India is proving to be a fizzy goldmine for The Coca-Cola Company. In its latest quarterly update, the beverage giant reported double-digit volume growth in the Indian market for Q1 2025, thanks largely to the enduring popularity of homegrown icon Thums Up and the flagship Coca-Cola brand.
The Atlanta-based company credited India, China, and Brazil for much of the lift in global performance, with the trio helping Coca-Cola clock a 2% growth in global unit case volume for the quarter ending March 28.
“In India, our flagship Coca-Cola and Thums Up are driving strong momentum, pushing us into double-digit volume gains for the quarter,” the company shared in its earnings release.
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One standout moment for Coca-Cola India this quarter was its massive brand activation at the Mahakumbh Mela in Prayagraj—a first-of-its-kind move that gave the company visibility on a cultural stage few other brands can claim.
On the company’s investor call, Chairman and CEO James Quincey pointed to India as a standout performer. “India continues to shine with impressive volume growth across both global and local brands,” he said.
Quincey also noted the expansion of Coca-Cola’s footprint, highlighting that its system in India had:
- Added 350,000 new retail outlets
- Increased cooler installations
- Onboarded 100,000 new users to its digital B2B platforms
- Grown household penetration
Despite this upbeat picture, not every segment sparkled. India saw a drop in sales for non-alcoholic ready-to-drink (NARTD) beverages, a category that includes juices, energy drinks, and dairy-based alternatives. The company acknowledged that gains in countries like the Philippines and Japan were offset by volume dips in Indonesia and India.
Still, India remains a crucial player for Coca-Cola—its fifth-largest market globally—and continues to be a growth engine, especially in traditional soft drinks.
Across the Asia Pacific region, which includes India, unit case volumes rose by 6%, driven by demand across categories. However, there was a caveat: Coca-Cola’s net operating revenue in Asia Pacific fell by 4.05% to USD 1.42 billion, impacted by currency fluctuations and pricing dynamics.
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In a market as competitive—and thirsty—as India, Coca-Cola seems to be doing more than just keeping up. It’s charging ahead, cooler by cooler.
