From spring water to flavored water to energy drinks, companies like Coca Cola are realizing that the competition for the millennial wallet is fierce, and getting more competitive every day.
Just a few months after Kraft announced it would take preservatives and artificial coloring out of products such as its famous Mac & Cheese, Coca Cola is announcing that it will reduce the calories in its soda by 10%.
Coca-Cola Enterprises Inc. said it plans to cut its calories per liter 10% by 2020 as consumers continue a shift toward more healthy beverage options.
The world’s largest independent Coca-Cola bottler, which bottles Coca-Cola Co. products for countries including Great Britain, Belgium, France and the Netherlands, said the move was a reaction to growing concerns about obesity.
The new goals are influenced by strong stakeholder feedback, said the company’s director of corporate responsibility, Joe Franses. The company also plans to halve its carbon footprint by 2020, having already reduced its by 29%, in absolute terms, since 2007.
Sales of soft drinks have been falling for years as consumers scale back amid concerns about health. Soda consumption in the U.S. slid 1% in 2014 to 12.76 billion gallons, the 10th straight yearly decline, according to a March report by industry tracker Beverage Marketing Corp.
Shares of Coca-Cola Enterprises, inactive premarket, have been down about 3% this year through Monday’s close.
Read more: Nasdaq