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Europe - Carbonated Soft Drinks 0201 - 0028 - 2012 © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1 MarketLine Industry Profile Carbonated Soft Drinks in Europe August 2013 Reference Code: 0201-0028 Publication Date: August 2013 WWW.MARKETLINE.COM MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
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  • Europe - Carbonated Soft Drinks 0201 - 0028 - 2012

    MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

    MarketLine Industry Profile

    Carbonated Soft Drinks in Europe August 2013

    Reference Code: 0201-0028

    Publication Date: August 2013

    WWW.MARKETLINE.COM

    MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

    http://www.marketlineinfo.com/

  • Europe - Carbonated Soft Drinks 0201 - 0028 - 2012

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    EXECUTIVE SUMMARY

    Market value The European carbonated soft drinks market grew by 2.3% in 2012 to reach a value of $69,223.5 million.

    Market value forecast In 2017, the European carbonated soft drinks market is forecast to have a value of $78,646.4 million, an increase of

    13.6% since 2012.

    Market volume The European carbonated soft drinks market grew by 2.2% in 2012 to reach a volume of 57,990.2 million liters.

    Market volume forecast In 2017, the European carbonated soft drinks market is forecast to have a volume of 64,921.1 million liters, an increase

    of 12% since 2012.

    Category segmentation Standard cola is the largest segment of the carbonated soft drinks market in Europe, accounting for 36.9% of the

    market's total value.

    Geography segmentation The United Kingdom accounts for 18.7% of the European carbonated soft drinks market value.

    Market share The Coca-Cola Company is the leading player in the European carbonated soft drinks market, generating a 50.8% share

    of the market's volume.

    Market rivalry Rivalry in the European market is affected by continuing concentration of market share by the top four key players.

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    TABLE OF CONTENTS

    Executive Summary..........................................................................................................................................................................2

    Market value ..................................................................................................................................................................................2

    Market value forecast...................................................................................................................................................................2

    Market volume...............................................................................................................................................................................2

    Market volume forecast ...............................................................................................................................................................2

    Category segmentation................................................................................................................................................................2

    Geography segmentation ............................................................................................................................................................2

    Market share..................................................................................................................................................................................2

    Market rivalry .................................................................................................................................................................................2

    Market Overview ...............................................................................................................................................................................7

    Market definition............................................................................................................................................................................7

    Market analysis .............................................................................................................................................................................7

    Market Data........................................................................................................................................................................................8

    Market value ..................................................................................................................................................................................8

    Market volume...............................................................................................................................................................................9

    Market Segmentation .....................................................................................................................................................................10

    Category segmentation..............................................................................................................................................................10

    Geography segmentation ..........................................................................................................................................................11

    Market share................................................................................................................................................................................12

    Market distribution ......................................................................................................................................................................13

    Market Outlook ................................................................................................................................................................................14

    Market value forecast.................................................................................................................................................................14

    Market volume forecast .............................................................................................................................................................15

    Five Forces Analysis ......................................................................................................................................................................16

    Summary ......................................................................................................................................................................................16

    Buyer power.................................................................................................................................................................................17

    Supplier power ............................................................................................................................................................................18

    New entrants ...............................................................................................................................................................................19

    Threat of substitutes...................................................................................................................................................................20

    Degree of rivalry..........................................................................................................................................................................21

    Leading Companies........................................................................................................................................................................22

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    Britvic plc ......................................................................................................................................................................................22

    The Coca-Cola Company ..........................................................................................................................................................25

    PepsiCo, Inc. ...............................................................................................................................................................................29

    Suntory Group .............................................................................................................................................................................33

    Appendix...........................................................................................................................................................................................37

    Methodology ................................................................................................................................................................................37

    Industry associations..................................................................................................................................................................38

    Related MarketLine research....................................................................................................................................................38

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    LIST OF TABLES

    Table 1: Europe carbonated soft drinks market value: $ million, 200812..............................................................................8

    Table 2: Europe carbonated soft drinks market volume: million liters, 200812 ....................................................................9

    Table 3: Europe carbonated soft drinks market category segmentation: $ million, 2012 ...................................................10

    Table 4: Europe carbonated soft drinks market geography segmentation: $ million, 2012 ................................................11

    Table 5: Europe carbonated soft drinks market share: % share, by volume, 2012 .............................................................12

    Table 6: Europe carbonated soft drinks market distribution: % share, by volume, 2012 ....................................................13

    Table 7: Europe carbonated soft drinks market value forecast: $ million, 201217 ............................................................14

    Table 8: Europe carbonated soft drinks market volume forecast: million liters, 201217...................................................15

    Table 9: Britvic plc: key facts.........................................................................................................................................................22

    Table 10: Britvic plc: key financials ($) ........................................................................................................................................23

    Table 11: Britvic plc: key financials () ........................................................................................................................................23

    Table 12: Britvic plc: key financial ratios .....................................................................................................................................23

    Table 13: The Coca-Cola Company: key facts ..........................................................................................................................25

    Table 14: The Coca-Cola Company: key financials ($) ............................................................................................................26

    Table 15: The Coca-Cola Company: key financial ratios .........................................................................................................27

    Table 16: PepsiCo, Inc.: key facts ................................................................................................................................................29

    Table 17: PepsiCo, Inc.: key financials ($) .................................................................................................................................31

    Table 18: PepsiCo, Inc.: key financial ratios...............................................................................................................................31

    Table 19: Suntory Group: key facts .............................................................................................................................................33

    Table 20: Suntory Group: key financials ($) ...............................................................................................................................34

    Table 21: Suntory Group: key financials () ...............................................................................................................................34

    Table 22: Suntory Group: key financial ratios ............................................................................................................................35

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    LIST OF FIGURES

    Figure 1: Europe carbonated soft drinks market value: $ million, 200812 ............................................................................8

    Figure 2: Europe carbonated soft drinks market volume: million liters, 200812...................................................................9

    Figure 3: Europe carbonated soft drinks market category segmentation: % share, by value, 2012 .................................10

    Figure 4: Europe carbonated soft drinks market geography segmentation: % share, by value, 2012 .............................11

    Figure 5: Europe carbonated soft drinks market share: % share, by volume, 2012 ............................................................12

    Figure 6: Europe carbonated soft drinks market distribution: % share, by volume, 2012...................................................13

    Figure 7: Europe carbonated soft drinks market value forecast: $ million, 201217 ...........................................................14

    Figure 8: Europe carbonated soft drinks market volume forecast: million liters, 201217 .................................................15

    Figure 9: Forces driving competition in the carbonated soft drinks market in Europe, 2012..............................................16

