Sprite becomes billion dollar brand in India
Coca-Cola’s lemon drink Sprite has become a billion dollar brand in annual sales in India, the beverage maker said in its global earnings report.
“Sprite has grown to become a billion-dollar brand in the (India) market, driven by locally adapted, occasion-based marketing campaigns and screen time,” the company said in its global earnings call.
Sprite is the second brand in Coca-Cola India’s portfolio to cross billion dollars in annual sales, after Thums Up. In January this year, Coca-Cola had said Thums Up had become a billion-dollar brand in annual sales in 2021 in India, Coca-Cola’s fifth-largest market globally.
Coca-Cola said it drove 2.5 billion transactions in India at affordable price points through the expansion of returnable glass bottles and single-serve PET packages. “Soft drinks grew 8%, driven by growth across all geographic operating segments, primarily led by India, Mexico and Brazil. Growth in developing and emerging markets was led by India and Brazil,” the company said.
Coca-Cola chairman James Quincey said in an earnings call: "Trademark Coke delivered strong growth through effective execution and occasion-based marketing."
Coca-Cola, which leads the soft drinks sector, said it recorded strong volume growth in its India business in the third quarter of 2022, helped by its sparkling soft drinks portfolio and fruit drink brand Maaza.
For the three months that ended September 30, Coca-Cola's unit case volume grew by 9 per cent. Its developed markets grew in the mid-single digits while developing and emerging markets grew in low single digits.
"Growth in developing and emerging markets was led by India, China and Brazil," the company said in its earnings statement. It said sparkling soft drinks grew 3 per cent, driven by India, Mexico and China. Nutrition, juice, dairy and plant-based beverages also grew, led by Minute Maid Pulpy in China, Maaza in India, the company noted.
In the Asia Pacific market, which includes India, Coca-Cola's unit case volume grew 9 per cent.