The soda business is suddenly hot for everything but soda. Last month, PepsiCo (NASDAQ: PEP) announced it was acquiring sparkling water leader SodaStream (NASDAQ: SODA) for $3.2 billion in a play on healthier drinking options. Meanwhile, Coca-Cola (NYSE: KO) made its biggest acquisition ever with the $5.1 billion purchase of Costa Coffee, one of the largest retail coffee companies outside the U.S.As soda consumption continues its decades-long decline, it makes sense for Coca-Cola and PepsiCo to branch out from their core businesses.