Maharashtra launches statewide fast-food chain inspections after McDonald’s cheese controversy

News

By

-

February 27, 2024

After the discovery of misleading claims regarding the substitution of real cheese with alternatives in burgers and nuggets at a McDonald’s outlet last week, the state of Maharashtra will be inspecting outlets of all global fast-food chains for food regulation violations, as reported by Reuters citing an official source.

Following McDonald’s crackdown, Maharashtra will intensify its inspection efforts by checking for misleading promotion of non-cheese items falsely advertised as containing cheese. All McDonald’s outlets in Maharashtra will be inspected by the state’s Food and Drug Administration (FDA) as part of this heightened oversight initiative.

“We are planning to check all outlets of McDonald’s,” Abhimanyu Kale, the FDA chief told Reuters. “We will also take action on other well-known and frequently visited global fast-food chain outlets,” he added, but declined to identify the brands being targeted.

Continue Exploring: McDonald’s faces regulatory heat: Maharashtra FDA revokes license amid cheese substitution allegations

Saurabh Kalra, Managing Director of Westlife Development, the company operating McDonald’s in western and southern India, expressed readiness for any inspections and affirmed their commitment to maintaining the “highest standards”.

The company’s shares dropped to INR 762 when the news surfaced, but later regained ground.

The FDA had temporarily suspended the license of a McDonald’s outlet in Ahmednagar, prompting the chain to remove the term “cheese” from several items. However, the license was subsequently reinstated.

Continue Exploring: McDonald’s removes ‘cheese’ from outlet menus in Maharashtra following FDA suspension

The regulator accused McDonald’s of using cheese analogs without adequate disclosure, leading consumers to believe they were consuming real cheese. The state FDA has also urged the chain to implement corrective measures across the state and potentially nationwide.

Following the crackdown, Westlife Foodworld issued a clarification last week, stating that it is actively communicating with the relevant authorities regarding this matter and awaiting their final clarification.

“We have always been adhering to stringent food standards and are fully compliant with all applicable food laws. Our commitment to transparency in our ingredients and dedication to providing delicious, high-quality meals to our customers remains unwavering,” the company said.

Continue Exploring: McDonald’s engages with authorities amid controversy over cheese substitutes

Businesses should nurture startups without seeking ownership, says Zomato CEO Deepinder Goyal

By

SnackTeam

-

February 27, 2024

0

On Tuesday, Deepinder Goyal, the founder and CEO of Zomato, emphasized the importance for established businesses to support and foster startups without the aim of acquiring them.

“I think established businesses need to nurture startups…and I don’t think we have that kind of a culture yet, and larger businesses also need to start funding startups but not with an intention to own them but with an intention to help them become bigger,” Goyal said, at the curtain raiser event of the Startup Mahakumbh, which is slated to happen on March 18-20.

Adding to the comments of the Zomato chief executive, Sanjeev Bikhchandani, Vice Chairman of Info Edge India, stated that investing in startups was one of the key strategic areas for Info Edge. Notably, the Noida-based company is an investor in Zomato.

Zomato has investments in various consumer tech startups, such as the hyperlocal commerce platform Magicpin, ecommerce enablement startup Shiprocket, and the health and fitness firm Cultfit.

Continue Exploring: Zomato’s strong Q3 performance spurs brokerage firms to boost price targets; Blinkit expansion drives optimism

The central government is hosting the Startup Mahakumbh event, bringing together over 1,000 startups and a diverse array of investors, including angel investors, high-net-worth individuals, venture capitalists, and family offices.

Bikhchandani is part of the organizing committee of the Startup Mahakumbh event alongside Prashanth Prakash, a partner at Accel, Sanjay Nayar, founder and chairman of Sorin Investments, and Archana Jahagirdar, managing partner at Rukam Capital.

