Coca-Cola registers strong growth in 2022 in the Indian market

Global soft drink major The Coca-Cola Company on Tuesday said its consolidated unit case volume grew 5 per cent for the full year ended December 2022, benefitted from "strong growth" from markets such as India.

Its developed markets grew low single digits for the quarter and mid-single digits for the year, driven by growth across most markets while developing and emerging markets declined by low single digits for the quarter and grew mid-single digits for the year.

"This performance benefited from strong growth in India and Brazil and was unfavourably impacted by the suspension of business in Russia," said the Atlanta-headquartered company in its global earnings released on Tuesday.

Even for the fourth quarter, The Coca-Cola Company has "strong growth" in Brazil, India, Great Britain and Mexico, it added.

Its "sparkling flavours declined 2 per cent for the quarter and grew 5 per cent for the year," the company said, adding, "This performance benefited from strong growth in India and the United States ..."

While its juice, value-added dairy and plant-based beverages declined 7 per cent for the quarter and grew 3 per cent for the year.

In the Asia Pacific market, in which India falls, Coca-Cola's "Unit case volume declined 1 per cent for the quarter".

This was again driven by "strong growth in India and Vietnam", which was more than offset by a decline in China due to varying levels of pandemic-related mobility restrictions, the statement added.

According to The Coca-Cola Company, for the year it "gained value share in total NARTD (non-alcohol ready-to-drink) beverages, led by share gains in India, Australia, Japan and South Korea".

India is the fifth-largest market for Coca-Cola global.

Overall, The Coca-Cola Company net revenues in Q4 grew 7 per cent to $10.1 billion, and organic revenues (non-GAAP) grew 15 per cent.

"For the full year, net revenues grew 11 per cent to $43.0 billion, and organic revenues (non-GAAP) grew 16 per cent. This performance was driven by 11 per cent growth in price/mix and 5 per cent growth in concentrate sales," it said.

James Quincey, Chairman and CEO of The Coca-Cola Company said: "While 2022 brought many challenges, we are proud of our overall results in a dynamic operating environment."

"As we begin 2023, we continue to invest in our capabilities and strengthen alignment with our bottling partners to maintain flexibility. We are keeping consumers at the centre of our innovation and marketing investments, while also leveraging our expertise in revenue growth management and execution," he said.