European soft drinks growth slows as volumes normalise, Jefferies says

What Brokers Say Retail & Consumer Written by: Ian Lyall 08:30 Fri 02 Oct 2026 --> Edited by: Jamie Ashcroft Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Coca-Cola Europacific Partners PLC ( LSE:CCEP NASDAQ:CCEP ) View Price & Profile European soft drinks growth slows as volumes normalise, Jefferies says Published: 08:30 02 Oct 2026 EDT European soft drinks value growth slowed to 4.6% in the four weeks to 6 September from 12.0% previously, as volume growth moderated sharply, Jefferies said. Volume growth eased to 1.4% from 9.2%, while price and mix contributions increased to 3.2% from 2.8%, with the broker pointing to favourable weather as support. Jefferies analysts Edward Mundy and Sebastian Hickman said the latest NielsenIQ data showed some normalisation across the category but maintained their positive view of European soft drinks. The market recorded particularly strong volume growth in Italy at 8.2%, while France rose 5.4%, Great Britain's sales growth normalised to 10.4% from 20.8%, while Europe, excluding Britain, increased 3.3%, Spain edged up 0.9% and Germany declined 2.3%. Coca-Cola Europacific Partners PLC (LSE:CCEP, NASDAQ:CCEP) , the bottler of Coca-Cola products across Europe and other markets, delivered value growth of 5.7% in Great Britain's sales growth normalised to 10.4% from 20.8%, while Europe, excluding Britain, 6.1% in France, 4.9% in Spain and 0.7% in Germany. Its Great Britain market share slipped to 49.6% from 49.9%, although Jefferies noted that the Nielsen data excludes away-from-home sales, which represent about 40% of the company's business. The broker also highlighted continued momentum at Fevertree Drinks (AIM:FEVR) , the premium mixer maker, although Great Britain sales growth normalised to 10.4% from 20.8%, while Europe excluding Britain slowed to 5.8% from 12.6%. Coca-Cola Hellenic Bottling Company (ASX:CHB) , the European bottler, posted 8.8% value growth in Italy, while PepsiCo Inc (NASDAQ:PEP, XETRA:PEP) in Great Britain delivered 16.2% growth for Carlsberg's portfolio, down from 18.0% in the previous period. Jefferies retained 'buy' ratings on Coca-Cola Europacific Partners, Coca-Cola Hellenic and Fever-Tree Drinks, while maintaining 'hold' on Carlsberg, and described the soft-drinks category as resilient with scope for continued compounding. Continue reading