“Today, India is the third largest startup ecosystem in the world…and the goal, as laid by the minister, is to make it the largest startup ecosystem in the world. We are going to have startups from different states and districts in India, and also a bit of an international touch. The whole Mahakumbh has been broken into 10 verticals…from climate and D2C to B2B and SaaS,” Nayar, who is also the former CEO of KKR India, said.

Meanwhile, the government has also launched the Bharat Startup Ecosystem Registry to establish a single-platform database of startups, investors, incubators, and other stakeholders.

“Today, the Indian startup is growing on all fronts with tremendous support from enablers across the country. To match the pace of the ecosystem, we are unveiling the Bharat Startup Ecosystem Registry. We should have data-supported figures of the entire ecosystem and the aim is to unify all stakeholders under a cohesive framework for seamless coordination and facilitating networking opportunities,” said Sanjiv, joint secretary, department for promotion of industry and internal trade.

Continue Exploring: Zomato reports third consecutive profitable quarter with INR 138 Cr PAT in Q3 FY24

Farmtheory secures $1.45M seed funding from Merak Ventures to reduce food waste and boost farm yields

By

SnackTeam

-

February 27, 2024

0

Farmtheory, an agritech startup, has secured $1.45 million (INR 12 crore) in seed funding from Merak Ventures.

The startup plans to utilize the fresh capital to scale up its operations, primarily by expanding its supply arm, enhancing its technological infrastructure, and bolstering its supply chain through outreach to more farmers. This approach aims to ensure a robust and sustainable source of produce.

Established in 2019 by Arpit Agarwal and Sakshi Agarwal, Farmtheory aims to minimize food waste at its source, increase farm yields, and deliver quality ingredients to commercial kitchens.

Farmtheory labels the unsold produce as ‘freeform’ and procures it directly from farmers, supplying it to various buyers including cloud kitchens, catering companies, food processors, and restaurants. This produce can be utilized by buyers in the same manner as conventionally shaped produce.

Continue Exploring: Y Combinator-backed Guac fights food waste with customized, AI-based forecasts

The Bengaluru-based startup aims to boost farmer incomes, mitigate food loss, and combat climate change by redirecting edible produce to new markets rather than letting it go to waste.

Farmtheory asserts that it has enlisted 3000 partner farmers to date and has catered to over 1500 kitchens. Moreover, the company intends to substantially expand its network of partners and geographical reach, moving forward to extend the benefits of its innovative model to more farmer communities across the nation.

“Farmtheory embodies a vision where every connection between farmer and consumer signifies more than just a transaction — it represents a commitment to enriching lives and fostering sustainability. Through our platform, we empower farmers to share their harvests with the world, creating meaningful connections that sustain communities and promote environmental responsibility,” said Arpit Agarwal.

Sheetal Bahl, Partner at Merak Ventures, expressed that Farmtheory is not only tackling the issues of food waste, farmer income, and climate change but also envisioning innovative solutions with the capacity to revolutionize the agricultural and food industry.

According to market research, the Indian agritech startup ecosystem is projected to have a total market opportunity worth $24 billion by 2025. Analysis shows that these startups have already secured more than $2.4 billion since 2014.

Continue Exploring: Shilpa Shetty-backed agritech startup KisanKonnect secures INR 31 Crore in pre-series A funding led by Green Frontier Capital

Blinkit empowers franchise owners with new app for streamlined operations

News

By

SnackTeam

-

February 27, 2024

0

Blinkit, the quick commerce marketplace, has launched the Blinkit Franchise App aimed at assisting its franchise owners across the country, as announced by a company official on social media on Monday.

Blinkit anticipates that this initiative will foster better communication between franchise owners and their customers, enabling them to efficiently streamline business operations.

“Nothing beats the satisfaction of helping franchise owners grow their businesses and serve their community! I’m thrilled to share a brand new app we’ve built for this very purpose,” said Albinder Dhindsa, founder of Blinkit in a LinkedIn post.

Continue Exploring: Blinkit continues growth trajectory with second consecutive quarter of positive contribution

“The app is a first-of-its-kind in the quick commerce space—it improves the way our franchise owners connect with their customers while enabling them to build their business more efficiently,” he added.

