2021 ................... 10
Table 12 Off-trade Sales of Soft Drinks by Category: % Value Growth 2016-
2021........................................................................................................... 10
Table 13 NBO Company Shares of Total Soft Drinks (RTD): % Volume 2017-
2021........................................................................................................... 11
Table 14 LBN Brand Shares of Total Soft Drinks (RTD): % Volume 2018-2021....... 11
Table 15 NBO Company Shares of On-trade Soft Drinks (RTD): % Volume
2017-2021.................................................................................................. 12
Table 16 LBN Brand Shares of On-trade Soft Drinks (RTD): % Volume 2018-
2021........................................................................................................... 13
Table 17 NBO Company Shares of Off-trade Soft Drinks (RTD): % Volume
2017-2021.................................................................................................. 14
Table 18 LBN Brand Shares of Off-trade Soft Drinks (RTD): % Volume 2018-
2021........................................................................................................... 14
Table 19 NBO Company Shares of Off-trade Soft Drinks: % Value 2017-2021........ 15
Table 20 LBN Brand Shares of Off-trade Soft Drinks: % Value 2018-2021 .............. 16
Table 21 Distribution of Off-trade Soft Drinks (as sold) by Format: % Volume
2016-2021.................................................................................................. 17

S O F T D R I N K S I N I N D I A P a s s p o r t ii
Table 22 Distribution of Off-trade Soft Drinks (as sold) by Format and Category:
% Volume 2021.......................................................................................... 18
Table 23 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by
Channel: Volume 2021-2026 ..................................................................... 19
Table 24 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by
Channel: % Volume Growth 2021-2026..................................................... 19
Table 25 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel:
Value 2021-2026........................................................................................ 19
Table 26 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: %
Value Growth 2021-2026 ........................................................................... 19
Table 27 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: Volume
2021-2026.................................................................................................. 20
Table 28 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: % Volume
Growth 2021-2026 ..................................................................................... 20
Table 29 Forecast Off-trade Sales of Soft Drinks by Category: Value 2021-
2026........................................................................................................... 20
Table 30 Forecast Off-trade Sales of Soft Drinks by Category: % Value Growth
2021-2026.................................................................................................. 21
APPENDIX ................................................................................................................................. 21
Fountain sales in India............................................................................................................ 21
DISCLAIMER ............................................................................................................................. 22
SOURCES.................................................................................................................................. 22
Summary 1 Research Sources...................................................................................... 22

S O F T D R I N K S I N I N D I A P a s s p o r t 1
SOFT DRINKS IN INDIA
EXECUTIVE SUMMARY
Soft drinks in 2021: The big picture
In 2021, India did not have a nationwide lockdown, unlike in 2020. Most of the state
governments in the country implemented localised lockdowns to curb the spread of COVID-19
during the second wave caused by the Delta variant. The restrictions enforced by the state
governments were scattered and less severe than those seen in 2020. However, the lockdowns
and resultant limitations on movement hampered the recovery of out of home consumption. The
second wave started in mid-March and continued until May, just like in 2020. For the second
consecutive time, the lockdown in the country coincided with the summer, which negatively
affected on-trade sales of soft drinks in the country during this period. Therefore, although the
on-trade returned to growth, the volume and value sales reached were nowhere near the pre-
pandemic level. Meanwhile, off-trade sales also returned to growth 2021, offsetting much of the
decline seen in 2020. Access to refrigeration appliances played a role in the growth of soft
drinks in the off-trade in 2021. The average unit prices of fridge-freezers bought by consumers
saw an increase of more than 10%, partly due to consumers buying bigger appliances, which
was confirmed by the fact that the volume contribution of double door (top freezer) increased
notably. The shift towards double door models resulted from the need for more space to store
groceries, including soft drinks, particularly during the lockdowns. Bottled water remained by far
the largest category within soft drinks in the off-trade in 2021, due to lack of access to clean
drinking water for many, followed by carbonates and juice, with most other categories
accounting for minimal shares of sales.
Communication around functional references is of paramount
importance
The pandemic put the focus on health and the need to build immunity. Therefore, consumers
have been re-evaluating their priorities and looking for products with functional benefits. To
attract such consumers, companies have focused on communication highlighting the immune
benefits of their products. Many companies offering juices have concentrated their entire
communication around their functional benefits. In the second half of 2020, Coca-Cola India
launched two juice products under its Minute Maid brand, fortified with vitamins and zinc. In
2021, Dabur India revamped its juices portfolio under the Real brand and developed a campaign
to highlight the vitamin C content. The company launched new flavours under the Real brand,
including aloe-kiwi and masala sugarcane juice. As part of this strategy, the packaging is
dominated by pictures of fruits on the boxes. The packaging also contains messaging and
claims around the benefits of these products. In general, companies give precedence to
highlighting functionality and ingredients on their packaging to attract consumers. Even
categories such as concentrates, which position themselves on value or accessibility, have
started highlighting functional references to attract consumers.
Competitive landscape
Both the leading players in soft drinks, Coca-Cola India and PepsiCo India Holdings, have
been focusing on reducing the sugar content in their products. The pandemic accelerated this
process. Coca-Cola India is working on reducing the sugar content of 330ml carbonate cans to
6g from 35g. Similarly, in 2021 PepsiCo India Holdings changed its formulation in India for the

