The Coca-Cola Company missed profit targets for 2014 as consumer demand for carbonated drinks fell.

It reports that earnings are down by 55 percent at $770m (€681m) - but revenue came in slightly above Wall Street expectations at $10.9bn (€9.7bn).

The company said that currency values, charges that relate to its operations in Venezuela, and the impact of selling bottling operations in North America hurt its results.

Muhtar Kent, the company’s chief executive issued a statement, he says: "We remain resolutely focused on accelerating growth and taking advantage of opportunities to solidify our position in key markets and categories."

He added: "We continue to see 2015 as a transition year as the benefits from the announced initiatives will take time to materialise amidst an uncertain and volatile macroeconomic environment."

Across the board fizzy-drink sales have experienced year-on-year deceases for over 10 years.

Trade magazine Beverage Digest says that sales of carbonated drinks peaked in 1998.

Health concerns linked to obesity have grown since then - schools in many regions implement healthy eating policies that ban these drinks.

New York introduced limits on fizzy drink serving portions - this move was accompanied by a public awareness campaign. It used Google Map style graphics to show how far consumers would have to walk to burn-off the amount of calories in an average serving.

Coke has been working to diversify its offerings. It's become the primary shareholder in Keurig Green Mountain - a coffee company.

It has invested over $2bn in Monster energy drink.

The company is also distributing a long-life milk product called Fairlife - it is low in sugar and calories and has added protein and calcium.

The product sells at twice the average price of milk in the United States.

Shareholders have not been happy with the company's performance.

It's largest stakeholder, Berkshire Hathaway recently abstained from a vote to award bonuses to management. Wall Street Journal reports that Wintergreen Advisers asked the board to resign last week.