At present, hundreds of Blinkit franchise stores are operational across 27 cities in India, managed and operated by emerging local entrepreneurs.

The app offers real-time, weekly, and monthly insights into crucial business metrics and customer concerns, along with visibility into store team attendance and performance. Moreover, it provides a transparent system to guarantee accurate and timely payouts.

The app can be downloaded from both the Google Play Store and the Apple App Store.

Blinkit, based in Gurgaon and previously known as Grofers India, was founded in 2013. In 2022, Zomato acquired the company in an all-stock deal worth INR 4,447 crore.

Continue Exploring: Zomato’s Blinkit set to ramp up e-commerce deliveries with diverse product range

Lay’s teams up with David Beckham and Thierry Henry for epic ‘No Lay’s, No Game’ return, surprising 75,000 fans

By

SnackTeam

-

February 27, 2024

0

Do you have Lay’s? Well, this apparently simple question could lead to surprising rewards, at unexpected moments, and sometimes from unexpected sources. Lay’s, the world’s top chip brand and official snack partner of the UEFA Champions League (UCL), has launched No Lay’s, No Game 2024, rewarding fans who are ready for game day with Lay’s throughout the tournament. Through an ambitious “Chip Cam” stunt featuring football superstars David Beckham and Thierry Henry, as well as an immersive digital experience with the Lay’s Detector, Lay’s is bringing joy to football fans worldwide who watch the beautiful game with Lay’s in hand.

“We’ve heard from football fans from all over the world and they tell us the same thing: whether watching with a group of friends or at home solo, the experience is always better when sharing a bag of Lay’s,” said Ciara Dilley, vice president of marketing, Global Foods Group at PepsiCo.

“This year, No Lay’s, No Game is giving fans even more reasons to have Lay’s in hand. For those who do, something truly remarkable might happen. And those who don’t? They may be left missing out,” she added.

Continue Exploring: Lay’s gets a desi twist: AI imagines a chip lineup featuring Dhokla, Chole Bhature, and More

This year, Lay’s embraced an adventurous approach for its campaign, enlisting Beckham and Henry to pose the question, “Do you have Lay’s?” to a crowd of 75,000 cheering fans at San Siro during one of the most anticipated matches of the UEFA Champions League season between AC Milan and PSG. Just before kick-off, Beckham discovered, and couldn’t believe, that Henry had eaten all of his Lay’s chips. To resolve it in just five minutes, the two put out a call through the Lay’s “Chip Cam” – an unexpected spin on the traditional kiss cam.

In a thrilling yet amusing quest to locate Lay’s, the Chip Cam sweeps through the crowd. Beckham and Henry observe as spectators offer various items on the jumbotron – from pizzas to empty Lay’s bags, even a couple engaged in a kiss – all eager to catch attention. Finally, much to Beckham and Henry’s delight, two fortunate fans, a father and daughter, are spotted with Lay’s and are invited to enjoy the game alongside the iconic football stars. This demonstrates that having Lay’s can unlock an extraordinary football viewing experience. This epic pursuit to discover fans with Lay’s, leading to an unparalleled viewing opportunity for the fortunate winners, serves as the highlight of this year’s No Lay’s, No Game commercial and will be broadcast throughout the UCL tournament season.

“We had a great day filming at the San Siro stadium for No Lay’s, No Game. Whenever Thierry and I get together it’s always a lot of fun – and it was fantastic being able to surprise 75,000 fans,” said Beckham.

“Last year, I teamed up with Lay’s to surprise some of football’s biggest fans by literally going to their doors to see if they had Lay’s – and if they did, I stayed and watched the match with them,” said Henry. “This year, we really upped the ante with the Lay’s Chip Cam, and it was truly an exhilarating experience being back in the stadium with David. We spent a lot of our careers playing against each other on the pitch, so there’s something special about coming together with Lay’s in a whole new way to offer a once in a lifetime experience for fans.”

