Global soft drink giant Coca-Cola Company said on Tuesday that its lemon and lime-flavored soda Sprite has become a billion-dollar brand in the Indian market.
The company posted “strong” volume growth in its Indian business in the third quarter of 2022, helped by its sparkling soft drink portfolio and fruit drinks brand Maaza.
James Quincey, chairman and CEO of Coca-Cola Company, said on an earnings call, speaking about performance in the Indian market, “Trademark Coke has delivered strong growth through effective execution and opportunity-based marketing.”
“We have completed 2.5 billion transactions in India at affordable prices through the expansion of reusable glass bottles and single-serve PET packaging,” he noted.
In the first half of 2022, Coca-Cola continued to gain strength as it gained market share in sparkling offerings, he added.
“Sprite has grown into a billion-dollar brand in the marketplace, driven by the success of locally customized, occasion-based global marketing campaigns and screen time,” said Quincey.
Earlier in January of this year, Coca-Cola had said that Indian soft drink brand Thums Up had become a billion-dollar brand by 2021.
India is the fifth largest market for Coca-Cola worldwide.
In the three months ended September 30, 2022, Coca-Cola Company’s unit packaging volume grew 4 percent. Developed markets grew in mid-single digits, while emerging markets grew in low single digits.
“Growth in developed markets was led by Western Europe, Mexico and the United States, while growth in emerging and emerging markets was led by India, China and Brazil,” the Atlanta-based company said in a statement.
Sparkling soft drinks grew 3 percent, “led mainly by India, Mexico and China,” it said.
Food, juice, dairy and plant-based beverages also grew, led by Minute Maid Pulpy in China, Maaza in India and fairlife in the US market.
In the Asia-Pacific market, which also includes India, the volume of Coca-Cola packaging grew by 9 percent.
This was “driven by strong growth in India and China. The growth was led by sparkling soft drinks and hydration,” according to Coca-Cola.
Unit Box Volume means the number of unit cartons of the Company’s beverages sold directly or indirectly by the Company and its bottling partners to customers.
Overall, Coca-Cola Company’s net revenue grew 10 percent to $11.1 billion and organic sales (non-GAAP) grew 16 percent.
“Our business is resilient amid a dynamic operational and macroeconomic environment. We are investing in our strong portfolio of brands, which is a cornerstone of our ability to deliver long-term value to our stakeholders,” said Quincey.