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Pepsi lost the cola wars to Coke. Why is it struggling to hold on to second place?

Dr Pepper took the No 2 spot behind Coca-Cola last year. But the latest US sales figures don’t tell the whole story

This month, the astonishing news broke that, after more than a century of pitched battle – including ad skirmishes, frantic marketing, and taste tests on both Earth and in space – the cola wars were officially over. Coca-Cola had always been the winner, but its longtime rival, Pepsi, was no longer No 2. Instead, a new challenger had climbed into second place: Dr Pepper.

The coup de grace was delivered by Beverage Digest, an Atlanta-based trade publication that, in late May, released an updated ranking of the top 10 US carbonated soft drink brands in 2023 based on sales volume. There, at the top, was Coca-Cola Classic, with a 19.2% volume share of the market, followed by Dr Pepper, which squeaked by Pepsi, 8.34% to 8.31%. What a comedown for Pepsi, which had enjoyed a 15% share back in the glory days of 1995.

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