Carbonated beverages continue to enjoy widespread popularity due to their refreshing qualities. However, the majority of commercially available carbonated drinks are characterized by high sugar content, low nutritional value, and have been linked to the rising prevalence of non- communicable diseases (NCDs). In response to these health concerns and to address protein malnutrition, particularly in children in Sri Lanka, this study investigates the market potential for protein-enriched carbonated beverages utilizing locally sourced, protein-rich ingredients, such as grain extracts. The objective is to develop a cost-effective, nutritionally enhanced alternative while retaining the sensory appeal of traditional carbonated beverages. An online survey was conducted with a sample of 200 randomly selected participants, and the data were analysed using MINITAB-19 software at a significance level of 0.01. The analysis revealed no statistically significant correlation between gender and preference for carbonated beverages. However, age was identified as a key determinant of consumer preferences, with the 18–25 age group representing the largest market segment. Specifically, 45.5% of respondents within this demographic expressed a preference for fizzy drinks. In terms of employment status, undergraduates constituted the largest consumer group (37.5%), followed by part-time and full-time employees (31%), and students or unemployed individuals (19%).These findings highlight a consistent demand for carbonated beverages across diverse demographic groups, particularly among younger consumers. The incorporation of locally sourced, protein-rich ingredients offers manufacturers the opportunity to meet consumer demand for refreshing beverages while addressing the need for healthier, more nutritious options. The study concludes that protein-enriched carbonated beverages present significant market potential, providing a healthier alternative to conventional high-sugar drinks while appealing to health-conscious consumers seeking both refreshment and nutritional value.