Coca-Cola India business witnesses robust growth in 2023
Coca-Cola Company on Tuesday said its beverage volume growth in 2023 in the developing and emerging market was led by India and Brazil. The India business «experienced a robust growth in 2023», said James Quincey, Chairman and CEO of the Coca-Cola Company during the earnings call on Tuesday.
The company's net revenue for the December quarter grew 7% to USD 10.8 billion, and organic revenues (non-GAAP) grew 12%. For 2023, net revenues grew 6% to USD 45.8 billion.
In 2023, Coca-Cola's unit case volume grew 2 per cent, in which the developed markets grew 1 per cent, driven by growth in Mexico and Germany.
«Developing and emerging markets grew 2 per cent, driven by growth in India and Brazil, partially offset by the suspension of business in Russia in 2022,» the Atlanta-headquartered company said in its earnings statement.
For the December quarter, Coca-Cola's Unit case volumes grew 2 per cent.
During the quarter, «developing and emerging markets grew 4 per cent, driven by growth in Brazil and India».
Unit case volume means the number of units of beverages directly or indirectly sold by the company and its bottling partners.
India is the fifth largest market for The Coca-Cola Company.
The Indian market also contributed to the growth of Coca-Cola's overall growth from the Asia Pacific region and the emerging market, the company said.
In the December quarter, Coca-Cola's unit case volume in the Asia Pacific region grew 2 per cent.
This was «primarily driven by growth in juice, value-added dairy, and plant-based
