Global beverage volume growth for Coca-Cola and PepsiCo remained stable for the first nine months of this year in the aftermath of the worst of the COVID-19 pandemic. The Russia-Ukraine war, ongoing zero-covid policies in China, and unpredictable interest rate environments disrupted an otherwise strong period for global volume sales.The table below shows results for selected markets as reported by Coca-Cola and PepsiCo for the first nine months of 2022.
COCA-COLA. The company posted volume increases in all reported market units excluding Greater China & Mongolia. During an earnings conference call with analysts late last month, CEO James Quincey noted that China saw “renewed pandemic-related mobility restrictions” that caused market disruption. In India, volume increased by +41% in the period, which Quincey attributed to “effective execution and occasion-based marketing.” Coca-Cola increased volume in Africa by +2.0% after re-configuring franchise partnerships on the continent in 2022. Latin America saw a volume increase of+8.0%, helped by +10% growth in Brazil. (Coke Latin America President Henrique Braun will speak at Future Smarts 2022. Details and registration HERE.)
PEPSICO. Volume grew by a double-digit percentage in India, Middle East, Argentina, Pakistan, the Philippines, and Vietnam. PepsiCo's China market grew by a high-single-digit percentage. In Russia and Ukraine, where war rages in the region, volume decreased by a double-digit percentage. Turkey’s volume fell by a mid-single-digit percentage, while Nigeria, the UK, and France each grew by a low-single-digit percentage.
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