Sprite’s success in the Indian market
- Oct. 26, 2022
- FMCG HORECA BUSINESS
The Coca-Cola Company, a significant player in the global market for soft drinks, said on Tuesday that its Sprite brand, which has lemon and lime flavors, has become a billion-dollar brand in the Indian market. With the assistance of its portfolio of effervescent soft drinks and the fruit drink brand Maaza, the firm was able to register a "high" volume gain in its India business during the third quarter of the year 2022.
James Quincey, Chairman and CEO of The Coca-Cola Company, said on an earnings call that "Trademark Coke produced excellent growth via great execution and occasion-based marketing." He was discussing the success of the Indian market.
"We generated 2.5 billion transactions in India at low price points with the proliferation of returnable glass bottles and single-serve PET packaging," he remarked. This was made possible by the introduction of PET single-serve packages. According to him, Coca-strength Cola's continued to improve during the first half of 2022 as the company gained market share in the sparkling beverage market.
According to Quincey, "Sprite has grown to become a billion-dollar brand in the market," which was accomplished thanks to the successful implementation of regionally tailored, occasion-based global marketing campaigns and screen time.
Coca-Cola said earlier in January of this year that its Indian soft drink brand Thums Up will become a billion-dollar brand in the year 2021. Coca-Cola operates in India, which is the world's fifth-largest market for the beverage.
The entire unit case volume of The Coca-Cola Company increased by 4% from the beginning of the fiscal year until the conclusion of the same period on September 30, 2022. The growth rate of its established markets was in the high single digits, while the growth rate of its developing and emerging markets was in the low single digits.
Nutrition, juice, dairy, and plant-based beverage sales increased as well, with Minute Maid Pulpy leading the way in China, Maaza leading the way in India, and fairlife leading the way in the US market.
The unit case volume of Coca-Cola increased by nine percentage points in the Asia Pacific region, which also includes India. In this case, "propelled by robust economic expansion in India and China. The growth was driven mostly by carbonated soft drinks and hydration products "says Coca-Cola. The term "unit case volume" refers to the number of unit cases of the firm's drinks that were sold to consumers either directly or indirectly by the company and its bottling partners.
Overall, the Coca-Cola Company's net sales increased by 10% to $11.1 billion, while the company's organic revenues (revenues not subject to GAAP) increased by 16%. "Our company is able to thrive in an operational and macroeconomic climate that is always changing. We are making investments in our robust portfolio of brands, which serves as the foundation for our capacity to create long-term value for our many stakeholders "Quincey stated.