    Figure 10: Drivers of buyer power in the carbonated soft drinks market in Europe, 2012 ..................................................17

    Figure 11: Drivers of supplier power in the carbonated soft drinks market in Europe, 2012 ..............................................18

    Figure 12: Factors influencing the likelihood of new entrants in the carbonated soft drinks market in Europe, 2012....19

    Figure 13: Factors influencing the threat of substitutes in the carbonated soft drinks market in Europe, 2012..............20

    Figure 14: Drivers of degree of rivalry in the carbonated soft drinks market in Europe, 2012 ...........................................21

    Figure 15: Britvic plc: revenues & profitability ............................................................................................................................24

    Figure 16: Britvic plc: assets & liabilities .....................................................................................................................................24

    Figure 17: The Coca-Cola Company: revenues & profitability ................................................................................................27

    Figure 18: The Coca-Cola Company: assets & liabilities .........................................................................................................28

    Figure 19: PepsiCo, Inc.: revenues & profitability......................................................................................................................32

    Figure 20: PepsiCo, Inc.: assets & liabilities...............................................................................................................................32

    Figure 21: Suntory Group: revenues & profitability ...................................................................................................................35

    Figure 22: Suntory Group: assets & liabilities ............................................................................................................................36

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    MARKET OVERVIEW

    Market definition The carbonated soft drinks market consists of retail sales of diet cola, standard cola, fruit-flavored carbonates, mixers

    and other carbonates. The market is valued according to retail selling price (RSP) and includes any applicable taxes.

    Any currency conversions used in the compilation of this report have been calculated using 2012 annual average

    exchange rates.

    For the purposes of this report, Europe consists of Western Europe and Eastern Europe.

    Western Europe comprises Austria, Belgium, Denmark, France, Finland, Germany, Greece, Italy, Ireland, the

    Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

    Eastern Europe comprises the Czech Republic, Hungary, Poland, Romania, Russia, and Turkey.

    Market analysis The European carbonated soft drinks market has experienced weak growth in value and volume in recent years. The

    market is, however, expected to produce slightly stronger moderate growth to the end of the forecast period to 2017.

    The European carbonated soft drinks market had total revenues of $69,223.5m in 2012, representing a compound

    annual growth rate (CAGR) of 1.5% between 2008 and 2012. In comparison, the German and UK markets grew with

    CAGRs of 1.7% and 2.6% respectively, over the same period, to reach respective values of $10,431.2m and $12,945.8m

    in 2012.

    Market consumption volumes increased with a CAGR of 1.4% between 2008 and 2012, to reach a total of 57,990.2

    million liters in 2012. The market's volume is expected to rise to 64,921.1 million liters by the end of 2017, representing a

    CAGR of 2.3% for the 2012-2017 period.

    The standard cola segment was the market's most lucrative in 2012, with total revenues of $25,538.1m, equivalent to

    36.9% of the market's overall value. The fruit-flavored carbonates segment contributed revenues of $24,738.9m in 2012,

    equating to 35.7% of the market's aggregate value.

    The performance of the market is forecast to accelerate, with an anticipated CAGR of 2.6% for the five -year period 2012

    - 2017, which is expected to drive the market to a value of $78,646.4m by the end of 2017. Comparatively, the German

    and UK markets will grow with CAGRs of 1.6% and 4.4% respectively, over the same period, to reach respective values

    of $11,274.2m and $16,063.6m in 2017.

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    MARKET DATA

    Market value The European carbonated soft drinks market grew by 2.3% in 2012 to reach a value of $69,223.5 million.

    The compound annual growth rate of the market in the period 200812 was 1.5%.

    Table 1: Europe carbonated soft drinks market value: $ million, 200812

    Year $ million million % Growth 2008 65,221.8 50,732.6

    2009 66,115.4 51,427.6 1.4%

    2010 67,098.1 52,192.0 1.5%

    2011 67,686.7 52,649.9 0.9%

    2012 69,223.5 53,845.3 2.3%

    CAGR: 200812 1.5%

    SOURCE: MARKETLINE M A R K E T L I N E

    Figure 1: Europe carbonated soft drinks market value: $ million, 200812

    SOURCE: MARKETLINE M A R K E T L I N E

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    Market volume The European carbonated soft drinks market grew by 2.2% in 2012 to reach a volume of 57,990.2 million liters.

    The compound annual growth rate of the market in the period 200812 was 1.4%.

    Table 2: Europe carbonated soft drinks market volume: million liters, 200812

    Year million liters % Growth

    2008 54,875.8

    2009 56,015.2 2.1%

    2010 56,821.7 1.4%

    2011 56,753.1 (0.1%)

    2012 57,990.2 2.2%

    CAGR: 200812 1.4%

    SOURCE: MARKETLINE M A R K E T L I N E

    Figure 2: Europe carbonated soft drinks market volume: million liters, 200812

    SOURCE: MARKETLINE M A R K E T L I N E

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    MARKET SEGMENTATION

    Category segmentation Standard cola is the largest segment of the carbonated soft drinks market in Europe, accounting for 36.9% of the

    market's total value.

    The Fruit-flavored carbonates segment accounts for a further 35.7% of the market.

    Table 3: Europe carbonated soft drinks market category segmentation: $ million, 2012

    Category 2012 %

    Standard cola 25,538.1 36.9%

    Fruit-flavored carbonates 24,738.9 35.7%

    Diet cola 9,977.5 14.4%

    Mixers 3,039.4 4.4%

    Other 5,929.6 8.6%

    Total 69,223.5 100%

    SOURCE: MARKETLINE M A R K E T L I N E

    Figure 3: Europe carbonated soft drinks market category segmentation: % share, by value, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

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    Geography segmentation The United Kingdom accounts for 18.7% of the European carbonated soft drinks market value.

    Germany accounts for a further 15.1% of the European market.

    Table 4: Europe carbonated soft drinks market geography segmentation: $ million, 2012

    Geography 2012 %

    United Kingdom 12,945.8 18.7

    Germany 10,431.2 15.1

    Spain 7,871.4 11.4

    France 4,582.6 6.6

    Italy 4,500.9 6.5

    Rest of Europe 28,891.5 41.7

    Total 69,223.4 100%

    SOURCE: MARKETLINE M A R K E T L I N E

    Figure 4: Europe carbonated soft drinks market geography segmentation: % share, by value, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

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    Market share The Coca-Cola Company is the leading player in the European carbonated soft drinks market, generating a 50.8% share

    of the market's volume.

    Pepsico, Inc. accounts for a further 15% of the market.

