The ingredients in Pepsi Max No Sugar Cola include carbonated water, caramel (E150d) for colouring, sweeteners like aspartame and acesulfame K to provide sweetness without calories, and acids such as phosphoric acid and citric acid for tartness. It also contains flavourings, including caffeine, and potassium sorbate as a preservative to maintain freshness.

In terms of allergens, Pepsi Max No Sugar Cola contains a source of phenylalanine due to the presence of aspartame. This makes it unsuitable for individuals with phenylketonuria (PKU), a rare genetic disorder that affects the metabolism of phenylalanine. Aside from that, the product is free from common allergens such as gluten, dairy, eggs, fish, nuts, and soy. It is also suitable for vegetarians and vegans, and is gluten-free. However, individuals with PKU should be cautious due to the aspartame content.