"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.