first time to reduce the sugar content. In conjunction with the growing trend of reducing sugar
content across its portfolio, the company also wanted to reduce the gap with Thums Up by
Coca-Cola, which has a lower sugar content. Over the last few years, the leading players have
expanded their zero or low-calorie portfolios in India. Similarly, companies have been launching
concentrates with fruit content. Considering COVID-19 and increasing awareness of the
importance of obesity in terms of the severity of symptoms, health awareness and weight loss
have become increasingly important factors influencing consumers’ purchasing decisions.
The pandemic highlighted the potential in rural areas. When demand declined, companies
looked to rural India to drive sales. In 2020, to tap into rural demand and at-home consumption,
which increased due to lockdown restrictions and increased working from home, PepsiCo India
Holdings and Coca-Cola India partnered with Common Services Centres (CSC) to list their food
products on the Grameen e-Store. Companies are addressing the need for last-mile delivery to
these rural areas, as there has been increased demand due to multiple factors, including
reverse migration. PepsiCo India started this as a pilot project for the state of Rajasthan.
However, in 2021, owing to its success, it extended the partnership to three more states –
Andhra Pradesh, Madhya Pradesh and Jharkhand. More prominent players also collaborated
with hyperlocal players such as Swiggy, BigBasket and Dunzo to ensure the availability of
products, particularly during the lockdowns.
Retailing developments
Most companies allocated more resources to the e-commerce channel during the pandemic.
In 2020 and 2021, the lockdowns overlapped with the summer season, thereby limiting the
growth of soft drinks. Companies therefore partnered with online delivery platforms to drive
sales and get their products to consumers. In some cases, cost took a back seat, as the main
aim was to ensure that consumers did not shift to other brands due to lack of availability.
Although e-commerce is here to stay, and products will continue to be sold online on
marketplaces such as Amazon and Flipkart, companies believe that partnerships with hyperlocal
delivery players such as Swiggy and Dunzo are not sustainable in the long run. The commission
charged by hyperlocal players is high, and the margins on some of these products do not
warrant partnership. Although fmcg giants can go down the direct to consumer route, mid-sized
and smaller companies cannot do this, due to the high logistics costs and fuel prices.
Many companies offering bottled water have also warmed up to e-commerce. Parle Bisleri,
the bottled water company, launched its web shop.bisleri.com, through which consumers can
order bottled water. However, the direct to consumer model is challenging to sustain, especially
for still bottled water, as the margins in this category are narrow. However, the channel gave a
new lease of life to companies that target the hospitality and aviation industries by selling
premium products. Many companies engaged in institutional sales were forced to review their
business models and modify them to offer their products through retail channels, as the COVID-
19 pandemic and the resultant lockdown restricted out of home sales. On-trade establishments
continued to be impacted by consecutive waves of COVID-19, not allowing these players to
have any respite. For instance, before the pandemic, companies selling premium bottled water
brands such as Aava Alkaline, Blue Pine, GC Natural Spring Water and Perrier, had a limited
retail presence, and they were available only in selected modern retail outlets. However, to
ensure cash flow, companies were forced to offer their products primarily through e-commerce,
as well as selected modern grocery retail chains. Companies tied up with online marketplaces
and grocery delivery platforms such as Amazon and BigBasket and modern retailers such as
Food Hall to connect with their target customers. Similarly, some companies offering 100% juice
and kombucha also took the direct to consumer route. These are premium products with higher
margins that are made available only in metropolitan areas and tier 1 cities, ensuring the direct
to consumer path is cost-effective.

Foodservice vs retail split
In 2020, the pandemic set back the on-trade channel by a few years. According to the
National Restaurant Association of India (NRAI), the foodservice industry declined by more than
50% in FY2021. One of the reasons was that many on-trade establishments had to shut
permanently, as they could not adapt to an online-only or online-heavy model. Also, when
consumers order at home, soft drinks do not heavily feature amongst the items available. The
subsequent waves of COVID-19 continued to batter on-trade establishments, hindering on-trade
recovery in 2021. At the end of 2021, the country was hit by the Omicron wave. Due to the high
transmission rate of the virus, the state governments had to reimpose restrictions, although
restrictions have progressively become less severe. However, when a wave reaches its peak,
most state governments suspend restaurant dining at night and at weekends by implementing
night and weekend curfews. These times contribute significantly to the sales of on-trade
establishments, and their inability to function during these times impacts their recovery.
Moreover, the first and second waves in 2020 and 2021 coincided with summer, the peak
season for soft drinks consumption, which complicated matters even further.
What next for soft drinks?
By the end of 2021, approaching half of the Indian population was fully vaccinated, which
bodes well for both on-trade and off-trade recovery. However, the pandemic has brought with it
much uncertainty, and new variants of the virus are hampering the return to growth. India has
been reeling under the effects of the Omicron wave at the start of 2022. Naturally, state
governments enforced localised lockdowns. The on-trade channel always bears the brunt of
lockdowns, ensuring slow recovery for the channel. Although this variant is not as devastating
as its predecessor Delta, its high transmission rate is dangerous. Another issue is that even less
harmful variants which have a significant impact on only a small percentage of the population
still burden the health infrastructure due to the large population. On-trade recovery will continue
to be dependent on subsequent waves of the virus and resultant lockdowns in the future, with a
return to the pre-pandemic level of on-trade volume sales not expected to be reached until
2025. However, the off-trade is already getting back to normal much more quickly, and the 2019
level of sales is set to be achieved as early as 2022.
Boosted by COVID-19, the health trend will remain evident in India, as indicated by the
expectation that bottled water will see the highest growth both on-trade and off-trade in volume
terms over the forecast period as consumers turn to less sugary soft drinks. Meanwhile, the
larger players in the market will seek to continue to reduce the sugar content in their products, in
an effort to address consumers’ growing health concerns. Companies are also either
reformulating their products or conveying the benefits of existing ingredients at a time when
there is rising demand for immunity-boosting products. In addition, younger consumers will drive
demand in categories such as 100% juice, functional bottled water and kombucha, which benefit
from healthier attributes compared with alternative soft drinks.
Chart 1 Soft Drinks Off-Trade Volume Sales Growth Scenarios: 2019-2026

