Sprite becomes billion-dollar brand in India
The beverage giant Coca-Cola said its lemon and lime flavored soft drink Sprite has become a multi-billion dollar brand in the Indian market. The company reported “strong” volume growth in its India business in the third quarter of 2022, helped by its sparkling soft drinks portfolio and fruit drink brand Maaza.
The Coca-Cola Company
Beverage company
- Founded: 1892, Atlanta, Georgia, United States
- Founder: Asa Griggs Candler
- CEO: James Quincey (1 May 2017)
- Headquarters: Atlanta, Georgia, United States
- Owners: The Vanguard Group, Berkshire Hathaway, BlackRock
- Subsidiaries: Coca-Cola (Japan) Company, Limited, Minute Maid, MORE
Commenting on the company’s performance in the Indian market, James Quincey, Chairman and Chief Executive Officer (CEO) of The Coca-Cola Company, said, “Trademark Coke has recorded strong growth through effective execution and occasion-based marketing.” “We drove 2.5 billion transactions in India at affordable price points through the expansion of returnable glass bottles and single-serve PET packages,” James said.
He said Coca-Cola continued to grow in the first half of 2022. Quincey said, “Sprite has become a billion-dollar brand in the Indian market. This success has been achieved through the success of locally adapted, occasion-based global marketing campaigns and screen time”. Coca-Cola previously stated in January of this year that the Indian soft drink brand Thums Up had become a billion-dollar brand in 2021. The fifth-largest market for Coca-Cola worldwide is India.
An earnings statement from the Atlanta-headquartered firm said, “Growth in developed markets was led by Western Europe, Mexico, and the United States, while growth in developing and emerging markets was led by India, China, and Brazil. ” Its sparkling soft drink sales increased by 3%, “mainly driven by India, Mexico, and China,” the company reported. With Minute Maid Pulpy in China, Maaza in India, and fair life in the US market as leaders, nutrition, juice, dairy, and plant-based beverages also saw growth.
In the Asia Pacific market, which includes India, Coca-Cola’s unit case volume expanded by 9 percent. This was “fueled by rapid expansion in China and India. Sparkling soft drinks and hydration were the drivers of growth “Coca-Cola stated. Overall, Coca-Cola Company’s net revenues grew 10 percent to USD 11.1 billion, and organic revenues (non-GAAP) grew 16 percent.
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