    Table 5: Europe carbonated soft drinks market share: % share, by volume, 2012

    Company % Share

    The Coca-Cola Company 50.8%

    Pepsico, Inc. 15.0%

    Suntory Group 3.8%

    Britvic Plc 2.3%

    Other 28.1%

    Total 100%

    SOURCE: MARKETLINE M A R K E T L I N E

    Figure 5: Europe carbonated soft drinks market share: % share, by volume, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

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    Market distribution Supermarkets / hypermarkets form the leading distribution channel in the European carbonated soft drinks market,

    accounting for a 40.6% share of the total market's volume.

    On-trade accounts for a further 27.4% of the market.

    Table 6: Europe carbonated soft drinks market distribution: % share, by volume, 2012

    Channel % Share

    Supermarkets / hypermarkets 40.6%

    On-trade 27.4%

    Independent retailers 11.2%

    Vending machines 5.6%

    Other 15.2%

    Total 100%

    SOURCE: MARKETLINE M A R K E T L I N E

    Figure 6: Europe carbonated soft drinks market distribution: % share, by volume, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

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    MARKET OUTLOOK

    Market value forecast In 2017, the European carbonated soft drinks market is forecast to have a value of $78,646.4 million, an increase of

    13.6% since 2012.

    The compound annual growth rate of the market in the period 201217 is predicted to be 2.6%.

    Table 7: Europe carbonated soft drinks market value forecast: $ million, 201217

    Year $ million million % Growth 2012 69,223.5 53,845.3 2.3%

    2013 71,011.7 55,236.3 2.6%

    2014 72,855.4 56,670.3 2.6%

    2015 74,771.1 58,160.5 2.6%

    2016 76,770.7 59,715.8 2.7%

    2017 78,646.4 61,174.9 2.4%

    CAGR: 201217 2.6%

    SOURCE: MARKETLINE M A R K E T L I N E

    Figure 7: Europe carbonated soft drinks market value forecast: $ million, 201217

    SOURCE: MARKETLINE M A R K E T L I N E

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    Market volume forecast In 2017, the European carbonated soft drinks market is forecast to have a volume of 64,921.1 million liters, an increase

    of 12% since 2012.

    The compound annual growth rate of the market in the period 201217 is predicted to be 2.3%.

    Table 8: Europe carbonated soft drinks market volume forecast: million liters, 201217

    Year million liters % Growth

    2012 57,990.2 2.2%

    2013 59,348.8 2.3%

    2014 60,717.8 2.3%

    2015 62,124.6 2.3%

    2016 63,564.5 2.3%

    2017 64,921.1 2.1%

    CAGR: 201217 2.3%

    SOURCE: MARKETLINE M A R K E T L I N E

    Figure 8: Europe carbonated soft drinks market volume forecast: million liters, 201217

    SOURCE: MARKETLINE M A R K E T L I N E

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    FIVE FORCES ANALYSIS

    The carbonated soft drinks market will be analyzed taking soft drinks manufacturers as players. The key buyers will be

    taken as bottling companies and retailers, and producers of packaging, soft drinks ingredients and other raw materials as

    the key suppliers.

    Summary Figure 9: Forces driving competition in the carbonated soft drinks market in Europe, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

    Rivalry in the European market is affected by continuing concentration of market share by the top four key players.

    Bottling companies and retailers represent the main buyers in the carbonated soft drinks market, the latter of which

    constitutes the more significant force. However, despite the financial muscle of larger retailers, it is public demand that is

    the central driver of sales within this market. Shaped by heavy marketing campaigns, brand consciousness ensures that

    popular products must be stocked by retailers, reducing buyer power to moderate levels.

    Supplier power is not substantial, as most inputs are readily available commodities. New entrants to the market face

    significant obstacles, such as strong brand loyalty and significant fixed costs.

    With economies of scale further favouring established manufacturers, the threat from new entrants is weak.

    There are various products such as tea, coffee and non-carbonated soft drinks that may serve as substitutes to

    carbonated soft drinks, yet the diversity of public demand ensures a wide range of products will continue to be stocked

    by retailers. The threat from substitutes is, therefore, only moderate.

    During periods of decline or limited growth, manufacturers with large fixed costs can be forced into direct competition

    with one another for a limited pool of consumers. Although concentration of the market reduces the intensity of market

    rivalry, with dominant companies secure in their relevant area and bolstered by a strong brand image, the large size of

    players serves to increase rivalry, which is assessed as moderate overall.

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    Buyer power

    Figure 10: Drivers of buyer power in the carbonated soft drinks market in Europe, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

    The distribution of carbonated soft drinks is achieved through a variety of means in this market, resulting in a large

    number of buyers.

    It is not uncommon for manufacturers, such as The Coca-Cola Company and PepsiCo, to produce soft drinks that are

    ready for consumption and supply retailers directly.

    The leading players generate most of their revenue from the production of concentrates, which are sold to bottling

    companies. Some bottlers are independent, whereas others are owned by the big -name manufacturers, and are usually

    described as 'partners' and 'customers'. The bottlers are licensed to convert purchased raw materials into soft drinks,

    packaged with the manufacturers' branding, and distribute them as ready for sale commodities to buyers within a

    particular sales territory.

    Although the majority of bottlers are free to make their own business decisions, the close ties between manufacturers

    and bottlers mean that food & beverage retailers are arguably the more significant buyers from the point of view of

    market players. The financial muscle of such retailers is enhanced by the concentration of the retail market, with

    supermarkets and hypermarkets accounting for the largest proportion of retail distribution.

    However, a strong level of brand consciousness amongst consumers undercuts this position of strength. Consumers in

    this market are likely to be strongly influenced by brand, and this weakens buyer power, as retailers are forced to stock

    brands popular with consumers. Failure to stock successful items can be highly detrimental for a retailer.

    Overall, buyer power is assessed as moderate.

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    Supplier power

    Figure 11: Drivers of supplier power in the carbonated soft drinks market in Europe, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

    Manufacturers in this market, require access to a range of ingredients, including sweeteners, refined sugar (sucrose) and

    aspartame.

    Although certain ingredients are available from more than one supplier, such sourcing remains vulnerable to fluctuations

    in the market price of the relevant commodity.

    Other ingredients, such as aspartame, can be acquired only from a limited number of companies upstream. However,

    even in these cases, there are usually substitutes available.

    For example, if aspartame becomes expensive or unobtainable, then it can be substituted by saccharine and other

    similar products.

    Water, which is the major input in this market, may raise the concerns of multinational players, especially in some

    countries, where water scarcity is a risk factor for their business.

