PepsiCo

PepsiCo’s moat is built on multiple, mutually reinforcing advantages. Intangible assets include a portfolio of iconic brands (Lay’s, Doritos, Gatorade, Pepsi, Mountain Dew) with decades of consumer habit and marketing investment.

A large DSD network enables superior shelf visibility, rapid restocking, and in-store merchandising, which retailers value and emerging challengers struggle to replicate. Scale purchasing and manufacturing lower unit costs across snacks and beverages. International breadth and joint ventures extend reach (e.g., Starbucks RTD coffee, Unilever tea).

Risks to moat durability include retailer private label encroachment, health-driven consumption shifts, GLP-1-linked snack moderation, and digital shelf dynamics, but PepsiCo’s constant mix innovation and price-pack architecture work help defend share. Overall, the combination of brand equity, DSD execution, and scale yields a durable moat.