Big beverage companies are shifting their lineups, shedding well-known but less profitable brands to refocus on core products and newer lines that appeal to changing consumer tastes.

PepsiCo Inc. PEP -1.24% Tuesday said it would sell Tropicana and other juice brands to private-equity firm PAI Partners. In February, Nestlé SA NSRGY -0.55% agreed to sell Poland Spring and most of its North American bottled-water brands to other private-equity investors. Last year, Coca-Cola Co. KO -1.01% discontinued a slew of brands including Tab diet soda, Zico coconut water and Odwalla fruit juices and smoothies.

The moves signal at least a partial retreat from the industry’s primary strategy of late. For years companies have multiplied their offerings, expanding from soda into coconut water, smoothies, fermented tea, dairy alternatives and other niche but promising territory.


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