A. Elizabeth Sloan

Pepsi is going “low carb,” while Coca-Cola and Cadbury Schweppes are marketing milk. Fast-food giants—led by Wendy’s and McDonald’s—are encouraging substitution of flavored milks for soda in kids’ “Happy Meals.” Stonyfield Farm is subsidizing schools with its new organic vending machines. And extreme energy beverages, fluoridated bottled waters, and alcohol/juice/soda combinations—some with sexual enhancers—are finding a welcome market. It’s a whole new world of beverages.

With the $63-billion ca…

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