Carlsberg Drops Coca-Cola in Denmark, Finland and Baltics for Pepsi in 2029
Carlsberg will cease bottling Coca-Cola products in Denmark, Finland and the Baltic states at the end of 2028, transitioning to become PepsiCo’s bottler from January 1, 2029. This shift removes Coca-Cola’s production, sales and distribution in these markets, potentially dampening its regional revenue.
1. Carlsberg to End Coca-Cola Agreements
Carlsberg’s existing bottling and distribution contracts with Coca-Cola in Denmark and Finland expire at the end of 2028. From January 1, 2029, Carlsberg will assume production, sales and distribution of PepsiCo brands across Denmark, Finland and the Baltic states, formally exiting Coca-Cola’s network in these regions.
2. Impact on Coca-Cola’s Regional Operations
The termination removes Coca-Cola’s manufacturing and route-to-market infrastructure in four European countries, potentially reducing its annual soft drinks volume and revenue in Northern Europe. Coca-Cola will need to secure alternative bottlers or rely on third parties to maintain market presence after 2028.
3. Expansion of Carlsberg’s PepsiCo Footprint
Carlsberg already bottles PepsiCo brands in Sweden, Norway and Great Britain under its Britvic acquisition, and this agreement expands its European bottling reach to 14 countries through 2040. The move reinforces Carlsberg’s role within PepsiCo’s distribution network, consolidating its position as a key partner.
4. Market Reaction and Strategic Considerations
Shares of Royal Unibrew plunged 20% on the news as it loses its Pepsi partnership in these markets, while Carlsberg stock remained stable. Coca-Cola investors may weigh the potential revenue shortfall against plans to diversify bottling partners and invest in other growth regions.