Source: Euromonitor International Industry Forecast Model
Note: C19 Pessimistic 1 represents a modelled scenario with an estimated probability of 25-35% over a 1-year
horizon, factoring in macro drivers including GDP, stock prices, business and consumer confidence rates
alongside infection rates, supply chain and labour supply disruption rates
Chart 2 Soft Drinks On-Trade Volume Sales Growth Scenarios: 2019-2026

Note: C19 Pessimistic 1 represents a modelled scenario with an estimated probability of 25-35% over a 1-year
horizon, factoring in macro drivers including GDP, stock prices, business and consumer confidence rates
alongside infection rates, supply chain and labour supply disruption rates
Chart 3 Soft Drinks Impact of Drivers on Off-Trade Volume Sales: 2019-2026

Note: The above chart shows the growth decomposition split by macro drivers such as GDP per capita and
population alongside soft drivers listed as having a positive (+) or negative (-) impact on the total growth
rate
Chart 4 Soft Drinks Impact of Drivers on On-Trade Volume Sales: 2019-2026

Note: The above chart shows the growth decomposition split by macro drivers such as GDP per capita and
population alongside soft drivers listed as having a positive (+) or negative (-) impact on the total growth
rate
MARKET DATA
Table 1 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume 2016-
2021
million litres
2016 2017 2018 2019 2020 2021
Off-trade 11,034.4 12,419.5 14,270.2 16,386.0 14,865.1 16,122.6
On-trade 6,640.9 7,644.4 8,851.0 10,262.0 6,066.1 6,733.3
Total 17,675.3 20,063.9 23,121.2 26,648.0 20,931.3 22,855.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: % Volume Growth
2016-2021
% volume growth
2020/21 2016-21 CAGR 2016/21 Total

Off-trade 8.5 7.9 46.1
On-trade 11.0 0.3 1.4
Total 9.2 5.3 29.3
Table 3 Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
Off-trade 339,089.6 381,708.7 444,446.1 517,236.8 506,822.0 581,947.0
On-trade 285,790.4 318,584.6 361,228.5 410,433.6 244,684.4 283,222.3
Total 624,880.0 700,293.3 805,674.6 927,670.4 751,506.4 865,169.3
Table 4 Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value Growth 2016-
2021
% constant value growth
2020/21 2016-21 CAGR 2016/21 Total
Off-trade 14.8 11.4 71.6
On-trade 15.8 -0.2 -0.9
Total 15.1 6.7 38.5
Table 5 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: Volume 2020
million litres
Off-trade On-trade Total
Bottled Water 8,876.4 4,469.8 13,346.2
Carbonates 3,343.4 1,470.0 4,813.5
Concentrates 46.9 - 46.9
Juice 2,233.2 122.8 2,356.0
RTD Coffee - - -
RTD Tea 21.2 1.1 22.3
Energy Drinks 15.3 2.4 17.7
Sports Drinks 28.8 - 28.8
Asian Speciality Drinks - - -
Soft Drinks 14,565.3 6,066.1 20,631.4
Note: Excludes powder concentrates
Table 6 Off-trade vs On-trade Sales of Soft Drinks (as sold) by Category: % Volume
2020
% volume analysis

Bottled Water 66.5 33.5 100.0
Carbonates 69.5 30.5 100.0
Juice 94.8 5.2 100.0
RTD Coffee - - -
RTD Tea 95.1 4.9 100.0
Soft Drinks 70.6 29.4 100.0
Table 7 Off-trade vs On-trade Sales of Soft Drinks by Category: Value 2020
INR million
Bottled Water 140,093.1 85,551.3 225,644.4
Carbonates 155,259.4 136,181.1 291,440.5
Concentrates 12,625.3 - 12,625.3
Juice 186,770.6 20,547.8 207,318.4
RTD Coffee - - -
RTD Tea 1,645.8 187.9 1,833.7
Energy Drinks 7,079.0 2,216.3 9,295.3
Sports Drinks 3,348.8 - 3,348.8
Soft Drinks 506,822.0 244,684.4 751,506.4
Table 8 Off-trade vs On-trade Sales of Soft Drinks by Category: % Value 2020
% value analysis
Carbonates 53.3 46.7 100.0
Juice 90.1 9.9 100.0
RTD Coffee - - -
RTD Tea 89.8 10.2 100.0
Soft Drinks 67.4 32.6 100.0
Table 9 Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2016-2021
million litres