The collaboration for the campaign involved Slap Global and was directed by the award-winning commercial and television director, Andrew Lane.

While not everyone can attend the San Siro, Lay’s is bringing No Lay’s No Game to your home. In collaboration with Meta and Simone, Lay’s has introduced the Lay’s Detector, a distinctive digital experience offering football fans in select countries around the globe the opportunity to win exciting prizes throughout the UCL tournament. How does it work? Fans need to demonstrate they have Lay’s with them while watching a match. To utilize the Lay’s Detector, simply scan the QR code found on Lay’s social channels or the No Lay’s, No Game commercial to activate the effect. Subsequently, fans will be prompted to confirm their Lay’s possession – and if confirmed, they’ll be eligible to win exclusive prizes, content, and even tickets to the UCL Men’s Finals at Wembley Stadium in London. And if they don’t have Lay’s handy? Not to worry, fans will still have additional opportunities to showcase their Lay’s bag for a chance to win epic prizes throughout the remainder of the season.

Continue Exploring: Unilever named official sponsor of UEFA EURO 2024, bringing favourite brands to the pitch

Food delivery app surge leaves QSRs struggling with revenue and margins amidst fragmented sales: BNP Paribas Report

By

SnackTeam

-

February 27, 2024

0

With the exponential surge of food delivery apps like Zomato and Swiggy, quick service restaurant operators are grappling with significant challenges, as outlined in a report by French brokerage BNP Paribas. The report emphasizes that both revenue and margins are under severe strain, with the journey to recovery proving longer than initially estimated. It points out that the increasing popularity of food aggregators has adversely impacted dine-in sales for quick service restaurants (QSRs) and has also fragmented delivery sales.

Additionally, as more restaurants collaborate with food delivery platforms, consumers now enjoy a broader array of options, resulting in fragmented sales. This factor is likely contributing to the decline in average daily sales within the quick service restaurant (QSR) industry, alongside the overall weakness in demand due to heightened inflation, as emphasized in the report.

Pizza, the most delivery-friendly option, is facing intense competition as more cuisine options have become available to consumers.

Continue Exploring: Indian appetite for pizzas and burgers wanes: Domino’s and McDonald’s franchisee results reflect decline in dining out trends

“While inflation may also be hurting demand, there are other factors at play, and we think the road to recovery could be longer than what the market estimates,” the report said.

The report noted that Zomato and Swiggy have experienced over a threefold increase in restaurant onboarding, soaring from 278,000 in FY2020-21 to surpassing 700,000 in FY2022-23.

Zomato’s average monthly active restaurant partners jumped from 61,000 in FY19 to 2,54,000 as of third quarter FY24, while Swiggy had 2,72,000 active restaurants as of FY23, French brokerage BNP Paribas said in a report.

The report highlighted that the overall scale of food delivery companies has undergone substantial growth, enhancing customer reach, particularly benefiting smaller restaurants. It further noted that the increasing popularity of food aggregators has adversely affected dine-in sales and led to the fragmentation of delivery sales.

Continue Exploring: KFC, Pizza Hut operator Sapphire Foods reports biggest quarterly profit drop since 2021 IPO

In light of this context, concerning Quick Service Restaurants (QSRs), the report stated that contrary to expectations of a potential recovery in the third quarter of the current fiscal year, the top-line growth was notably weaker than anticipated by consensus.

In the third quarter of the current fiscal year, industry revenue growth declined to 7 percent year-on-year, down from 20 percent in the third quarter of FY23. This drop occurred despite a 15 percent increase in store count year-on-year; however, average daily sales decreased. Although gross margins expanded due to lower raw material prices, operating margins decreased for most Quick Service Restaurant (QSR) firms due to increased employee and store-related costs, according to the report.

