New-age soft drink brands Campa and Lahori Zeera are rapidly reshaping India’s ₹60,000 crore beverages market, doubling their combined market share to nearly 15% in January–September 2025, according to NielsenIQ data shared by industry executives. This surge has come largely at the expense of Coca-Cola and PepsiCo, whose cumulative share has fallen from 93% to 85% over the same period.
The shift is especially notable at the mass ₹10 price point, where both Campa and Lahori Zeera have outpaced market conditions—despite limited national distribution and a rain-hit summer that kept overall category growth flat.
Lahori Zeera, backed by Belgian private equity firm Verlinvest, plans a nationwide expansion in 2026 covering 80–90% of pin codes. “Our brand is currently unavailable only in the South,” said Nikhil Doda, co-founder and COO. The company is setting up its third plant in Lucknow and preparing to enter institutional sales. New variants such as Lahori Aamras and Masala Cola are also in the pipeline, supported by a 2,500-plus distributor network.
Reliance Consumer Products Ltd. (RCPL), owner of Campa Cola, has aggressively pushed the brand through major partnerships—including IPL sponsorships, signing actor Ram Charan as brand ambassador, and securing exclusive beverage rights across Hyderabad Metro stations. Campa, which was relaunched in 2023 after Reliance acquired it in 2022, has also tied up with Ajith Kumar Racing for its Campa Energy drink.
The rise of these challenger brands has triggered pricing action from the market leaders. Coca-Cola and PepsiCo have rolled out ₹10 packs across key brands like Coke, Thums Up, Sprite, Gatorade and Pepsi to defend market share.
Industry watchers say the disruption is unprecedented. “For the first time, the duopoly of the MNC giants is being seriously challenged,” noted a Mumbai-based analyst.
PepsiCo’s largest bottling partner outside the U.S., Varun Beverages chairman Ravi Jaipuria, acknowledged the competitive heat during the September 2025 earnings call but remained optimistic. “Competition is healthy and will grow the market for everyone,” he said.
NielsenIQ and Reliance Consumer Products declined to comment.