What about using Illustrator to do the 3D part of the label.
Open up Illustrator and draw a circle of the diameter of the soda can
Drop your flat label in illustrator, and turn it into a symbol.
Select the circle and then go the the « menu » Effect -> 3D -> Extrude and Bevel
That would make a virtual cylinder (representing your soda bottle) Play with the setting to make the 3D shows as you wish (match the picture you have) (you can check the preview case to see the result)
Than click on « Map Art... »
First, select the right surface (make sure to select the right one at the exterior), than chose you label from the Symbol drop down menu.
Place it as you wish, you can also check Shade artwork to get a more realistic result. Click Ok and see the result.
You may need to adjust the output DPI in the menu Effect « Adjust Raster Effects setting »
Then drop the image in photoshop on top of you picture, mask everything except the label, align and voilà !