Continue Exploring: North India’s first ‘Pizza ATM’ debuts at Chandigarh’s scenic Sukhna Lake

Luxury hotel chains in India expand branded residences amid rising demand from high-net-worth individuals

By

SnackTeam

-

February 27, 2024

0

Encouraged by growing demand from high-net-worth individuals, luxury hotel chains in India are expanding their portfolio of branded residences to cater to a wealthy clientele seeking premium living experiences.

Marriott International, the world’s largest operator of hotels and branded residences, and a pioneer in managing standalone branded residences, has recently signed its first agreement for JW Marriott-branded residences in India, starting in Hyderabad, and is currently in negotiations for additional locations. Likewise, Hilton is actively exploring opportunities to expand the reach of its luxury brands such as Waldorf Astoria and Conrad into major cities to introduce branded residences.

In May 2022, India’s EIH partnered with B I Luxury for its inaugural project, Trident Residencies. According to Shashank Bhagat, chairman of BI Group, the apartments and penthouses will be ready for possession by October this year. These standalone properties, featuring five-star amenities and priced between INR 18 crore and INR 45 crore, do not share premises with hotels. Among the notable owners are Sunil Kant Munjal, chairman of Hero Enterprise, and the Pai family of the Manipal Group.

Hotels set to achieve 11-13% revenue growth in next fiscal despite high base: CRISIL Ratings

Hotel operators and investment advisory firms report that India’s affluent are increasingly drawn to branded residences due to their access to world-class amenities and personalized services synonymous with luxury hotels. They note that while this concept is firmly established in developed hospitality markets such as the US, Middle East, and Europe, it is now gaining momentum in India.

“Developers are gearing up to seize the immense potential, forging lucrative partnerships. We’re actively conducting feasibility studies and brand affiliation assignments for projects in Solan, Chikmagalur, Goa, Dharamshala, and Udaipur,” said Nandivardhan Jain, CEO of Noesis Capital, a hotel consulting and advisory firm.

Penny Trinh, senior director, mixed-use development, APEC, Marriott International, said, “The increasing number of UHNWIs/HWNIs in India, along with a growing demand among domestic consumers for a lifestyle that mirrors our brands’ design, services, and amenities that consumers have come to love during their travels, offers exciting growth opportunities for branded residences.”

Trinh noted that prime urban areas such as the NCR region, Mumbai, Bengaluru, Hyderabad, and Chennai, along with resort destinations like Goa, Himachal Pradesh, and Udaipur, are perfect settings for branded residences. Suma Venkatesh, Executive Vice President of Real Estate and Development at The Indian Hotels Company, which operates the Taj brand of hotels, concurred with this assessment.

“There is potential for Taj branded residences along with a hotel development in every metro city,” she said.

In April 2022, IHCL made its debut in the branded residences sector by signing another Taj hotel in Chennai. The forthcoming development, operating under a management contract, will incorporate branded residences within the hotel complex. This greenfield project will consist of a luxury hotel offering 235 rooms alongside 123 Taj branded residences. Construction is currently in progress, she confirmed.

“We are seeing a healthy demand for this segment fuelled by the boom in the real estate market and growth in wealth accumulated by HNIs. The growing economy and evolving consumer preferences are also some contributing factors to grow the appetite for luxury living experiences; one can only expect more innovation and diversification in this space,” said Zubin Saxena, senior vice-president and country head, India, Hilton.

On average, branded residences typically command a 30% price premium over non-branded residences in various markets. Homebuyers are inclined to invest in reputable brands that provide assurance of quality, she highlighted. Early entrants into the segment in Mumbai include Ritz Carlton, Leela Hotels, and Four Seasons, who have already established branded residences.

Bhagat of BI mentioned that their “company is currently in the stages of acquiring land for an additional project under the Oberoi brand in Bengaluru.” He emphasized that the primary challenge for such projects, particularly in metropolitan areas like Delhi, is land acquisition. Requests for comments sent via email and text message to a spokesperson for EIH went unanswered as of press time.

