Hopefully Coca-Cola Co. has learned a few lessons since “new Coke.“
The beverage maker announced the launch of a new recipe and new packaging for Coca-Cola Zero Sugar on Tuesday. The company says Coca-Cola Zero Sugar still uses the same ingredients and the nutritional information hasn’t changed, but the flavors are “optimized” for “an even more iconic Coke taste.”
The revamped cola will be available in the U.S. starting this month with nationwide launches in the U.S. and Canada starting in August. The item is already on shelves in Europe and Latin America.
Coca-Cola Zero Sugar was first introduced in 2005 and was reformulated in 2017 to taste more like regular Coca-Cola.
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“Recognizing that tastes and preferences are always evolving, we’re focused on continuous improvement to give fans the best-tasting Coca-Cola they want—with zero sugar or calories,” said Rafael Prandini, Coca-Cola’s category lead for the North America operating unit, in a statement.
Coca-Cola KO, +0.82% made the announcement on the same day that PepsiCo Inc. PEP, +2.08% released its second-quarter results, with shares jumping after a profit and revenue beat. The stock was up 2.8% in Tuesday trading, heading toward a record.
PepsiCo says its North America Beverages division gained carbonated soft drinks share during the quarter, with double-digit net revenue growth for the Pepsi brand,
Mountain Dew and other brands in the portfolio.
“In addition, we continue to invest in our zero-sugar products and other functional beverages within the carbonated and non-carbonated categories to offer more choices to the consumer, while also tailoring price and package architectures as demand occasions evolve,” said Ramon Laguarta, chief executive of Pepsi, in prepared earnings remarks.
Functional beverages includes items like KeVita, which are probiotic and kombucha drinks.
Both Pepsi and Coke are facing competition from other beverage brands as well, like Zevia PBC ZVIA, , a zero-calorie, zero-sugar beverage company that is going public. Zevia says it was the top-selling carbonated soft drink brand on Amazon.com Inc. AMZN, -1.12% in 2020.
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Over the past year, Coca-Cola has made other changes to its lineup, ending Coca-Cola Energy sales in the U.S. as well as discontinuing what it called “zombie brands” like Odwalla in favor of thriving names like Topo Chico.
Coca-Cola stock is up 0.8% in Tuesday trading, and has edged up 0.2% for the year to date. The Dow Jones Industrial Average DJIA, -0.29% has gained 14% for 2021 so far.