    Advertising and marketing agencies also play significant role in the brand building process in the carbonated soft drinks

    market. Years of consolidation has left the advertising industry highly concentrated in most countries, strengthening

    supplier power to some extent.

    Overall, supplier power is assessed as moderate in this market.

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    New entrants

    Figure 12: Factors influencing the likelihood of new entrants in the carbonated soft drinks market in Europe, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

    Although it would be difficult for a new entrant to compete with the brand strength and reach of existing incumbents, it

    may be possible to achieve small-scale success stressing a unique production method.

    However, even if a new player opts for a business model in which much of the production process is performed by

    bottling partners under license, there will still be a need to invest in manufacturing capacity in order to produce the

    concentrates.

    The nature of the market also demands an extensive marketing campaign in order to generate and maintain a successful

    brand image. With The Coca-Cola Company and PepsiCo so firmly established within the market, even aside from the

    costs, this acts as a daunting deterrent to many potential entrants.

    The effect of economies of scale which benefits current mass manufacturers of such products also makes it difficult for a

    new entrant to enter into the market.

    In addition, new entrants would also face stringent regulation from a number of EU directives concerning th e ingredients,

    safety and labelling requirements of carbonated soft drink products. Following the recent EU Regulation 1169/2011, new

    entrants will also face stricter regulation concerning the labelling, presentation and advertising of foodstuffs, as well as

    nutrition labelling requirements from December 2014 onwards.

    Furthermore, the market has achieved unexciting growth in the past few years, making it a less attractive prospect to

    potential new entrants.

    Overall, there is a weak likelihood of new entrants.

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    Threat of substitutes

    Figure 13: Factors influencing the threat of substitutes in the carbonated soft drinks market in Europe, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

    There are many substitutes for carbonated soft drinks available for both: retailers and end-users. Some examples

    include: tea, coffee, and non-carbonated soft drinks, such as squash or juice.

    Leading players tend to have diverse product ranges, which reduces the threat posed by substitutes. For example, C oca-

    Cola offers a wide range of drink products, including water and juices, outside of its core offering of carbonated soft

    drinks.

    In this market, an increasing health consciousness amongst consumers may serve to cause retailers to favor healthier

    alternatives to carbonated soft drinks.

    Furthermore, switching in the sense of allocating more shelf space to the substitutes may be advantageous in cost terms

    (substitutes such as coffee, tea and squash can be stored at room temperature instead of fridges). This may be

    especially beneficial in countries where electricity is relatively expensive, such as India.

    The threat from substitutes is increasing in this market; however, at the moment, it remains moderate.

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    Degree of rivalry

    Figure 14: Drivers of degree of rivalry in the carbonated soft drinks market in Europe, 2012

    SOURCE: MARKETLINE M A R K E T L I N E

    The European carbonated soft drinks market is heavily concentrated, with the top four players alone accounting for

    71.9% of the total market volume.

    The companies that operate under high fixed costs, due to specialist production facilities and marketing campaigns, have

    less freedom to scale down during periods of slow or poor growth. Equally, with the nature of the market, economies of

    scale favor mass manufacturers and encourage expansion. For these reasons, companies can be pushed into direct

    competition for a limited number of consumers.

    Some carbonated soft drinks companies outsource later stages of their production process to third parties, in order to

    evade some of these difficulties, reducing the possibility of its market exit. However, for players who own the majority of

    their manufacturing resources, this option is unavailable.

    With only a limited number of players, competition is lessened as each player establishes a more secure segment of the

    market, aided by strong branding and product differentiation, although the size of major players serve to increase rivalry

    to an extent.

    Additionally, recent poor market performance further exacerbates the rivalry within this market.

    Overall, there is a moderate degree of rivalry in the European carbonated soft drinks market.

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    LEADING COMPANIES

    Britvic plc Table 9: Britvic plc: key facts

    Head office: Breakspear Park, Breakspear Way, Hertfordshire HP2 4TZ, GBR

    Telephone: 44 1442 284 411

    Fax: 44 1442 284 402

    Website: www.britvic.com

    Financial year-end: September

    Ticker: BVIC

    Stock exchange: London

    SOURCE: COMPANY WEBSITE M A R K E T L I N E

    Britvic is a UK-based company, engaged in manufacturing and distributing soft drinks. The company has operations in

    the UK, France, and Ireland.

    The company operates through five business units including Britvic GB, Britvic Ireland, Britvic France, Britvic

    International, and Britvic Worldwide.

    Britvic GB provides soft drink brands including Robinsons, Fruit Shoot, J2O, Tango, and Drench. It also supplies various

    brands including Pepsi, 7UP, and Mountain Dew, which are bottled under franchise from PepsiCo and Tango. Britvic

    Ireland's brands include Ballygowan, Mi Wadi, and Club. It also operates PepsiCo bottling agreements for Pepsi and

    7UP.

    The company's Britvic France brands include Teisseire, Moulin de Valdonne, Fruite, and Pressade. It supplies private -

    label juice and syrup to its customers. Britvic International manages the export of products across more than 50

    countries. Britvic Worldwide operates the Britvic's international franchise business.

    Britvic operates 12 factories across the UK that produces around 1.9 billion liters of soft drinks annually. Britvic exports

    its products to markets including the Netherlands, Sweden, Finland, Denmark, and Norway. The company also exports

    to over 50 countries globally and operates brand franchises in the US, Australia, and Malta.

    The company's subsidiaries include Britannia Soft Drinks Limited, Britvic Finance No 2 Limited, Britvic International

    Limited, Britvic Soft Drinks Limited, Britvic Irish Holdings Limited, Britvic Ireland Limited, Britvic Northern Ireland Limited,

    Aquaporte Limited, Britvic Worldwide Brands Limited, Britvic North America LLC, Britvic France SNC, Fruite Entreprises

    SA, Fruite SAS, Bricfruit SAS, Unisource SAS, Teisseire SAS, and Teisseire Benelux SA.

    Key Metrics

    The company recorded revenues of $1,990m in the fiscal year ending September 2012, a decrease of 2.6% compared to

    fiscal 2011. Its net income was $90m in fiscal 2012, compared to a net income of $92m in the preceding year.

