MW Trump says Coke with cane sugar is on its way. But Americans seem fine with the current version.

By Charles Passy and Steve Gelsi

Some studies reveal a preference for Coke produced just as it is - with high-fructose corn syrup

Does Coca-Cola made with cane sugar - aka Mexican Coke - really taste better than the U.S. version made with high-fructose corn syrup, as President Donald Trump claims? Not quite, according to some studies.

In a Truth Social post, Trump said on Wednesday: "I have been speaking to Coca-Cola (KO) about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so." Trump added, "I'd like to thank all of those in authority at Coca-Cola. This will be a very good move by them - You'll see. It's just better!"

Coca-Cola hasn't fully confirmed the president's statement regarding any changes to its formula.

In a statement, the company said: "We appreciate President Trump's enthusiasm for our iconic Coca-Cola brand. More details on new innovative offerings within our Coca-Cola product range will be shared soon."

Coca-Cola switched from using cane sugar to high-fructose corn syrup in the U.S. version of its signature sip decades ago. Corn syrup is generally considered cheaper to use - hence, its widespread popularity among food and beverage companies - but there's a prevailing belief among some consumers that cane sugar makes for a better-tasting product.

There are also health concerns associated with corn syrup, a point that Robert F. Kennedy Jr., head of the Department of Health and Human Services, has repeatedly made. In fact, he's vowed to ban it.

Meanwhile, in Mexico, Coca-Cola is still produced using cane sugar. That version is often imported into the U.S. - typically, in glass bottles - and American Coke fanatics are known to buy it, even if it carries a higher price tag than the U.S. version.

But here's the rub: Some studies have shown that despite all the fuss about cane sugar (or Mexican) Coke, Americans prefer the high-fructose version they've been drinking for years.

See also: Why this kosher-for-Passover Coke with the yellow cap is going viral

In particular, a 2023 blind taste test, conducted by the website Serious Eats, pitted the two types against each other in various ways. In the end, J. Kenji López-Alt, the culinary expert who led the test, found, "People prefer American Coke to Mexican Coke from a pure flavor and aroma standpoint."

López Alt opined why cane sugar (or Mexican) Coke is still considered superior.

"Those folks who prefer Mexican Coke (like myself), really just like the idea of Mexican Coke - whether it's because they think real sugar is tastier/healthier than corn syrup, whether it's because Mexican Coke is more expensive and harder to find, thus more valuable, whether it's because of its exoticism, whatever the reason - strip away the Mexicanness of it, and suddenly it's a lot less appealing," he said.

Meanwhile, Wall Street is already taking note of a potential Coke formula shift.

Shares of two major suppliers of corn syrup fell on the Coke news on Thursday.

Archer-Daniels-Midland Co.'s stock $(ADM)$ dropped about 0.9% on Thursday and Ingredion Inc.'s stock (INGR) fell by 0.6%. Coca-Cola's stock rose 1.9%.

MarketWatch reached out to ADM and Ingredion for comment.

Oppenheimer analyst Kristen Owen said in a Thursday research note that high-fructose corn syrup represents about 2.6% of U.S. corn production in a business dominated by four companies: the aforementioned Archer Daniels Midland and Ingredion, plus privately held Cargill and Primient.

MarketWatch has also reached out to Cargill and Primient for comment.

Ironically, a move by Coke to use more sugar would require more imported sugar from Brazil and would potentially hurt U.S. farmers, Owen said.

"While we discount the probability of a wholesale shift given the supply chain challenges and inflationary impact, we do anticipate the prospect to create a near-term overhang on the ag sector (as a blow to domestic demand), and corn processors in particular," Owen said.

PepsiCo $(PEP)$ Chief Executive Ramon Laguarta was asked about Trump's comments during the conference call to discuss the food and beverage giant's second-quarter results Thursday.

"We're following the consumer," he said. If they prefer products that have natural ingredients, "we will give the consumer products that have sugar and have natural ingredients," the CEO added, according to a CallStreet transcript.

PepsiCo already offers a version of its cola made with real sugar. The company's shares rose 7.5% on Thursday.

James Rogers contributed.

-Charles Passy -Steve Gelsi

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July 17, 2025 21:02 ET (01:02 GMT)

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