A major shift in Northern Europe’s beverage market is underway as Carlsberg Group, led by CEO Jacob Aarup-Andersen, significantly expands its long-standing partnership with PepsiCo. From 1 January 2029, Carlsberg will assume responsibility for production, sales, and distribution of PepsiCo’s beverage portfolio in Denmark, Finland, and the Baltic states of Estonia, Latvia, and Lithuania, completing its coverage of the entire Nordic region.
This move builds on more than 25 years of collaboration between the two companies in Sweden and Norway. With the new agreement, Carlsberg becomes the sole PepsiCo bottler across the Nordics and Baltics, further strengthening its position as a multi-beverage player combining beer and soft drink portfolios. The expansion will increase Carlsberg’s PepsiCo bottling footprint to 14 markets across Europe, Central Asia, and Southeast Asia.
The agreement also marks a strategic transition in Denmark and Finland, where Carlsberg’s existing bottling contracts with The Coca-Cola Company will expire at the end of 2028. This change opens the door for PepsiCo’s brands to be fully integrated into Carlsberg’s regional production and distribution network.
For PepsiCo, represented by Eugene Willemsen, CEO of PepsiCo International Beverages, the deal reinforces a long-established partnership model focused on leveraging local production capabilities and market expertise to drive growth.
The market impact is already visible. Danish beverage company Royal Unibrew has been directly affected by losing the Pepsi bottling contract, triggering a share price decline of more than 17%. Despite this setback, the company remains a strong regional player with leading positions in beer and soft drinks, particularly in Denmark.
The expanded agreement highlights a broader industry trend: leading brewers are increasingly strengthening their presence in the non-alcoholic segment through strategic partnerships, positioning themselves as diversified beverage companies rather than purely beer-focused producers.
