Coca-Cola’s mango-based drink, Maaza, has officially joined the ranks of billion-dollar brands in 2024, Chairman and CEO James Quincey announced on Tuesday. This makes it the company’s 30th brand to cross the milestone.
During the company’s earnings call, Quincey highlighted that Coca-Cola saw strong growth this quarter, with an increase in sales volume. Maaza follows in the footsteps of Thums Up, which became the company’s first Indian brand to hit the billion-dollar mark back in 2021.
Coca-Cola first acquired Maaza and Thums Up in 1993 from Ramesh Chauhan of Parle Bisleri when the company re-entered the Indian market. The deal also included other popular drinks like Limca and Gold Spot. Maaza itself has been around since 1976 and remains a household name in India.
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In 2022, another Coca-Cola product, Sprite, also became a billion-dollar brand in India, reflecting the growing success of its portfolio in the country. The company has been aggressively expanding its reach, adding 440,000 new retail outlets in India through digital customer platforms in 2024. According to Quincey, these expansions allow Coca-Cola to refine its pricing, packaging, and product strategies for the Indian market.
India is currently Coca-Cola’s fifth-largest market worldwide. The company’s global sales saw a 1% increase in unit case volume for 2024, with India, Brazil, and Mexico leading the way. In the final quarter of the year, unit case volume rose by 2%.
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Financially, Coca-Cola’s net revenue for the December quarter climbed 6% to $11.5 billion, while full-year revenue increased by 3% to $47.1 billion. Additionally, the company recorded significant financial gains from refranchising its bottling operations in India earlier in the year, reporting net gains of $303 million for 2024. However, Coca-Cola also noted that it incurred $7 million in transaction costs related to the restructuring of its bottling operations.
