Campa and Lahori Zeera disrupt Coca-Cola and PepsiCo as market share shifts

Smaller and emerging players in India’s ₹60,000-crore soft drinks market, led by Reliance’s Campa and Verlinvest-backed Lahori Zeera, have doubled their combined market share to nearly 15% year-on-year in the January–September 2025 period, industry sources informed, citing NielsenIQ data as per ET Retail, adding that this gain has come largely at the expense of Coca-Cola and PepsiCo, whose cumulative share dropped to about 85%. Most of the churn is occurring at the mass ₹10 price-point, and the growth of these newer brands has come despite their still-limited national presence and a rain-hit summer season, the sources stated.

The small players’ combined share rose to almost 15% in January–September 2025 from roughly 7% during the same period last year, while the two multinational category leaders saw their joint share fall from 93% to 85%, the sources said, noting that overall category growth was flat due to widespread rainfall through much of the year.

Lahori Zeera co-founder and COO Nikhil Doda declined to comment on the specific market-share gains but stated that the company plans to go national next year by covering 80–90% of pin codes, adding that the brand remains unavailable only in the South. He explained that Lahori, founded in 2017 in Fatehgarh Sahib, Punjab, by cousins Saurabh Munjal, Nikhil Doda and Saurabh Bhutna under Archian Foods, is now setting up its third plant in Lucknow and is preparing to enter institutional sales. He said the brand is introducing variants including Lahori Aamras and Masala Cola and that distribution remains largely general trade-led with more than 2,500 distributors.

Campa, owned by Reliance Consumer Products Limited (RCPL), the FMCG arm of Reliance Industries, has signed a series of partnerships since early this year, including a “co-powered by” sponsorship for the Indian Premier League on television and digital platforms, onboarding actor Ram Charan as brand ambassador, and securing an exclusive beverage partnership with Hyderabad Metro Rail that provides rights to sell its beverage portfolio via vending machines, kiosks and retail points in metro premises. Reliance, which acquired Campa Cola in 2022 and reintroduced it in 2023, also announced a partnership with motorsport team Ajith Kumar Racing, naming Campa Energy as its official energy partner.

The competitive pressure from Campa and Lahori Zeera has pushed Coca-Cola and PepsiCo to introduce new ₹10-pack sizes across brands including Coke, Thums Up, Sprite, Gatorade and Pepsi, revised down from earlier price points of ₹12 and above. A Mumbai-based analyst stated that although the market has previously seen smaller regional rivals such as Bovonto and Jayanti Cola, this is the first time the multinationals’ longstanding duopoly is facing a serious challenge, as reported by ET Retail.

NielsenIQ and Reliance Consumer did not to comment to ET Retail. In a September 2025 quarterly earnings call, Ravi Jaipuria, chairman of Varun Beverages, PepsiCo’s largest bottling partner outside the US, spoke in response to a query on rising competition that competition is healthy and will expand the market for all players, adding that Reliance’s entry may have a temporary minor impact but will ultimately be positive for the industry.