Beverage revenue was up 21% year-over-year during PepsiCo’s second-quarter earnings in July, due to restaurants opening back up - but it is not representative of growth that PepsiCo can bet on long-term. Getting into alcohol could be an important source of revenue for Pepsi - while Pepsi doesn’t break out soda sales specifically, the company’s beverage sales declined early in the pandemic when restaurants closed. Other examples of recent launches include Coca-Cola’s Topo Chico hard seltzer. The brand is the latest big CPG player to enter the alcoholic beverage category.
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In some ways, the move brings the drink full circle the phrase “Mountain Dew” was reportedly developed by bottlers Barney and Ally Hartman as a whiskey mixer in the 1940s. Hard Mtn Dew will contain 5% alcohol by volume, zero sugar and no caffeine, a departure from the brand’s sweet formulation. “They’ve already set up a new division to sell, deliver and merchandise the product, so alcohol is a game-changer for them.” Now, Gallo said, Pepsi is looking to extend Mountain Dew’s brand equity into the increasingly crowded alcohol RTD space. The latest collaboration builds on past ones that gave Mountain Dew a boost, said Mark Gallo, a beverage sales and distribution manager who’s previously worked for Anheuser-Busch and Heineken. Mountain Dew’s efforts have ranged from major celebrity endorsements - working with the likes of LeBron James and John Cena - and targeting video gamers, to fast food collaborations with companies like Taco Bell and Papa John’s. Mountain Dew’s attempt at relevancy has been especially challenging amid the soda decline the past decade - which was largely due to consumers favoring less sugary beverages, like sparkling water and tonics. While Mountain Dew is known to have a dedicated cult following, the brand has its sights set on creating more drinks that cater to a wider variety of demographics.
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