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    Table 10: Britvic plc: key financials ($)

    $ million 2008 2009 2010 2011 2012

    Revenues 1,468.9 1,551.3 1,804.8 2,044.1 1,990.2

    Net income (loss) 50.7 74.5 (76.1) 91.9 90.3

    Total assets 1,174.2 1,353.2 1,659.1 1,687.6 1,625.8

    Total liabilities 1,159.9 1,356.4 1,706.6 1,652.7 1,567.2

    Employees 3,153 3,036 3,025 3,532 3,337

    SOURCE: COMPANY FILINGS M A R K E T L I N E

    Table 11: Britvic plc: key financials ()

    million 2008 2009 2010 2011 2012

    Revenues 927.0 979.0 1,139.0 1,290.0 1,256.0

    Net income (loss) 32.0 47.0 (48.0) 58.0 57.0

    Total assets 741.0 854.0 1,047.0 1,065.0 1,026.0

    Total liabilities 732.0 856.0 1,077.0 1,043.0 989.0

    SOURCE: COMPANY FILINGS M A R K E T L I N E

    Table 12: Britvic plc: key financial ratios

    Ratio 2008 2009 2010 2011 2012

    Profit margin 3.5% 4.8% (4.2%) 4.5% 4.5%

    Revenue growth 29.5% 5.6% 16.3% 13.3% (2.6%)

    Asset growth 6.3% 15.2% 22.6% 1.7% (3.7%)

    Liabilities growth 5.8% 16.9% 25.8% (3.2%) (5.2%)

    Debt/asset ratio 98.8% 100.2% 102.9% 97.9% 96.4%

    Return on assets 4.5% 5.9% (5.0%) 5.5% 5.5%

    Revenue per employee $465,877 $510,971 $596,642 $578,741 $596,416

    Profit per employee $16,082 $24,531 ($25,144) $26,021 $27,067

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    Figure 15: Britvic plc: revenues & profitability

    SOURCE: COMPANY FILINGS M A R K E T L I N E

    Figure 16: Britvic plc: assets & liabilities

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    The Coca-Cola Company

    Table 13: The Coca-Cola Company: key facts

    Head office: One Coca-Cola Plaza, Atlanta, Georgia 30313, USA

    Telephone: 1 404 676 2121

    Website: www.thecoca-colacompany.com

    Financial year-end: December

    Ticker: KO

    Stock exchange: New York

    SOURCE: COMPANY WEBSITE M A R K E T L I N E

    Coca-Cola engages in the manufacturing, distribution and marketing of non-alcoholic beverage concentrates and syrups.

    The company owns one of the world's most valuable brands: Coca-Cola. Furthermore, Coca-Cola markets four of the

    world's top five nonalcoholic sparkling beverage brands: Coca-Cola, Diet Coke, Fanta and Sprite. The company's

    finished beverage products are sold in more than 200 countries worldwide.

    Coca-Cola produces more than 3,500 beverage products, including a variety of sparkling and still beverages. The

    company manufactures beverage concentrates and syrups, which it sells to authorized bottling and canning operators.

    The company also manufactures finished beverages. Coca-Cola owns or licenses nearly 500 brands, including diet and

    light beverages, waters, enhanced waters, juice and juice drinks, teas, coffees, and energy and sports drinks. In addition,

    the company has ownership interests in a number of bottling and canning operations, most of which are independently

    owned and managed.

    Most of Coca-Cola's products are manufactured and sold by bottling partners, who convert them into finished packaged

    products for sale to distributors and other customers. The company sells the concentrates and syrups for bottled and

    canned beverages to authorized bottling and canning operations. Authorized bottlers and canners either combine syrups

    with sparkling water or combine concentrates with sweeteners (depending on the product), still water and sparkling water

    to produce finished sparkling beverages. These sparkling beverages are packaged in cans, glass and plastic bottles and

    sold to wholesalers and retailers. In addition to selling concentrates and syrups for making sparkling beverages and

    flavored still beverages, the company also sells concentrates for purified water products such as Dasani to authorized

    bottling operations.

    The company's beverage products under the Coca-Cola trade mark include Coca-Cola, Diet Coke and Coca-Cola Zero

    and all their variations and line extensions, including Coca-Cola Light, caffeine free Diet Coke and Cherry Coke. Other

    trade mark beverages sold by the company include Fanta Orange, Fanta Zero Orange, Fanta Apple, Sprite, Diet Sprite,

    Sprite Zero, Sprite Light, Simply Orange, Simply Apple and Simply Grapefruit. The company also manufactures, markets

    and sells the Dobriy juice products primarily in Russia, Ukraine and Belarus by Multon, a Russian juice business

    operated as a joint venture with CocaCola Hellenic Bottling Company. In Brazil, Coca -Cola manufactures, markets and

    sells Leo and Matte Leo teas through a joint venture with its bottling partners. In Mexico and Brazil, the company

    manufactures, markets and sells juices and juice drinks under the Del Valle trademark through joint ventures with its

    bottling partners.

    Coca-Cola operates its business through six business segments, classified based on geographical presence: North

    America, Eurasia and Africa, Europe, Latin America, Pacific, and Bottling investments. Coca-Cola also reports a non-

    operating segment: corporate.

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    The North American business segment consists of Coca-Cola Refreshments (CCR) and the other operations in North

    America. In 2010, the company acquired the North American business of Coca -Cola Enterprises (CCE). This business

    was combined with its existing foodservice business, Minute Maid and Odwalla juice businesses, North America supply

    chain operations, and company-owned bottling operations in Philadelphia, Pennsylvania into a unified bottling and

    customer service organization called CCR. The remaining Coca-Cola North America (CCNA) operations were reshaped

    into an organization that primarily provides franchise leadership and consumer marketing and innovation for the North

    American market.

    The Eurasia and Africa business segment consists of six business units: Central, East and West Africa; India and South

    West Asia; Middle-East and North Africa; Russia, Ukraine and Belarus; South Africa; and Turkey, Caucasus and Central

    Asia.

    The Europe business segment consists of Central and Southern Europe, Germany, Iberia, and Northwest Europe and

    Nordics business units.

    The Latin American business segment comprises of Brazil, Latin center, Mexico and South Latin business units.

    Coca-Cola's Pacific business segment includes Association of South East Asian Nations (ASE AN) business unit, Greater

    China and Korea business unit, Japan business unit and South Pacific business unit.

    The bottling investment business segment operates through six business units: China, Malaysia and Singapore;

    Germany; India and Bangladesh; Latin America and Japan; Russia, Middle East and Africa; and Philippines.

    Key Metrics

    The company recorded revenues of $48,017m in the fiscal year ending December 2012, an increase of 3.2% compared

    to fiscal 2011. Its net income was $9,019m in fiscal 2012, compared to a net income of $8,572m in the preceding year.

