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Geopolitical conflict, early monsoon impact Coca-Cola's India Q2 play
'In India, after a strong start to the year, volumes declined as our business was impacted by the early monsoon and geopolitical conflict early in the important summer season. In response, we are engaging consumers with integrated marketing campaigns and tailoring these activations to local and regional needs,' said James Quincey, Chief Executive Officer of Coca-Cola Company, during the quarterly earnings call with investors.
On a consolidated basis, the company's unit case volume declined by 1 per cent, as growth in Central Asia, Argentina, and China was more than offset by declines in Mexico, India, and Thailand.
Meanwhile, in the Asia Pacific region, the company's unit case volume declined by 5 per cent, largely due to a decline in India and the impact of refranchising bottling operations.
Last week, rival PepsiCo also reported a decline in its beverage business in India for the 12-week period ending June 14, citing early rains.
Speaking about recovery, Quincey underlined that the Indian market will never be a straight line.
'We're very bullish on India overall. While Q2 did decline, we have a lot of marketing campaigns focused on India. We have also just set up the first refranchised piece with the Jubilant Group for the company-owned bottler that we have, which is up and running with a new CEO, and we think this will bring new energy, dynamism, and focus to the execution,' he said.
Meanwhile, the Atlanta-based fizzy drinks major also announced the launch of its cane sugar products in the United States after former US President Donald Trump posted on social media last week claiming that he had persuaded the company to replace high-fructose corn syrup.
'As part of its ongoing innovation agenda, this fall in the United States, the company plans to launch an offering made with US cane sugar to expand its Trademark Coca-Cola product range. This addition is designed to complement the company's strong core portfolio and offer more choices across occasions and preferences,' the company stated in its earnings release.
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