By Rohit Vaid
Beverages major Coca-Cola India’s mango drink, Maaza, is next in line to become a billion-dollar brand, a senior company executive said on Tuesday.
Currently, the company’s brands Thums Up, and more recently Sprite, have achieved the billion-dollar revenue generating mark.
According to Coca-Cola India and Southwest Asia President Sanket Ray: “(Revenue from) Maaza will be around Rs 4.500-5,000 crore this year. It is in line to be a billion-dollar (around Rs 8,000 crore) brand soon. This year, we are facing pressure from higher mango prices.”
Besides, he said, going forward the company intends to diversify its sourcing within India for mangoes.
Interestingly, the beverages major is the largest corporate procurer of mangoes in India.
“It (Maaza) is expected to touch the (billion-dollar) mark by 2024, but if it does so in 2023, then that would be a bonus.”
Recently, in Q3 2022 global results, Coca-Cola had said that Sprite has grown to become a billion-dollar brand in India.
At present, the company has a range of over 20 products in India spanning everything from sparkling drinks, to coffee, juices, water and milk-based beverages.
In its recently announced results, Coca-Cola pointed out that it had continued to strengthen in the first half of the year with gains in market share of sparkling offerings in India.
Accordingly, it drove 2.5 billion transactions in India at affordable price points through the expansion of returnable glass bottles and single-serve PET packages.
In India, the beverages major’s trademark Coke delivered strong growth through effective execution and occasion-based marketing.
Moreover, India led the growth in developing and emerging markets for the company, especially in unit case volumes and sparkling soft drinks.
On the cost front, Ray did not divulge any plans to hike price points.
“Our affordable options (Rs 10-20) are not facing any pressure. However, larger volume packs are facing price pressures,” Ray said.
“Currently, there is a double-whammy of inflation and currency depreciation.”
Furthermore, he said that the company will focus on bringing in new products, add premium options, and enhancing the number of online platforms where its offerings are available.
Ray added that Sprite Zero and more options in non-alcohol-based drinks in the Schweppes category will be made available soon.
On the macro-front, he exuded confidence that the rural market will bounce back on the back of healthy monsoon, pick-up in the jobs market and the Centre’s capex plan for infrastructure generation.
Currently, its beverage products include Coca-Cola, Diet Coke, Thums Up, Fanta, Limca, Sprite, Maaza, VIO flavoured milk, Minute Maid range of juices, Georgia, Aquarius, Schweppes, SmartWater and Kinley, among others.
This article was first published in Moneycontrol