2016 2017 2018 2019 2020 2021
Bottled Water 5,884.5 6,955.6 8,305.9 9,882.9 8,876.4 9,690.3
Carbonates 3,213.7 3,386.3 3,674.0 3,982.0 3,343.4 3,532.3
Concentrates 279.5 297.1 313.7 330.9 346.8 362.8
Juice 1,602.0 1,721.0 1,911.2 2,118.2 2,233.2 2,464.2
RTD Coffee - - - - - -
RTD Tea 17.1 18.6 20.4 22.4 21.2 22.4
Energy Drinks 15.0 15.2 15.4 15.6 15.3 15.4
Sports Drinks 22.6 25.8 29.6 33.9 28.8 35.2
Asian Speciality Drinks - - - - - -
Soft Drinks 11,034.4 12,419.5 14,270.2 16,386.0 14,865.1 16,122.6
Table 10 Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth 2016-2021
% volume growth
2020/21 2016-21 CAGR 2016/21 Total
Carbonates 5.6 1.9 9.9
Concentrates 4.6 5.4 29.8
Juice 10.3 9.0 53.8
RTD Coffee - - -
RTD Tea 5.8 5.6 31.3
Sports Drinks 22.2 9.3 55.7
Soft Drinks 8.5 7.9 46.1
Table 11 Off-trade Sales of Soft Drinks by Category: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
Bottled Water 73,463.3 90,902.6 114,809.3 144,949.6 140,093.1 165,608.8
Carbonates 139,218.4 149,369.8 165,210.4 181,944.0 155,259.4 168,289.8
Concentrates 9,398.2 10,169.3 11,050.2 11,851.0 12,625.3 13,759.0
Juice 107,943.0 121,281.2 142,206.3 166,058.1 186,770.6 220,788.2
RTD Tea 1,237.9 1,375.9 1,522.3 1,715.5 1,645.8 1,794.0
Energy Drinks 5,787.7 6,109.3 6,520.4 6,881.5 7,079.0 7,463.8
Sports Drinks 2,041.1 2,500.7 3,127.1 3,837.1 3,348.8 4,243.4
Soft Drinks 339,089.6 381,708.7 444,446.1 517,236.8 506,822.0 581,947.0
Table 12 Off-trade Sales of Soft Drinks by Category: % Value Growth 2016-2021
% current value growth
2020/21 2016-21 CAGR 2016/21 Total

Juice 18.2 15.4 104.5
RTD Coffee - - -
RTD Tea 9.0 7.7 44.9
Soft Drinks 14.8 11.4 71.6
Table 13 NBO Company Shares of Total Soft Drinks (RTD): % Volume 2017-2021
% total rtd volume
Company 2017 2018 2019 2020 2021
Coca-Cola India Pvt Ltd 23.1 22.8 22.1 24.4 22.4
PepsiCo India Holdings 15.2 15.3 15.1 17.1 16.9
Pvt Ltd
Parle Bisleri Ltd 7.1 7.5 7.9 10.2 9.0
Parle Agro Pvt Ltd 2.1 2.0 1.9 2.4 2.4
Dhariwal Industries Ltd 1.2 1.2 1.2 1.9 1.8
UB Group 1.1 1.1 1.1 1.5 1.4
Dabur India Ltd 0.7 0.7 0.7 0.9 1.0
Pioma Industries Ltd 0.7 0.6 0.6 0.8 0.8
Mount Everest Mineral 0.3 0.5 0.5 0.5 0.5
Water Ltd
Hindustan Unilever Ltd 0.2 0.2 0.2 0.3 0.2
Narangs Hospitality 0.2 0.2 0.2 0.2 0.2
Services Pvt Ltd
Hamdard Wakf 0.1 0.1 0.1 0.1 0.1
Laboratories Ltd
Mondelez India Foods 0.1 0.1 0.1 0.1 0.1
Pvt Ltd
Dharmapal Satyapal Ltd 0.1 0.1 0.1 0.1 0.1
Red Bull GmbH 0.1 0.1 0.1 0.1 0.1
Kraft Jacobs Suchard - - - - -
India Pvt Ltd
Others 47.5 47.4 48.0 39.4 43.0
Total 100.0 100.0 100.0 100.0 100.0
Table 14 LBN Brand Shares of Total Soft Drinks (RTD): % Volume 2018-2021
% total rtd volume
Brand (GBO) Company (NBO) 2018 2019 2020 2021
Bisleri Parle Bisleri Ltd 7.5 7.9 10.2 9.0
Aquafina (PepsiCo PepsiCo India Holdings 4.6 5.0 6.7 6.6
Inc) Pvt Ltd
Kinley (Coca-Cola Coca-Cola India Pvt Ltd 5.3 5.5 7.8 6.0
Co, The)
Sprite (Coca-Cola Coca-Cola India Pvt Ltd 5.0 5.0 4.5 4.5

