Share Via: The new Pepsi formula will have less sugar and more fizz. How will the change be received? Pepsi, as we know it, is about to change. According to an Economic Times (ET) report, the cola giant announced that itâs changing its formulation to be less sweet and more fizzy. This move is set to place Pepsi on par with competitors like Coca-Cola and Thums Up, claims the report. "Pepsi has traditionally been a sweeter drink, compared with rivals, like Coke and Thums Up. This is a move aimed at closing in on the category leader Thums Up. It comes on the eve of the crucial summer quarter this year, after last year's near washout quarter that coincided with the peak lockdown," an official directly aware of the matter told ET.