PepsiCo will sell Tropicana and other juices to a private equity firm in exchange for pretax proceeds of $3.3 billion.

PepsiCo will have a 39% non-controlling stake in a newly formed joint venture in the deal with PAI Partners.

Juice sales began to decline significantly in the early 2000s when low-carb diets grew in popularity, and that trend has continued with more families choosing instead to buy waters or other no- or low-calorie drinks.

Juice consumption in the U.S. peaked in 2003 at 4.2 billion gallons, but by 2017, that had fallen to 3 billion gallons, wrote Brian Sudano, the managing partner of Beverage Marketing Corp. The group does not see that trend changing.

PepsiCo Chairman and CEO Ramon Laguarta said in a prepared statement Tuesday that the deal “will free us to concentrate on our current portfolio of diverse offerings, including growing our portfolio of healthier snacks, zero-calorie beverages, and products like SodaStream.”

PepsCo Inc., based in New York, has the option to sell certain juice businesses in Europe.

The deal is expected to close late this year or early next year.