Co, The)
Thums Up (Coca-Cola Coca-Cola India Pvt Ltd 4.1 3.8 3.6 3.5
Co, The)
Maaza (Coca-Cola Coca-Cola India Pvt Ltd 2.6 2.4 3.0 3.1
Co, The)
Mountain Dew PepsiCo India Holdings 2.9 2.7 2.7 2.6
(PepsiCo Inc) Pvt Ltd
Frooti Parle Agro Pvt Ltd 1.9 1.8 2.3 2.3
7-Up (PepsiCo Inc) PepsiCo India Holdings 2.0 2.0 1.8 1.8
Pvt Ltd
Limca (Coca-Cola Coca-Cola India Pvt Ltd 2.0 2.0 1.8 1.8
Co, The)
Oxyrich (Manikchand Dhariwal Industries Ltd 1.2 1.2 1.9 1.8
Group)
Coca-Cola (Coca- Coca-Cola India Pvt Ltd 2.1 1.9 1.8 1.8
Cola Co, The)
Pepsi (PepsiCo Inc) PepsiCo India Holdings 2.0 1.8 1.7 1.7
Pvt Ltd
Mirinda (PepsiCo Inc) PepsiCo India Holdings 1.6 1.5 1.6 1.5
Pvt Ltd
Slice (PepsiCo Inc) PepsiCo India Holdings 1.1 1.1 1.4 1.4
Pvt Ltd
Fanta (Coca-Cola Coca-Cola India Pvt Ltd 1.6 1.4 1.6 1.4
Co, The)
Kingfisher UB Group 1.1 1.1 1.5 1.4
Réal Dabur India Ltd 0.7 0.7 0.9 1.0
Rasna Pioma Industries Ltd 0.6 0.6 0.8 0.8
Tropicana (PepsiCo PepsiCo India Holdings 0.4 0.4 0.5 0.6
Inc) Pvt Ltd
Himalayan (Tata Mount Everest Mineral - - 0.5 0.5
Consumer Products Water Ltd
Ltd)
Evervess (PepsiCo PepsiCo India Holdings 0.3 0.2 0.3 0.3
Inc) Pvt Ltd
Minute Maid (Coca- Coca-Cola India Pvt Ltd 0.2 0.2 0.3 0.3
Cola Co, The)
Qua (Narang group, Narangs Hospitality 0.2 0.2 0.2 0.2
The) Services Pvt Ltd
Kissan (Unilever Hindustan Unilever Ltd 0.2 0.1 0.2 0.2
Group)
Rooh Afza Hamdard Wakf 0.1 0.1 0.1 0.1
Laboratories Ltd
Gatorade (PepsiCo PepsiCo India Holdings 0.1 0.1 0.1 0.1
Inc) Pvt Ltd
Tang (Mondelez Mondelez India Foods 0.1 0.1 0.1 0.1
International Inc) Pvt Ltd
Duke's (PepsiCo Inc) PepsiCo India Holdings 0.1 0.1 0.1 0.1
Pvt Ltd
Catch Natural Dharmapal Satyapal Ltd 0.1 0.1 0.1 0.1
Mineral Water
Himalayan (Tata Mount Everest Mineral 0.5 0.5 - -
Global Beverages Ltd) Water Ltd
Others Others 47.7 48.4 39.8 43.4
Total Total 100.0 100.0 100.0 100.0
Table 15 NBO Company Shares of On-trade Soft Drinks (RTD): % Volume 2017-2021

% on-trade rtd volume
Company 2017 2018 2019 2020 2021
Pvt Ltd
UB Group 1.3 1.4 1.5 1.9 1.8
Mount Everest Mineral 0.9 1.1 1.2 1.6 1.6
Water Ltd
Narangs Hospitality 0.6 0.6 0.6 0.7 0.7
Services Pvt Ltd
Dharmapal Satyapal Ltd 0.3 0.3 0.3 0.4 0.4
Danone, Groupe 0.1 0.1 0.1 0.2 0.2
Dabur India Ltd 0.2 0.1 0.1 0.1 0.1
Others 50.8 50.3 51.1 42.8 45.4
Total 100.0 100.0 100.0 100.0 100.0
Table 16 LBN Brand Shares of On-trade Soft Drinks (RTD): % Volume 2018-2021
% on-trade rtd volume
Inc) Pvt Ltd
Co, The)
Co, The)
Co, The)
Co, The)
Cola Co, The)
Pvt Ltd
Pvt Ltd
Pvt Ltd
Himalayan (Tata Mount Everest Mineral - - 1.6 1.6
Consumer Products Water Ltd
Ltd)
Co, The)
Qua (Narang group, Narangs Hospitality 0.6 0.6 0.7 0.7
The) Services Pvt Ltd
Co, The)

Group)
Catch Natural Dharmapal Satyapal Ltd 0.3 0.3 0.4 0.4
Mineral Water
Pvt Ltd
Evian Danone, Groupe 0.1 0.1 0.2 0.2
Pvt Ltd
Appy Parle Agro Pvt Ltd 0.1 0.1 0.1 0.1
Inc) Pvt Ltd
Bailley Parle Agro Pvt Ltd 0.0 0.0 0.0 0.0
Himalayan (Tata Mount Everest Mineral 1.1 1.2 - -
Global Beverages Ltd) Water Ltd
Others Others 50.3 51.2 42.8 45.5
Total Total 100.0 100.0 100.0 100.0
Table 17 NBO Company Shares of Off-trade Soft Drinks (RTD): % Volume 2017-2021
% off-trade volume
Company 2017 2018 2019 2020 2021
Pvt Ltd
Dabur India Ltd 1.1 1.1 1.0 1.3 1.3
UB Group 1.0 0.9 0.9 1.3 1.2
Hamdard Wakf 0.2 0.2 0.2 0.2 0.2
Laboratories Ltd
Pvt Ltd
ITC Foods Ltd 0.1 0.1 0.1 0.1 0.1
Red Bull GmbH 0.1 0.1 0.1 0.1 0.1
Rakyan Beverages Pvt Ltd 0.0 0.0 0.0 0.0 0.0
Tunip Agro Pvt Ltd 0.0 0.0 0.0 0.0 0.0
India Pvt Ltd
Others 45.3 45.5 46.0 37.9 41.9
Total 100.0 100.0 100.0 100.0 100.0
Table 18 LBN Brand Shares of Off-trade Soft Drinks (RTD): % Volume 2018-2021
% off-trade volume

