"I would say the 'cola wars' have ended, so everybody's making money in cola," said Cramer, whose charitable trust owns shares of Pepsi.
The "cola wars" refers to a longtime on-again-off-again rivalry between Coca-Cola and Pepsi, in which both companies would use advertising and marketing tactics pitted at each other.
Cramer said he prefers New York-based beverage company PepsiCo over Coca-Cola but admitted that investors can't go wrong with either stock. "No one has ever got hurt buying a stock at Coca-Cola, and I think that continues," Cramer said on "Squawk on the Street."
"[It's] a Warren Buffett stock that has just over time high price-to-earnings multiple with a good dividend," the host of CNBC's "Mad Money" added.
In the latest Securities and Exchange Commission filing, Buffett's Berkshire Hathaway made no changes in the 400 million shares of Coca-Cola it owns. As of Thursday's close of $44.78 per share, Berkshire's stake in Coca-Cola is worth nearly $18 billion.
Cramer spoke after Coca-Cola reported quarterly numbers that beat analysts' expectations on the top and bottom line, sending the beverage company's share slightly higher in intraday trading Friday.
Coke and Pepsi have struggled with soft sales of their sugary sodas. Coke on Friday reported strong performances for sports and water beverages, while carbonated beverages remained flat. Investors are looking for innovation as the retail landscape tightens and Pepsi sees soda sales decline.