PepsiCo, the world's second-largest soft-drink maker, surpassed Coca-Cola in market value for the first time after beating its competitor...

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PepsiCo, the world’s second-largest soft-drink maker, surpassed Coca-Cola in market value for the first time after beating its competitor in sales growth and diversifying beyond soda.

Shares of PepsiCo have risen 14 percent this year through Monday, pushing the company’s stock value to $98.4 billion. Coca-Cola shares have declined 1.2 percent, driving down the company’s worth to $97.9 billion.

Over the past five years, Pepsi’s sales growth has risen 7.8 percent, outstripping Coca-Cola’s increase of 2.4 percent.

Shares of PepsiCo rose 31 cents to $59.31 Monday. Coca-Cola’s shares fell 36 cents to $41.15.

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PepsiCo’s sales have been lifted by demand for Gatorade sports drinks and Aquafina bottled water as well as reduced-calorie snacks including Baked Lay’s potato chips. The company derives more than half of its total sales from snacks and less than 20 percent from soft drinks.

In contrast, Coca-Cola gets 82 percent of revenue from soft drinks and hasn’t moved fast enough into bottled water and sports drinks as consumers shun carbonated beverages.

Coca-Cola Chief Executive Officer Neville Isdell said last week the company is making “good progress” after a slump in volume and an “innovation deficit” in the U.S.

Coca-Cola was slower than PepsiCo to move beyond sodas. The company started selling bottled water in 1999 when it introduced Dasani, four years after PepsiCo introduced Aquafina. In 2001, Coca-Cola’s board voted against a proposed acquisition of Quaker Oats, which included Gatorade.

PepsiCo bought Gatorade for $14 billion in 2001 and the sports drink now has an 80 percent market share. PepsiCo’s Aquafina and Tropicana refrigerated juices outsell Coca-Cola’s Dasani and Minute Maid.

Last month, PepsiCo agreed to buy Stacy’s Pita Chip and Sara Lee’s European nuts division to increase profit from snacks.

A decade ago, Coca-Cola’s market capitalization was $133 billion, more than double PepsiCo’s market cap of $59.4 billion. Coca-Cola shares traded at $37.89 then, and PepsiCo shares traded at $25.47.