BrandHistories
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PepsiCo
PepsiCo was slower than Coca-Cola to build a premium water and craft beverage portfolio, allowing Coca-Cola's Smartwater, vitaminwater (acquired through Glaceau), and AHA sparkling water to establish positions in the premium hydration category before PepsiCo mounted a credible response. The delayed entry required acquisition premiums for later-stage brands and meant PepsiCo missed the highest growth phase of the premium water category transition.