Co, The)
Inc) Pvt Ltd
Co, The)
Co, The)
Co, The)
Group)
Pvt Ltd
Pvt Ltd
Co, The)
Cola Co, The)
Pvt Ltd
Pvt Ltd
Co, The)
Inc) Pvt Ltd
Inc) Pvt Ltd
Cola Co, The)
Group)
Laboratories Ltd
Inc) Pvt Ltd
Tang (Mondelez Mondelez India Foods 0.2 0.2 0.2 0.2
International Inc) Pvt Ltd
Nimbooz by 7-Up PepsiCo India Holdings 0.2 0.2 0.1 0.1
B Natural ITC Foods Ltd 0.1 0.1 0.1 0.1
Pvt Ltd
Lipton (Unilever Hindustan Unilever Ltd 0.1 0.1 0.1 0.1
Group)
Others Others 45.7 46.2 38.1 42.1
Total Total 100.0 100.0 100.0 100.0
Table 19 NBO Company Shares of Off-trade Soft Drinks: % Value 2017-2021

% off-trade value rsp
Company 2017 2018 2019 2020 2021
Pvt Ltd
Dabur India Ltd 3.8 3.6 3.7 4.4 4.7
Red Bull GmbH 1.4 1.3 1.2 1.2 1.1
Rakyan Beverages Pvt Ltd 0.1 0.2 0.2 0.5 0.7
UB Group 0.3 0.3 0.3 0.4 0.4
ITC Foods Ltd 0.3 0.3 0.3 0.4 0.4
Hamdard Wakf 0.4 0.3 0.3 0.3 0.3
Laboratories Ltd
Pvt Ltd
Tunip Agro Pvt Ltd 0.1 0.1 0.1 0.1 0.1
India Pvt Ltd
Others 35.5 36.1 37.2 33.7 36.6
Total 100.0 100.0 100.0 100.0 100.0
Table 20 LBN Brand Shares of Off-trade Soft Drinks: % Value 2018-2021
% off-trade value rsp
Co, The)
Pvt Ltd
Co, The)
Co, The)
Co, The)
Inc) Pvt Ltd
Co, The)
Inc) Pvt Ltd
Cola Co, The)
Pvt Ltd

Pvt Ltd
Pvt Ltd
Co, The)
Red Bull Red Bull GmbH 1.3 1.2 1.2 1.1
Group)
Raw Pressery Rakyan Beverages Pvt Ltd 0.2 0.2 0.5 0.7
Cola Co, The)
Inc) Pvt Ltd
B Natural ITC Foods Ltd 0.3 0.3 0.4 0.4
Group)
Laboratories Ltd
Inc) Pvt Ltd
Lipton (Unilever Hindustan Unilever Ltd 0.2 0.2 0.2 0.2
Group)
Nimbooz by 7-Up PepsiCo India Holdings 0.2 0.2 0.2 0.2
Others Others 36.7 37.8 34.4 37.1
Total Total 100.0 100.0 100.0 100.0
Table 21 Distribution of Off-trade Soft Drinks (as sold) by Format: % Volume 2016-2021
% off-trade
2016 2017 2018 2019 2020 2021
Store-Based Retailing 100.0 99.7 99.5 99.3 98.4 97.5
- Grocery Retailers 100.0 99.7 99.5 99.3 98.4 97.5
-- Modern Grocery 19.9 19.5 19.8 19.9 20.6 20.9
Retailers
--- Convenience Stores 3.5 3.7 3.7 3.8 3.8 3.8
--- Discounters - - - - - -
--- Forecourt Retailers 0.1 0.1 0.1 0.1 0.1 0.1
--- Hypermarkets 10.0 10.2 10.1 10.1 10.5 10.5
--- Supermarkets 6.3 5.5 5.9 5.8 6.2 6.4
-- Traditional Grocery 80.1 80.2 79.7 79.4 77.8 76.6
Retailers
--- Food/drink/tobacco - - - - - -
specialists
--- Independent Small 77.6 78.0 77.6 77.4 75.5 74.5
Grocers
--- Other Grocery 2.5 2.2 2.1 2.0 2.3 2.2
Retailers
- Mixed Retailers - - - - - -
- Non-Grocery Specialists - - - - - -
Non-Store Retailing - 0.3 0.5 0.7 1.6 2.5
- Vending - - - - - -
- Homeshopping - - - - - -

