The big factor is carbonated beverages vs non carbonated
To be sure Soda is a key player in home consumption of carbonated beverages and with the rising cost of packaging and shipping, that lead should continue. However, a look at the product lineup for BOTH KO and PEP , the growth has been In waters, juices, and teas along with the addition/expansion of snack foods. Will soda survive? I believe YES. But the biggest growth is In waters. It would be present to look at the profiles of KO a d PEP and of news stories of the beverage and snack food industry. If Soda was. US based company, I would see it as a greater takeover target, and certainly both KO and PEP have international Licencing, and Licencing is an entirely different aspect.