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MANUFACTURING / PRODUCTION / CAPITAL-INTENSIVE

Beverages (CSD)

Leader: Coca-Cola — 20.0% S1 · 46.0% CR3

S1
20.0%
leader
CR3
46.0%
top 3 combined
HHI
1,000
Unconcentrated
MARKET SIZE
$180B
US

How this is calculated

FORMULA
S1 = Coca-Cola shipment value / total shipment value = 20.0%
CR3 = Coca-Cola + PepsiCo + Keurig Dr Pepper = 46.0%
HHI = Σ(share²) = 1,000 (Unconcentrated (HHI < 1,500))
DENOMINATOR
Shipment Value — $180B (US)
US non-alcoholic beverage manufacturing shipment value.
Size from: US Economic Census 2022 NAICS 3121
TOP 3 PLAYERS
#1Coca-Cola20.0%
#2PepsiCo20.0%
#3Keurig Dr Pepper6.0%
METHODOLOGY NOTE
Coca-Cola's share of US non-alcoholic beverage shipment value per 2022 Economic Census NAICS 3121. Validated against Euromonitor beverages and KO/PEP/KDP 10-K disclosures.
SOURCES
Year: 2022
Geo: US
Firms: ~15
NAICS: 3121

Historical S1 / CR3 trajectory

1950S1: 50%CR3: 82%Coke + Pepsi dominant
1970S1: 35%CR3: 70%Cola Wars
1990S1: 28%CR3: 62%Mature CSD era
2010S1: 22%CR3: 50%Diversification into water/juice
2025S1: 20%CR3: 46%Category expansion dilutes S1

Labor economics

REV / EMPLOYEE (leader)
$0.6M
industry avg $0.5M
SG&A % (leader)
31%
of revenue

Coca-Cola FY2024 SG&A 31.0% on $47.1B; franchise bottler model

See full Labor & AI analysis →

Related markets

Motor Vehicles
GM
18.0%
CR3 44.0%
Aerospace & Defense
RTX
9.5%
CR3 25.7%
Semiconductor Fab
TSMC
62.0%
CR3 85.0%
Industrial Gases
Linde
33.0%
CR3 80.0%
Cement
Holcim
12.0%
CR3 30.0%

Source Quality Hierarchy

Every market has a primary source plus 1–3 validation sources. Revenue numerators come from SEC 10-K filings; denominators validated against the Economic Census where available.

TIER 1Authoritative anchorsGovernment data + SEC filings
US Economic Census (data.census.gov) · SEC EDGAR / Company 10-Ks · BEA Industry Value-Added (FRED) · BLS QCEW · USGS Mineral Commodity Summaries · EIA Refinery Capacity Report · FDA device listings
TIER 2Leading commercial trackersIndustry-standard paid trackers
IDC Semiannual Software Tracker · Gartner Market Share & Magic Quadrant · IBISWorld NAICS reports · StatCounter Global Stats · eMarketer / Insider Intelligence · Synergy Research Group
TIER 3Category specialistsBest-in-class niche authorities
SIPRI (aerospace & defense) · IQVIA (pharma) · TrendForce (semiconductors) · CIMdata (CAD/PLM) · Nilson Report (payments) · Am Law 100 (legal) · ENR Top 500 (A&E) · AM Best (insurance) · SIA (staffing) · Ad Age (agencies) · Barron's / Cerulli (wealth) · Evaluate MedTech · Nielsen Gauge (streaming) · Gridwise (ride-hail) · Bloomberg Second Measure (delivery) · RC Top 100 (roofing) · SDM Top 100 (fire/safety) · Big 4 annual reports · ALM Intelligence (consulting)

Data vintage: Q2 2025 research compilation. Labels updated 2026-Q2. Tier 1 sources refreshed from FY2025 SEC filings where available. For full methodology see the Methodology page.