    Table 14: The Coca-Cola Company: key financials ($)

    $ million 2008 2009 2010 2011 2012

    Revenues 31,944.0 30,990.0 35,119.0 46,542.0 48,017.0

    Net income (loss) 5,807.0 6,824.0 11,809.0 8,572.0 9,019.0

    Total assets 40,519.0 48,671.0 72,921.0 79,974.0 86,174.0

    Total liabilities 12,988.0 13,721.0 41,604.0 48,053.0 53,006.0

    Employees 92,400 92,800 139,600 146,200 150,900

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    Table 15: The Coca-Cola Company: key financial ratios

    Ratio 2008 2009 2010 2011 2012

    Profit margin 18.2% 22.0% 33.6% 18.4% 18.8%

    Revenue growth 10.7% (3.0%) 13.3% 32.5% 3.2%

    Asset growth (6.4%) 20.1% 49.8% 9.7% 7.8%

    Liabilities growth (39.7%) 5.6% 203.2% 15.5% 10.3%

    Debt/asset ratio 32.1% 28.2% 57.1% 60.1% 61.5%

    Return on assets 13.9% 15.3% 19.4% 11.2% 10.9%

    Revenue per employee $345,714 $333,944 $251,569 $318,345 $318,204

    Profit per employee $62,846 $73,534 $84,592 $58,632 $59,768

    SOURCE: COMPANY FILINGS M A R K E T L I N E

    Figure 17: The Coca-Cola Company: revenues & profitability

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    Figure 18: The Coca-Cola Company: asse ts & liabilities

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    PepsiCo, Inc.

    Table 16: PepsiCo, Inc.: key facts

    Head office: 700 Anderson Hill Road, Purchase, New York 10577, USA

    Telephone: 1 914 253 2000

    Website: www.pepsico.com

    Financial year-end: December

    Ticker: PEP

    Stock exchange: New York

    SOURCE: COMPANY WEBSITE M A R K E T L I N E

    Pepsi is the world's second largest food and beverage company, which primarily operates in the snacks and beverages

    manufacturing space. The company has presence in over 200 countries globally, and has key presence in North

    America.

    Pepsi's operations are organized into four business units: PepsiCo Americas Foods (PAF), PepsiCo Americas

    Beverages (PAB), PepsiCo Europe and PepsiCo Asia, Middle East and Africa (AMEA). These four business units

    comprise six reportable segments: Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), Latin

    America Foods (LAF), PAB, Europe, and AMEA.

    PAF is the company's food and snack business in North and South America . Its portfolio of businesses includes FLNA,

    QFNA, LAF, Sabritas and Gamesa.

    FLNA is the convenient foods business unit of Pepsi. The division is primarily engaged in producing, marketing, selling

    and distributing branded snack foods, including Lay's and Ruffles potato chips, Doritos tortilla chips, Tostitos tortilla chips

    and dips, Cheetos cheese flavored snacks, Fritos corn chips, Rold Gold pretzels, Sunchips multigrain snacks, Cracker

    Jack candy coated popcorn. In addition, FLNA operates a joint venture with Strauss Group, an Israeli food and beverage

    company, which produces, markets sells and distributes Sabra-branded refrigerated dips and spreads. Either

    independently or through contract manufacturers, FLNA's branded products are sold to independent dis tributors and

    retailers. This business owns or leases approximately 40 food manufacturing and processing plants and approximately

    1,720 warehouses, distribution centers and offices across North America. In addition, FLNA also utilizes approximately

    40 plants and production processing facilities that are owned or leased by its contract manufacturers or co -packers.

    QFNA is actively engaged in the production, marketing and selling of a portfolio of good -for-you products that include

    cereals, rice, pasta and other branded products. Popular branded products sold by QFNA include Quaker oatmeal, Life

    and Cap'n Crunch ready-to-eat cereals, Aunt Jemima mixes and syrups, and Rice-A-Roni, Pasta Roni and Near East

    side dishes. These products are sold to independent distributors and retailers. QFNA has four plants and production

    processing facilities in North America, apart from nearly 40 manufacturing plants, production processing facilities and

    distribution centers that are owned or leased by its contract manufacturers or co-packers.

    LAF is the company's food business based in the Latin America. This division has operations spread across Brazil,

    Argentina, Colombia, Peru and Venezuela and is responsible for producing, marketing and selling various snack and

    cereal products under popular brands like Doritos, Marias Gamesa, Cheetos, Ruffles, Emperador, Saladitas, Sabritas,

    Lay's, as well as Quaker. Primary customers of this business division are independent distributors and retailers. LAF has

    two snack manufacturing plants in Celaya and Guadalajara in Mexico. The business unit also owns or leases

    approximately 60 food manufacturing and processing plants and approximately 665 warehouses, distribution centers and

    offices across Latin America.

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    Sabritas is PAF's snack and fun food business operating out of Mexico. Sabritas also serves as the umbrella brand

    under which Pepsi markets various Frito-Lay products, such as Cheetos, Fritos, Doritos and Ruffles in Mexico. Aside

    from producing its line of own-brand potato chips in Mexico, the business also manufactures and markets several local

    brands such as Crujitos, Poffets, Rancheritos and Sabritones in Mexico.

    Gamesa, another business division of PAF based in Mexico, is a global leader in the cookies market. Gamesa produces

    a variety of products like pastries, oats, cereals and cookies. It has production facilities in five states across Mexico that

    manufacture several of its brands including Marias Gamesa, Emperador, Arcoiris, Mamut, Chokis, and Maizoro.

    PAB is Pepsi's beverage business division that is engaged in the marketing, selling and distribution of beverage -related

    products like carbonated soft drinks, juices and juice drinks, ready-to-drink teas and coffee drinks, isotonic sports drinks,

    bottled water and enhanced waters under various brands including Pepsi, Mountain Dew, Gatorade, 7UP (outside the

    US), Tropicana Pure Premium, Electropura, Sierra Mist, Epura and Mirinda. The division's portfolio of ready-to-drink tea,

    coffee and water products is produced through joint ventures with Unilever (under the Lipton brand name) and

    Starbucks. In addition, PAB licenses the Aquafina water brand to its independent bottlers and markets this brand.

    Furthermore, PAB manufactures and distributes certain brands like Dr Pepper and Crush under li cense from Dr Pepper

    Snapple Group. PAB owns a manufacturing facility in Florida, where the Tropicana branded products are manufactured.

    It also has concentrate manufacturing plants in Cork, Ireland and a research and development (R&D) facility in Valhalla ,

    New York. Additionally, PAB also owns or leases approximately 85 bottling and production plants and production

    processing facilities and about 445 warehouses, distribution centers and offices.

