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Industry & Competitive Context In the mid-2010s, India's packaged beverage market was undergoing a structural shift. According to Mint's reporting (July 2016), carbonated soft drinks had been losing volume share to fruit-based and juice drinks: in 2015, the juice category grew 20.06% by volume and 25.78% by value year-on-year, while carbonated drinks grew a comparatively modest 8.42% by volume and 10.82% by value, per Euromonitor International data cited in that report. This