“Coca-Cola Beverages Ukraine Limited”: Who Else Is Among the Leaders in the Non-Alcoholic Beverage Market?
23 June 17:08
The non-alcoholic beverage market is showing growth in revenue and business activity, but remains uneven in terms of profitability and financial stability.
This is according to an analytical study by YC.Market, as reported by "Komersant Ukrainian".
“YC.Market analyzed the market for the production of non-alcoholic beverages and mineral water in Ukraine. A distinctive feature of the market is the active presence of foreign capital. Some of the largest producers are controlled by companies registered in the Netherlands, Cyprus, or Poland,” the analysts note.
Regional distribution of active market participants
The non-alcoholic beverage market is most concentrated in major economic, logistics, and tourist centers. Lviv Oblast leads among the regions with 78 active businesses. The top five also include Dnipropetrovsk (61), Zakarpattia (57), Odesa (54), and Kyiv (50) Oblasts.
“It is worth noting separately that the city of Kyiv has 154 businesses—the highest number among all administrative units,” the study states.
This leadership can be attributed to the region’s large population, a vast consumer market, and well-developed trade, logistics, and the HoReCa sector.
These regions also have a higher concentration of distributors, manufacturing enterprises, and companies engaged in the wholesale and retail trade of beverages.
The high ranking of Zakarpattia Oblast may also be attributed to tourism activity, a significant number of food service establishments, and the long-standing presence of mineral and drinking water producers, analysts note.
“Between 2022 and 2025, new businesses were established annually in the non-alcoholic beverage and mineral water production sector: 47 in 2022, 49 in 2023, and 37 in 2024. As shown by YC.Market’s analysis, in 2025 the number of new registrations returned to the 2022 level and stood at 47 entities,” the report states.
Top 10 manufacturers with the highest revenue in 2025
The list of the largest companies is headed by Coca-Cola Beverages Ukraine Limited, which has been operating in Ukraine since 1998 and specializes in the production of soft drinks, mineral water, and bottled water.
“In 2025, the company generated 18.03 billion UAH in revenue and 2.21 billion UAH in net profit, and its workforce numbered 1,245 people as of March 2026. Assets exceed 10.85 billion UAH, and the net margin for 2025 was 12.2%,” the study states.
The company is wholly owned by the Dutch firm “CC Beverages Holdings II B.V.” and has subsidiaries, 39 licenses, and 926 vehicles in its fleet.
In 2022, the American corporation The Coca-Cola Company announced that it was suspending operations in Russia.
“Officially, the original beverages (Coca-Cola, Fanta, Sprite) are no longer produced at Russian plants; however, Russian legal entities—JSC “Multon” and LLC “Multon Partners”—are still part of The Coca-Cola Company.”
This is confirmed by data from the corporation’s annual report and official data from “EGRUL/EGRIP” uploaded to the YouControl system. The presence of Russian legal entities within international corporate groups is reflected in the corresponding Express Analysis factor.
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PJSC “Morshyn Mineral Water Plant ‘Oscar’” ranks second. The company has been operating since 2003 and specializes in the production of mineral water and non-alcoholic beverages; it employs approximately 700 people.
In 2025, the company generated 3.09 billion UAH in revenue and 337.1 million UAH in net profit, while its net margin rose to nearly 11%.
“The company is 100% owned by the Cypriot firm International Distribution Systems Limited, which, as of November 7, 2023, has been included in the list of legal entities subject to restrictive measures (sanctions) by the National Security and Defense Council,” the statement reads.
A portion of the company’s shares (indirectly, approximately 34%) is held by sanctioned businesspeople from the Russian Federation (including Mikhail Fridman, Pyotr Aven, Andrey Kosogov, and German Khan of “Alfa Group”).
“In 2022, at the request of the Economic Security Bureau (ESB), a court seized the corporate rights of the IDS Ukraine holding company (which includes PJSC “Morshyn Mineral Water Plant ‘Oscar,’ PJSC “Mirgorod Mineral Water Plant,” PJSC “Industrial and Distribution Systems,” and LLC “IDS Aqua Service”) and transferred them to the management of the Agency for Asset Tracing and Management.” — the statement reads.
The state-owned enterprise PJSC “Obolon” “Krasylivske” has been operating since 1998 and is part of the “Obolon” corporate group. 100% of the company’s authorized capital is owned by PJSC “Obolon.”
“As of March 2026, 657 people were employed there. In 2025, the company generated 1.45 billion UAH in revenue and 116.9 million UAH in net profit, while the net margin decreased from 10.5% to 8%. Despite this, assets in 2025 grew to 739.4 млн грн with relatively low liabilities—64.6 млн грн,” the study states.
“Panda” Production Firm has been operating in Vinnytsia since 1995 and specializes in the production of non-alcoholic beverages, mineral water, and bottled water under the “KARAVAN” trademark. In 2025, the company generated UAH 1.14 billion in revenue and UAH 199.3 million in net profit, while its net margin rose to 17.4%.
The company’s assets increased to 879.9 million UAH. It has a staff of 82 employees. Grigory Ushakov is the company’s director, shareholder, and beneficiary.
PJSC “Mirgorod Mineral Water Plant” has been operating since 1994 and has a workforce of 343 employees.
“In 2025, the company generated 895.4 million UAH in revenue and 122.1 million UAH in net profit, while the net margin rose to 13.6%,” the report states.
As with PJSC “Morshyn Mineral Water Plant ‘Oscar,'” 100% of the shares are owned by the aforementioned Cypriot company, International Distribution Systems Limited.
Izumrud LTD has been operating since 2004. In 2025, the company generated 753.8 million UAH in revenue but ended the year with a loss of 193.7 million UAH, and its net margin fell to –25.7%. The company’s liabilities reached 1.07 billion UAH and were nearly equal to its assets.
100% of the authorized capital is owned by the Cypriot company Elbiai Investments Limited. The company’s beneficial owners are Ukrainians Yevhen Dveris and Yevhenii Sharinov—key figures in the “Malbi Foods” corporate group.
Bon Boisson Drinks LLC is a company registered in 2023 in the Cherkasy region.
“In 2025, the company generated 697.1 million UAH in revenue and 46 million UAH in net profit; despite a decline in revenue compared to 2024, the net margin rose to 6.6%,” the study states.
The company’s assets increased to 784.7 million UAH, but at the same time, its liabilities reached 691.3 million UAH. The company has 350 employees.
As analysts concluded, the Ukrainian non-alcoholic beverage market is showing revenue growth and a gradual recovery in business activity, but remains uneven in terms of profitability and financial stability. Market leaders have significant financial resilience, strong brands, and large-scale production.
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