Soft drinks major Coca-Cola Company on Tuesday said its beverage volume growth in 2023 in the developing and emerging market was led by India and Brazil. The India business “experienced a robust growth in 2023”, said James Quincey, Chairman and CEO of the Coca-Cola Company during the earnings call on Tuesday.
The company’s net revenue for the December quarter grew 7% to $10.8 billion, and organic revenues (non-GAAP) grew 12%. For 2023, net revenues grew 6% to $45.8 billion. In 2023, Coca-Cola’s unit case volume grew 2%, in which the developed markets grew 1%, driven by growth in Mexico and Germany.
“Developing and emerging markets grew 2%, driven by growth in India and Brazil, partially offset by the suspension of business in Russia in 2022,” the Atlanta-headquartered company said in its earnings statement. For the December quarter, Coca-Cola’s Unit case volumes grew 2%.