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Beverage Bottler Customer Concentration

Beverage Bottler Customer Concentration measures how much packaged-beverage volume and company revenue depend on the largest retail customers.

By Lee BaileyPublished Sep 22, 2026
Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date
Sep 22, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
12 connected conceptsPart of the reviewed Beverage Bottling Operating Economics; issuer definitions remain distinct where disclosed.
Company examples
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. Two customers represented 36% of bottle/can volume
  2. Part of the Beverage Bottling Operating Economics
  3. See It in Company Research
  4. Continue Research

Beverage bottler customer concentration measures how much volume and revenue depend on the largest retail customers.

In both 2025 and 2024, Walmart represented about 21% of Coca-Cola Consolidated's bottle/can sales volume and 17% of total net sales. Kroger represented about 15% of bottle/can volume and 12% of total net sales.

Two customers represented 36% of bottle/can volume

Combined, Walmart and Kroger accounted for about 36% of bottle/can volume but 29% of total net sales in both years.

The seven-point gap shouldn't be turned into a customer-level price discount. The denominators differ: the volume percentages cover bottle/can cases, while the revenue percentages use total company net sales, including sales to other bottlers and post-mix/other revenue.

The stable concentration still matters operationally. Losing either customer could be material, but concentration alone says nothing about relationship quality, margin, or near-term revenue risk. See net sales for the broader denominator.

Source:

Part of the Beverage Bottling Operating Economics

Connect packaged-beverage revenue, standardized case volume, category mix, pricing contribution, gross margin, alternate sales channels, and customer concentration to understand beverage-bottler economics.

Browse the full operating model in Company Analysis →
Where this concept fits
  • Revenue channels and customer concentrationCurrent relationship
    Sales to other bottlers and post-mix sales show revenue outside the core direct bottle/can channel, while customer concentration shows how much direct volume and total revenue depend on major retailers. These exposures help explain revenue architecture and bargaining risk without implying that concentrated revenue is automatically impaired.
    Bottler Customer ConcentrationCurrent conceptBottler Net SalesPost-Mix SalesSales to Other Bottlers
  • Volume, pricing, and packaged-beverage revenue
    Standard physical case volume provides an equivalent delivered-volume measure, while bottle/can sales and management's average selling-price contribution show how volume and realized revenue can diverge. The price contribution is an issuer attribution and should not be treated as a standardized pure-price measure.
    Bottle/Can Price ContributionBottle/Can SalesBottler Net SalesStandard Physical Case Volume
  • Sparkling versus still category mix
    Sparkling and Still sales paired with their respective standard physical case volumes separate category revenue growth from delivered-volume growth. Category definitions and package or channel mix remain issuer-specific, so the bridge does not imply standardized peer economics.
    Bottler Gross MarginSparkling Case VolumeSparkling Net SalesStill Case VolumeStill Net Sales

See It in Company Research

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