Sugar-Free Coke Sales Surge + Sugar Tax Expectation Catalyst + Third-Generation Sweetener Outbreak: Sweetener Industry Chain Target Sorting

English summary

### Sugar-Free Coke Sales Surge + Sugar Tax Expectation Catalyst + Third-Generation Sweetener Outbreak: Sweetener Industry Chain Target Sorting

Time: 2026-07-29 13:45:34

Content: Recently, Coca-Cola's Q2 earnings showed sugar-free Coke sales surged 16%, directly driving the stock price to an all-time high. At the same time, domestic policy expectations for prioritizing sugary drinks in the consumption tax expansion continue to heat up. Combined with the concentrated release of third-generation natural sweetener production capacity, the sweetener track has completely bid farewell to short-term theme speculation and entered a definitive fundamental market driven by policy, consumption, and technology resonance.

I. Underlying logic reconstruction: dual dividends from consumption trend to national strategy

Globally, over 110 countries have implemented sugar taxes; domestic policy direction of 'prioritizing sugary drinks in consumption tax expansion' is clear, and sugar-free product share is expected to rise by 20 percentage points within 3-5 years, directly triggering a surge in sweetener demand. Previous industry controversy sparked by aspartame has gradually subsided, safety of compliant sweeteners has gained authoritative consensus endorsement, market cognition has returned to rationality, clearing obstacles for long-term industry growth.