India Boosts Coca-Cola’s 2% Growth with New Bottle, 400M Transactions in H1: CEO James Quincey Praises Beverage Innovation

New Delhi: The Coca-Cola Company, a major global beverage company, announced a 2% increase in unit case volume growth for the second quarter of 2024. This growth was driven by strong performance in India, Brazil, and the Philippines. Coca-Cola has introduced a new lightweight, affordable bottle in India, which has a longer shelf life.

This new packaging is now available in over half of the country’s commercial beverage outlets, resulting in more than 400 million transactions in the first half of the year.

Increase in Unit Case Volume

Overall, Coca-Cola’s unit case volume grew by 2% globally, according to their earnings statement. The company reported that developed markets remained stable, while developing and emerging markets, including India, Brazil, and the Philippines, saw mid-single-digit growth.

In the Asia Pacific region, unit case volume increased by 3%, with significant contributions from India and the Philippines, particularly in the sparkling flavors and Coca-Cola segments. India is now Coca-Cola’s fifth-largest market.

Unit Case Volume

Unit case volume refers to the number of unit cases of beverages sold by Coca-Cola and its bottling partners to customers. For the second quarter of the year, Coca-Cola’s net revenues rose by 3% to $12.4 billion.

James Quincey, Coca-Cola’s Chairman and CEO, expressed satisfaction with the company’s performance, noting solid top-line and operating income growth despite changing market conditions.

Ultra-Lightweight Packaging

In India, Coca-Cola is using innovative packaging with an ultra-lightweight, long-lasting bottle that allows for wider distribution and cost reduction. This new packaging has significantly increased the number of transactions.

In addition to this, Coca-Cola reported a $3 million loss and a net gain of $290 million related to the refranchising of its bottling operations in certain parts of India for the three and six months ending June 28, 2024. The company also incurred $7 million in transaction costs for these operations during the first half of the year.