PepsiCo perde o KFC; ação tem maior desconto para a Coca em 25 anos

PepsiCo has lost its KFC ownership as Coca-Cola's share of the U.S. soft drink market reaches a 25-year low. The news that KFC will switch to Coca-Cola in the United States caught the attention of those following the sector, not because Coca-Cola made an irresistible offer, but because PepsiCo had been the owner of KFC and has provided beverages for the brand since the 1980s.

KFC is part of Yum! Brands, which also includes Taco Bell and Pizza Hut, and was founded as a spinoff of PepsiCo in 1997. Since then, despite not being under the same corporate umbrella, all restaurants of the group have served Pepsi drinks, until next year when the new contract between KFC and Coca-Cola takes effect. From that point on, over 3,000 KFC stores in the U.S. will start to replace their Pepsi machines with those of Coca-Cola, which should be operational in all KFC stores by the second quarter of the next year, according to the Wall Street Journal.

KFC stores outside the U.S. will continue to serve Pepsi. The move strengthens Coca-Cola, which already dominates 70% of the U.S. fountain beverage market according to Beverage Digest and about 44% of the American market for carbonated soft drinks, compared to Pepsi's 26%. For KFC, the decision may be a relief, as the company has been losing ground to other fried chicken chains such as Wingstop, Popeyes and Raising Canes – its market share fell from 15% in 2019 to 9.2% in 2024, according to data from Techmonic.

"This decision is a fundamental step in the Kentucky Fried Comeback," wrote KFC's president in the U.S., Catherine Tan-Gillespie, in a note to franchisees. "A new beverage offering with a new partner in Coca-Cola gives us a platform to innovate, adapt to changing tastes, and give customers more reasons to choose us." For Pepsi, the decision further accentuates the turbulent moment the company is going through and could open space for losing other clients, such as other fast food chains of Yum!

Brands. PepsiCo's stock has fallen about 33% from its 2023 peak and trades today with the biggest discount to Coca-Cola in over 25 years. In an investor call at the beginning of the month, CEO Ramon Laguarta admitted that the company is losing the battle for soft drinks and plans to focus more on improving performance in beverages.

The process to choose KFC's beverage supplier for the next 10 years was a battle of pitches at Yum! Brands headquarters, according to the WSJ. Pepsi highlighted the historic partnership between the brands and presented plans to increase the range of artisanal beverages and innovations such as iced tea and lemonade, while Coca-Cola brought data on how the brand partnership would generate sales growth for the chain.

By the end of the day, projections of increased sales with the arrival of Coca-Cola were decisive for KFC's decision. While Coca-Cola has started to provide for chains such as Culver's, Arby's and Panda Express in recent years, Pepsi has recently seen its recent resume with the resumption of supply to Subway.