- E-Commerce - 0.3 0.5 0.7 1.6 2.5
- Direct Selling - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 22 Distribution of Off-trade Soft Drinks (as sold) by Format and Category: %
Volume 2021
% off-trade
BW C Con F/VJ RTD C RTD T
Store-Based Retailing 97.6 97.1 97.5 97.5 0.0 97.4
- Grocery Retailers 97.6 97.1 97.5 97.5 0.0 97.4
-- Modern Grocery 19.3 14.5 19.7 35.3 0.0 78.9
Retailers
--- Convenience Stores 5.1 1.5 0.7 2.4 0.0 0.2
--- Discounters 0.0 0.0 0.0 0.0 0.0 0.0
--- Forecourt Retailers 0.1 0.2 0.0 0.2 0.0 0.1
--- Hypermarkets 9.5 6.5 10.4 19.9 0.0 48.4
--- Supermarkets 4.7 6.2 8.6 12.8 0.0 30.3
-- Traditional Grocery 78.3 82.6 77.9 62.2 0.0 18.5
Retailers
--- Food/drink/tobacco 0.0 0.0 0.0 0.0 0.0 0.0
specialists
--- Independent Small 78.3 75.0 75.5 59.6 0.0 2.2
Grocers
--- Other Grocery 0.0 7.7 2.3 2.6 0.0 16.3
Retailers
- Mixed Retailers 0.0 0.0 0.0 0.0 0.0 0.0
- Non-Grocery Specialists 0.0 0.0 0.0 0.0 0.0 0.0
Non-Store Retailing 2.3 2.9 2.5 2.4 0.0 2.6
- Vending 0.0 0.0 0.0 0.0 0.0 0.0
- Homeshopping 0.0 0.0 0.0 0.0 0.0 0.0
- E-Commerce 2.3 2.9 2.5 2.4 0.0 2.6
- Direct Selling 0.0 0.0 0.0 0.0 0.0 0.0
Total 100.0 100.0 100.0 100.0 0.0 100.0
ED SPD ASD
Store-Based Retailing 98.7 97.7 0.0
- Grocery Retailers 98.7 97.7 0.0
-- Modern Grocery 30.2 33.5 0.0
Retailers
--- Convenience Stores 3.2 2.4 0.0
--- Discounters 0.0 0.0 0.0
--- Forecourt Retailers 0.3 0.2 0.0
--- Hypermarkets 12.1 14.5 0.0
--- Supermarkets 14.7 16.5 0.0
-- Traditional Grocery 68.4 64.2 0.0
Retailers
--- Food/drink/tobacco 0.0 0.0 0.0
specialists
--- Independent Small 65.0 60.4 0.0
Grocers
--- Other Grocery 3.5 3.9 0.0
Retailers
- Mixed Retailers 0.0 0.0 0.0
- Non-Grocery Specialists 0.0 0.0 0.0

Non-Store Retailing 1.3 2.3 0.0
- Vending 0.0 0.0 0.0
- Homeshopping 0.0 0.0 0.0
- E-Commerce 1.3 2.3 0.0
- Direct Selling 0.0 0.0 0.0
Total 100.0 100.0 0.0
Key: BW = bottled water; CB = carbonates; CN = concentrates; JU = juice; RTDC = RTD coffee; RTDT = RTD
tea; ED = energy drinks; SPD = sports drinks; ASD = Asian speciality drinks
Table 23 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: Volume
2021-2026
million litres
2021 2022 2023 2024 2025 2026
Off-trade 16,122.6 18,063.7 20,288.5 22,833.9 25,753.3 29,117.4
On-trade 6,733.3 7,612.7 8,625.2 9,790.9 11,128.9 12,659.3
Total 22,855.9 25,676.4 28,913.7 32,624.8 36,882.1 41,776.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 24 Forecast Off-trade vs On-trade Sales of Soft Drinks (RTD) by Channel: %
Volume Growth 2021-2026
% volume growth
2021/22 2021-26 CAGR 2021/26 Total
Off-trade 12.0 12.5 80.6
On-trade 13.1 13.5 88.0
Total 12.3 12.8 82.8
trade sources
Table 25 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: Value 2021-
2026
INR million
2021 2022 2023 2024 2025 2026
Off-trade 581,947.0 645,393.5 721,037.1 809,136.0 912,832.1 1,037,69
1.8
On-trade 283,222.3 306,569.3 331,735.2 359,779.7 391,041.5 425,560.8
Total 865,169.3 951,962.8 1,052,77 1,168,91 1,303,87 1,463,25
2.3 5.7 3.6 2.5
trade sources
Table 26 Forecast Off-trade vs On-trade Sales of Soft Drinks by Channel: % Value
Growth 2021-2026

2021/22 2021-26 CAGR 2021/26 Total
Off-trade 10.9 12.3 78.3
On-trade 8.2 8.5 50.3
Total 10.0 11.1 69.1
trade sources
Table 27 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: Volume 2021-2026
million litres
2021 2022 2023 2024 2025 2026
Bottled Water 9,690.3 11,179.2 12,907.2 14,914.9 17,249.0 19,979.4
Carbonates 3,532.3 3,723.8 3,924.3 4,135.2 4,356.0 4,587.6
Concentrates 362.8 379.4 396.9 415.2 433.7 452.9
Juice 2,464.2 2,700.8 2,971.7 3,270.9 3,606.6 3,977.6
RTD Tea 22.4 24.7 26.8 29.2 31.7 34.5
Energy Drinks 15.4 15.6 15.8 16.0 16.3 16.5
Sports Drinks 35.2 40.2 45.9 52.4 60.0 68.8
Soft Drinks 16,122.6 18,063.7 20,288.5 22,833.9 25,753.3 29,117.4
trade sources
Table 28 Forecast Off-trade Sales of Soft Drinks (RTD) by Category: % Volume Growth
2021-2026
% volume growth
2021/22 2021-26 CAGR 2021/26 Total
Juice 9.6 10.0 61.4
RTD Coffee - - -
RTD Tea 10.4 9.0 54.1
Soft Drinks 12.0 12.5 80.6
trade sources
Table 29 Forecast Off-trade Sales of Soft Drinks by Category: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026
Bottled Water 165,608.8 196,604.2 234,068.4 278,957.0 332,933.5 401,959.0
Carbonates 168,289.8 173,461.5 178,411.7 183,680.1 189,043.1 194,237.5
Concentrates 13,759.0 14,282.5 14,818.5 15,355.2 15,881.9 16,425.0

