With consumers shifting away from carbonated beverages towards products offering health and nutrition benefits, PepsiCo's CEO Michael White emphasized the deal's importance for the growth of their global operations. "This is a wonderful opportunity to strengthen our position in one of the fastest-growing beverage categories," he stated. Under the agreement, the partnership will operate in 11 new markets across Western Europe and Asia. This expansion will extend their venture into Germany, Italy, France, the Netherlands, Switzerland, Austria, Belgium, Portugal, Korea, Taiwan, and South Africa. According to Future Market Insights, the RTD tea market is capturing a valuation of US$34.3 billion in 2023 and is projected to reach US$72.9 billion by 2033, registering a CAGR of 8% during the forecast period. A previous agreement between the two companies has been in place since 1991, resulting in the creation of the leading ready-to-drink tea brand in the US, according to PepsiCo.