It's rather apparent that soda is not a growth industry. Under pressure from health advocates because of excessive sugar, which has been linked to a host of health issues including diabetes, heart disease, and obesity, soda has become a health risk that many people are avoiding. A handful of municipalities, including Philadelphia and Berkeley, California, now levy additional taxes on sodas and other sugary drinks.Unsurprisingly, Coca-Cola, the biggest pure-play soda company, has seen its stock underperform the greater market in the last five years, providing investors a total return (including dividends) of 25% versus the S&P 500's near-90% total return.Against that backdrop, you might assume it's best to avoid the soda industry altogether.