But the natural pressures of the marketplace, an increasingly choosy consumer and a trend for small groups to backlash against anything big and successful have all played their parts, too.
Yet, by flourishing in the face of Coke's slowdown, PepsiCo has proved that Coke could have done things differently, and this is where the bulk of the criticism around its NPD comes from. Despite being one of the most prolific innovators in the industry, its variants, particularly of its Coca-Cola brand, have not considered the subtle changes in consumer demands that have occurred over the years.
Now its NPD is based on a set of 'need states' that give a far better level of insight into its consumers.
It's a great development from a company that perhaps was a bit brand happy for a while, and should remind everyone that however big you are, you can't rest for a minute in fmcg.