    Prior to their merger in February 2010, PepsiAmericas (PAS) and Pepsi Bottling Group (PBG), the two North American

    bottling units of Pepsi, operated as the company's independent bottling subsidiaries. Since the merger, PAS and PBG

    are operating as a unit of Pepsi Beverages Company (PBC). PBC operates in the US, Cana da and Mexico and

    encompasses approximately three-fourths of Pepsi's North American beverage volume. Aside from producing, marketing

    and selling Pepsi's global beverage brands, PBC also manufactures and distributes third -party brands in key local

    markets such as Dr Pepper, Crush, Rock Star and Muscle Milk.

    PepsiCo Europe, the company's European business division, has operations across 45 countries in Europe and is

    engaged in producing, marketing and selling a range of popular snack food brands including Lay's, Walkers, Doritos,

    Cheetos and Ruffles, as well as many Quaker-brand cereals and snacks. PepsiCo Europe operates both through

    consolidated businesses as well as through non-controlled affiliates. Apart from snack foods, this business division is

    also engaged in manufacturing, marketing and selling of beverage concentrates, fountain syrups and other beverage

    products under popular beverage brands including Pepsi, 7UP and Tropicana. In addition, PepsiCo Europe licenses the

    company's Aquafina water brand to certain of its authorized bottlers. Furthermore, the division, both independently or

    through contract manufacturers, produces, markets and sells ready-to-drink tea products through an international joint

    venture with Unilever under the Lipton brand name. In February 2011, the company acquired Wimm-Bill-Dann Foods

    (WBD), a Russia-based branded food and beverage company. Through this acquisition, Pepsi gained access to WBD's

    portfolio of leading dairy and juice brands including, Domik v Dorevne, Chudo, Imunele, J7, Lubimy Sad, 100% Gold

    Premium and Agusha. In FY2011, the business division operated a snack manufacturing and processing plant and a

    snack R&D facility, all located in Leicester, UK. Additionally, PepsiCo Europe has a beverage plant in Lebedyan, Russia

    and a dairy plant in Moscow, Russia. Europe also owns or leases approximately 120 plants and approximately 670

    warehouses, distribution centers and offices.

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    PepsiCo AMEA is the company's division operating in the Asia, Middle East and Africa regions, which markets and sells

    a variety of snack food brands including Lay's, Kurkure, Chipsy, Doritos, Smith's, Cheetos, Red Rock Deli and Ruffles,

    through consolidated businesses as well as through non-controlled affiliates. Further, either independently or through

    contract manufacturers, PepsiCo AMEA produces, markets and sells several Quaker-brand cereals and snacks.

    Furthermore, the division also produces, markets and sells beverage products like concentrates and fountain syrups

    under popular brands including Pepsi, Mirinda, 7UP and Mountain Dew. As in Europe, PepsiCo AMEA licenses the

    Aquafina water brand to certain of its authorized bottlers in the AMEA region. The division also operates an international

    joint venture with Unilever to produce, market and sell its ready-to-drink tea products under the Lipton brand name.

    PepsiCo AMEA has beverage manufacturing plants located across China, Egypt and Jordan, and has snack

    manufacturing and processing plants located in Egypt and Australia. The division also owns or leases approximately 80

    plants and approximately 1,265 warehouses, distribution centers and offices across the AMEA region.

    Key Metrics

    The company recorded revenues of $65,492m in the fiscal year ending December 2012, a decrease of 1.5% compared

    to fiscal 2011. Its net income was $6,214m in fiscal 2012, compared to a net income of $6,462m in the preceding year.

    Table 17: PepsiCo, Inc.: key financials ($)

    $ million 2008 2009 2010 2011 2012

    Revenues 43,251.0 43,232.0 57,838.0 66,504.0 65,492.0

    Net income (loss) 5,142.0 5,946.0 6,320.0 6,462.0 6,214.0

    Total assets 35,994.0 39,848.0 68,153.0 72,882.0 74,638.0

    Total liabilities 23,888.0 22,406.0 46,677.0 51,983.0 52,239.0

    Employees 198,000 203,000 294,000 297,000 278,000

    SOURCE: COMPANY FILINGS M A R K E T L I N E

    Table 18: PepsiCo, Inc.: key financial ratios

    Ratio 2008 2009 2010 2011 2012

    Profit margin 11.9% 13.8% 10.9% 9.7% 9.5%

    Revenue growth 9.6% 0.0% 33.8% 15.0% (1.5%)

    Asset growth 3.9% 10.7% 71.0% 6.9% 2.4%

    Liabilities growth 37.3% (6.2%) 108.3% 11.4% 0.5%

    Debt/asset ratio 66.4% 56.2% 68.5% 71.3% 70.0%

    Return on assets 14.6% 15.7% 11.7% 9.2% 8.4%

    Revenue per employee $218,439 $212,966 $196,728 $223,919 $235,583

    Profit per employee $25,970 $29,291 $21,497 $21,758 $22,353

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    Figure 19: PepsiCo, Inc.: revenues & profitability

    SOURCE: COMPANY FILINGS M A R K E T L I N E

    Figure 20: PepsiCo, Inc.: assets & liabilities

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    Suntory Group

    Table 19: Suntory Group: key facts

    Head office: 2-1-40 Dojimahama, Kita-ku, Osaka City, Osaka, JPN

    Telephone: 81 6 6346 1131

    Fax: 81 6 6345 1169

    Local office: Orangina Schweppes Group, 133, Rue Victor Hugo 92300 Levallois -Perret, FRA

    Website: www.suntory.com

    Financial year-end: December

    SOURCE: COMPANY WEBSITE M A R K E T L I N E

    Suntory Group (Suntory or 'the group') manufactures and markets a wide range of beverage products, health foods and

    also operates in various businesses such as restaurants, flower business, resort development, and information services.

    The group's consolidated operations are managed primarily through Suntory Holdings. The g roup has its presence in

    Asia Pacific, Americas and Europe.

    Suntory operates through three business segments: food, liquor and others.

    The food segment produces health foods, beverages and also Haagen-Dazs brand ice cream. The group also produces

    and markets beverages like tea, coffee and health drinks. Suntory produces health beverages like healthy green tea and

    Mizumizushia, a bottled water developed to help maintain proper blood-sugar level. Its brands include Suntory Oolong

    Tea; Flavan Tea; Boss, a canned coffee; Dakara, a health drink; and Suntory Natural water, packaged water. Haagen -

    Dazs Japan, a joint venture of Suntory with Grand Metropolitan of the US, produces and distributes Haagen -Dazs

    premium ice cream and operates Haagen-Dazs shops in Japan.