Juice 220,788.2 246,792.1 278,665.0 315,160.2 357,970.1 406,944.3
RTD Tea 1,794.0 1,921.4 2,030.5 2,151.2 2,283.4 2,425.1
Energy Drinks 7,463.8 7,581.8 7,709.3 7,839.8 7,975.7 8,116.4
Sports Drinks 4,243.4 4,749.8 5,333.9 5,992.6 6,744.3 7,584.5
Soft Drinks 581,947.0 645,393.5 721,037.1 809,136.0 912,832.1 1,037,69
1.8
trade sources
Table 30 Forecast Off-trade Sales of Soft Drinks by Category: % Value Growth 2021-
2026
2021/2022 2021-26 CAGR 2021/26 Total
Juice 11.8 13.0 84.3
RTD Coffee - - -
RTD Tea 7.1 6.2 35.2
Soft Drinks 10.9 12.3 78.3
trade sources
APPENDIX
Fountain sales in India
Trends
The presence of fountain on-trade sales of soft drinks is negligible in India. The availability of
fountain soft drinks in the on-trade channel is restricted to tier 1 cities such as Delhi, Mumbai,
Bengaluru and Chennai, and nearly always to captive environments such as multiplex cinemas,
railway stations and airports. Carbonates is the major soft drinks category sold through
fountains in India, followed by RTD tea. Pepsi, Coca-Cola, Sprite, Fanta, Mirinda, Mountain Dew
and Thums Up remain the most common brands sold through fountains. In addition, Hindustan
Unilever’s Lipton Ice Tea, Nestlé India’s Nestea Ice Tea, and Georgia Gold’s RTD Ice Tea are
also sold through fountains.
Fountain sales of soft drinks through convenience stores remained negligible at the end of the
review period, and consumer foodservice channels remained the major contributors to fountain
sales in 2020. Over the forecast period, fountain sales of soft drinks are expected to grow in
direct correlation with the increases expected in the number of consumer foodservice outlets,
shopping centre food courts and office complexes, amongst other possible locations for sales of
fountain soft drinks. It is expected that carbonates and RTD tea will remain the most popular
categories for fountain sales of soft drinks in the future, as other types of soft drinks have yet to
be introduced.

DISCLAIMER
Forecast closing date: 15 November 2021
Report closing date: 7 February 2022
Analysis and data in this report give full consideration to consumer behaviour and market
performance in 2021 and beyond as of the dates above. For the very latest insight on this
industry and consumer behaviour, at both global and national level, readers can access
strategic analysis and updates on www.euromonitor.com and via the Passport system, where
new content is being added on a systematic basis.
SOURCES
Sources used during the research included the following:
Summary 1 Research Sources
Official Sources Agricultural & Processed Food Products
Export Development Authority (APEDA)
Agriculture & Agri-Food Canada
Federation of Indian Chambers of Commerce
& Industry
Ministry of Food Processing Industries
United States Department of Agriculture
(USDA) Foreign Agricultural Service (FAS)
Trade Associations Asian Bottled Water Association (ABWA)
Associated Chambers Of Commerce &
Industry Of India, The
Association of Bottled Water
Coffee Board of India
Confederation of Indian Food Trade & Industry
(CII)
Federation of Biscuit Manufacturers
Association of India
Federation of Indian Chambers & Commerce
of Industry
Indian Soft Drinks Manufacturers Association
International Bottled Water Association
International Copetence Centre for Organic
Agriculture
International Council of Bottled Water
Associations (ICBWA)
International Federation of Fruit Juice

Producers
MOFPI
PHD Chamber of Commerce & Industry
Trade Association
UNESDA & CISDA
Trade Press 2point6billion.com
Beverage Digest
Beverage Net
Beverage World
BeverAsia
Business India
Business Line
Business Standard
Business Today
Business World
Capital Market
Catalyst
Commodity India
Domain-b
Economic Times
Economics time
Equity Master
Express Hotelier & Caterer
Financial Express
Food & Beverage News
Food Industry India
Foodandbeverages.in
FoodAsia
Foodbev.com
Free Press Journal
Hindustan Times
I Love India
India Brand Equity Foundation
India Buzz info

India Earnings
India Infoline
India Retailing
India Times
India Today
Indian Express
Indian Industry Tracker
IndianTelevision.com
Live Mint
MAG India
Money Control
NDTV
Outlook Money
Retail Asia
Reuters
Soft Drinks International
The Economic Times
The Financial Express
The Hindu
The Hindu Business Line
The Indian Express
The Week
This Week Bangalore
Times Food Processing Journal
Times of India
Trak
Tribune
YourStory
Source: Euromonitor International

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