India’s ₹60,000 crore soft drink market is facing a significant upheaval, not from international giants but from emerging domestic contestants. Campa, revived under Reliance’s umbrella, and Lahori Zeera, powered by private equity, have doubled their combined market presence, injecting fresh competition into the beverage landscape.
Latest data from Nielsen IQ shows that between January and September 2025, Campa and Lahori Zeera collectively captured almost 15% of the market—an impressive leap from roughly 7% in the previous year. During the same period, the once unbreakable Coca-Cola and PepsiCo duopoly began to show strain, their combined share falling to around 85%, down from about 93% a year earlier.
The drivers of this shift are clear. The first is pricing and packaging. The momentum is strongest within the ₹10 price segment—a category where affordability, accessibility, and scale matter far more than legacy or brand pedigree. The second is regional appeal and distribution reach. Lahori Zeera has capitalized on familiar Indian taste profiles with tangy, lemon-based flavours that connect with everyday consumers. Meanwhile, Campa, reintroduced strategically by Reliance, has been priced in a way that enables greater penetration into rural markets.
Neither challenger has achieved complete national coverage, yet they have still expanded their footprint. Lahori Zeera is investing in fresh manufacturing units and is targeting 80–90% Indian pin code penetration in the near future. Campa is scaling equally assertively, deploying a series of high-impact actions—from major IPL sponsorships to vending machine partnerships across metro transit systems—allowing the brand to outperform expectations.
However, the incumbents have not been dethroned. Despite the sudden surge in competition, the overall market remained largely flat this year. Widespread monsoon rains across many regions subdued summer sales—a period typically synonymous with peak soft-drink consumption. Moreover, while the newcomers are advancing quickly, their distribution remains incomplete. Coca-Cola and PepsiCo continue to wield extensive nationwide supply chains, entrenched consumer loyalty, and formidable global logistics capabilities.
The duopoly is not collapsing, at least not yet. What has emerged is the first clear fracture in nearly three decades of near-total dominance. At present, it is a substantial disruption. Whether it evolves into a definitive industry restructuring rests on three critical factors. Campa and Lahori Zeera must scale their distribution beyond select regions to truly nationwide coverage. They must sustain reliable pricing, product quality, and supply. And the cola giants must respond decisively, whether through localized pricing strategies, new product variants, or intensified outreach in rural and semi-urban markets.
If the challengers succeed on all three fronts, the industry could be standing at a defining moment—a weakened duopoly, expanded consumer choice, and possibly more competitive pricing. India’s cola landscape has entered a new phase, and the contest has only begun.
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