Coca Cola India eyes double digit growth

Beverage major, Coca Cola India, is aiming to clock in double digit growth for the coming quarters of the ongoing year in line with its plan to become the fifth largest in the world by 2020.

At present, India is the seventh biggest market for Coca-Cola.

"Our aspiration is to get back on double digit growth," Coca Cola India deputy president India & South West Asia Venkatesh Kini said here today on the sidelines of FIFA World Cup Trophy tour in city.

During the third quarter of the current year, Coca Cola witnessed a six per cent growth from one per cent during the preceding quarter ending June.

"We had 29th consecutive quarter of growth. We gained volume and value share in India in the quarter in total non-alcohol ready-to-drink beverages as well as in both sparkling and still beverages," Kini said.

According to him, the beverages major is banking on India's hinterland and looking at opportunities to introduce new product lines to strike growth. "Some products are already on trial including dairy and energy-based drink," he added.

Speaking about the rural strategy Kini said, "To do this, we are offering affordable price points to consumers like the 200 ml Coca-Cola glass bottle at Rs 8, Maaza tetrafino pack at Rs 7. Innovations like the solar cooler -eKOCool and eutectic coolers - are further helping rural penetration," he added

The parent company said it was working towards achieving the 2020 vision of doubling system revenues and servings this decade and India will be a strategic growth market for Coca Cola global market . The company had lined up USD 5 billion till 2020 in India.

With a per capita consumption of 14 per year for Coca-Cola products, as compared to the global average of 94, the Indian market offers huge growth opportunity, he pointed out.

An increasingly evolving middle class, higher disposable income, changing lifestyles and habits are key factors that will fuel growth of the beverage industry.

However, Kini refused to comment on details of the total combined investments of Coca Cola and its partners in 2012 and 2013, so far, in India, out of $5 billion targeted till 2020. Coca Cola has invested $2 billion between 1993 and 2011.