    The liquor segment is involved in the production of alcoholic beverages such as beer, cocktails, whisky, liqueurs, spirits,

    wine, and traditional distilled spirits. The group operates the global wine business in co -operation with foreign wineries

    such as Chateau Lagrange winery, Chateau Beychevelle in France, Weingut Robert Weil in Germany, and Tokaj

    Hetszolo in Hungary. Also, the group's brand Midori, is an established global brand and operates in the Americas,

    Australasia, Europe and Asia.

    The other business segment of Suntory is primarily engaged in the restaurants, sports, and flowers and services

    businesses.

    The group's subsidiaries under restaurants business include Dynac, Pronto, First-Kitchen, Subway Japan, Izutsu Maisen,

    Myu Planning & Operators, Grupo Restaurante Suntory Mexico and Suntory Food & Beverage International Group (SFBI

    Group).

    Dynac, a subsidiary, operates approximately 250 restaurants, bars and pubs. Pronto, a subsidiary of Suntory manages

    200 outlets under the franchise system that mainly operates cafes and bars. In the fast-food segment, the group

    operates First-Kitchen restaurants and the Japanese franchise operations of Subway. In the planning field, the group

    operates a subsidiary, Myu Planning & Operators, which is a food service consulting company. Grupo Restaurante

    Suntory Mexico operates eight Japanese restaurants, including 'Restaurant Suntory', 'Shu' and 'sunka', in three cities

    besides Mexico City.

    The sports, and flowers and services business unit is managed by subsidiaries including, Tipness, Suntory Flowers,

    Suntory MIDORIE, Suntory Shopping Club, Suntory Publicity Service, and SUN-AD.

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    Tipness manages the fitness club network of Suntory in Japan. Suntory Flowers is engaged in the business of flower

    sales. Suntory MIDORIE manufactures and markets greening systems. Suntory Shopping Club provides mail -order

    services employing an Internet catalog to distribute promotional equipment for liquor stores, restaurants and bars and

    conducts a comprehensive support business for corporate campaign planning and campaign office operations. Suntory

    Publicity Service provides reception services for Suntory Hall and other concert halls and art museums. SUN -AD is an

    advertising production company.

    In November 2009, Suntory acquired 100% ownership of Orangina Schweppes group, a European soft drink provider.

    The companys brands include Orangina, Schweppes, Oasis and Trina.

    Key Metrics

    The company recorded revenues of $23,202m in the fiscal year ending December 2012, an increase of 2.7% compared

    to fiscal 2011. Its net income was $459m in fiscal 2012, compared to a net income of $785m in the preceding year.

    Table 20: Suntory Group: key financials ($)

    $ million 2008 2009 2010 2011 2012

    Revenues 18,959.1 19,432.2 21,833.9 22,591.0 23,202.2

    Net income (loss) 401.8 409.3 501.6 784.6 459.0

    Total assets 14,362.6 20,404.1 19,652.5 21,681.0 21,653.3

    Total liabilities 9,076.6 14,694.5 14,051.3 15,621.5 14,965.5

    SOURCE: COMPANY FILINGS M A R K E T L I N E

    Table 21: Suntory Group: key financials ()

    million 2008 2009 2010 2011 2012

    Revenues 1,512,961.0 1,550,720.0 1,742,373.0 1,802,792.0 1,851,567.0

    Net income (loss) 32,068.0 32,666.0 40,028.0 62,615.0 36,632.0

    Total assets 1,146,153.0 1,628,280.0 1,568,296.0 1,730,176.0 1,727,963.0

    Total liabilities 724,322.0 1,172,641.0 1,121,317.0 1,246,618.0 1,194,265.0

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    Table 22: Suntory Group: key financial ratios

    Ratio 2008 2009 2010 2011 2012

    Profit margin 2.1% 2.1% 2.3% 3.5% 2.0%

    Revenue growth 1.2% 2.5% 12.4% 3.5% 2.7%

    Asset growth (5.4%) 42.1% (3.7%) 10.3% (0.1%)

    Liabilities growth (7.0%) 61.9% (4.4%) 11.2% (4.2%)

    Debt/asset ratio 63.2% 72.0% 71.5% 72.1% 69.1%

    Return on assets 2.7% 2.4% 2.5% 3.8% 2.1%

    SOURCE: COMPANY FILINGS M A R K E T L I N E

    Figure 21: Suntory Group: revenues & profitability

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    Figure 22: Suntory Group: assets & liabilities

    SOURCE: COMPANY FILINGS M A R K E T L I N E

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    APPENDIX

    Methodology MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross -

    checked and presented in a consistent and accessible style.

    Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by analysis from industry experts using highly complex modeling & forecasting tools, MarketLines in -house databases provide the foundation for all related industry profiles

    Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market

    overview

    Definitions Market definitions are standardized to allow comparison from country to country. The parameters of each definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the

    market and our clients

    Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and

    trends

    MarketLine aggregates and analyzes a number of secondary information sources, including:

    - National/Governmental statistics

    - International data (official international sources)

    - National and International trade associations

    - Broker and analyst reports

    - Company Annual Reports

    - Business information libraries and databases

    Modeling & forecasting tools MarketLine has developed powerful tools that allow quantitative and qualitative data to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can

    then be refined according to specific competitive, regulatory and demand-related factors

    Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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    Industry associations

    UNESDA

    Bd Saint-Michel 77-79 B-1040 Brussels, BEL

    Tel.: 32 2 743 4050

    Fax: 32 2 732 5102

    www.unesda.org

    British Soft Drinks Association 20-22 Stukeley Street, London WC2B 5LR, GBR

    Tel.: 44 20 7430 0356

    Fax: 44 20 7831 6014

    www.britishsoftdrinks.com

    Vereniging Nederlandse Frisdranken Industrie P.B. 26155 (Heemraadsingel 167) NL-3002 ED, Rotterdam, NED

    Tel.: 31 10 477 4033

    Fax: 31 10 425 9025

    www.frisdrank.nl

    Federation des Industries des Eaux et des Boissons Rafraichissantes Avenue General de Gaulle 51/b5 B-1050 Brussels, BEL

    Tel.: 32 2 649 1286

    Fax: 32 2 646 1339

    www.fieb-viwf.be

    Related MarketLine research

    Industry Profile

    Global Carbonated Soft Drinks

    Carbonated Soft Drinks in the United States

    Carbonated Soft Drinks in the United Kingdom

    Carbonated Soft Drinks in Germany

    Carbonated Soft Drinks in France

  • MARKETLINE | 119 FARRINGDON ROAD | LONDON,

    UNITED KINGDOM, EC1R 3DA

    T: +44 161 238 4040 | F: +44 870 134 4371

    [email protected]


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