The ad, created by Happy Hour Productions, featured several members of the public in a shopping centre tasting juice in front of orange-filled crates.
The voiceover said: "In a recent test, the majority of people preferred the taste of Del Monte to the leading juice brand."
PepsiCo UK & Ireland argued the ad was misleading because it implied Del Monte had been compared to the overall leading juice brand, Tropicana, rather than the leading non-chilled juice brand.
PepsiCo also complained it was unclear whether the taste test was carried out on orange juice only, or the entire fruit juice range.
The advertising watchdog sided with PepsiCo because the advert misled viewers into thinking Del Monte juice had been compared to the overall leading juice brand rather than the leading non-chilled juice.
The ASA also agreed that it was unclear whether the taste test was carried out on orange juice only or the entire fruit juice range.
As a result, the ASA has banned the ad campaign and told Del Monte to ensure future ads featuring taste tests make clear the flavour of Del Monte juice being compared and whether it is being compared with the overall leading juice brand, the leading chilled juice brand or the leading non-chilled juice brand.