ICRA forecasts 7-9% revenue growth for Indian hotel industry in FY25

DCGI cracks down on unregulated cosmetics: Importers ordered to disclose consignment details

News

By

SnackTeam

-

February 27, 2024

0

The Drugs Controller General of India (DCGI) has asked importers of cosmetics to provide information on consignments coming into the country, as it aims to prevent the sale of unregulated and fake products, according to people aware of the development. The regulator has sought information on the number of consignments, their bills, the quantity imported, and cost of imported cosmetics, among other details.

The importers have acknowledged receipt of the DCGI’s notice. Previously, the DCGI had issued show-cause notices to ecommerce portals regarding the sale and distribution of counterfeit, adulterated cosmetics, as well as cosmetics produced without a valid license, violating the Drugs and Cosmetics Act, 1940.

“The Cosmetics Rules, 2020 have been notified on 15.12.2020 by the government of lndia under the Drugs and Cosmetics Act, 1940 (23 of 1940),” it said in the notice dated February 23.

Continue Exploring: Shift in Indian beauty market: Fairness creams witness first decline as demand swells for radiance and hydration products

“This office has granted import registration number (lRN) under Form Cos-4A for cosmetics, which are already registered under Rule 13 for import and sale into lndia.”

In the notice, the regulator stated that in accordance with the conditions outlined in IRN under Form Cos 4A, importers are obligated to furnish an annual statement detailing the cosmetics imported to the Central Licensing Authority.

However, it further stated that the office has not been receiving the annual details of cosmetics imported by importers.

The DCGI has thus asked for details like the annual statement of details of cosmetics imported in India from the date of grant of IRN under Cos-4A to their office including details such as number of consignments, bill of entries of each consignment, imported quantity in each consignment, total cost of imported cosmetics in each consignment, warehouse details where those are stored for further distribution and sale among other details.

Earlier, raids were carried out which revealed the extent of illegal cosmetics in the market.

The confiscated items comprised creams containing mesenchymal stem cells, oral glutathione supplements, placenta and glutathione injections, hyaluronic acid injections, botulinum toxin injections, hair serums, peels containing assorted ingredients, collagen pyruvate, biotin hydroxin, pure caffeine, anti-hair loss solutions, skin peel exfoliators, and more.

Continue Exploring: Beauty and personal care tops D2C sales charts in 2023: GoKwik Report

Flipkart expands grocery operations with fourth fulfillment center in West Bengal

News

By

SnackTeam

-

February 27, 2024

0

Flipkart, the e-commerce marketplace, announced the opening of its fourth grocery fulfillment center in Malda, West Bengal, as stated in a press release issued on Monday.

According to the release, the center will create over 700 direct and indirect job opportunities within the local community, and also serve as a gateway for thousands of local sellers, MSMEs, and small-scale farmers to access the nationwide market.

Covering an area of 1.13 lakh square feet, the fulfillment center is expected to handle over 7,000 orders daily.

Continue Exploring: Flipkart opens first ever grocery fulfillment center in Bhubaneswar, promising 24 hour delivery

“Our commitment to next-day delivery ensures that local consumers have access to fresh groceries delivered to their doorsteps, bringing the benefits and convenience of e-commerce into their lives,” said Rajneeesh Kumar, chief corporate affairs officer at Flipkart Group.

“With the launch of the fourth grocery fulfillment center in the state, we will be able to offer unparalleled customer service combined with superior value delivered at the customer’s convenience while giving a push to the upliftment of livelihoods of numerous regional businesses and sellers,” commented Hari Kumar G, vice president, head of grocery, Flipkart.

Continue Exploring: Flipkart explores buyout of cash-strapped Dunzo

Coca-Cola’s top brass set to make high-stakes visit to India with 200-member team

By

SnackTeam

-

February 27, 2024

0

James Quincey, the global chairman and CEO of The Coca-Cola Co, is set to lead a 220-member company leadership team on a visit to India this week, according to executives familiar with the plans. This underscores New Delhi’s increasing importance for the Atlanta-headquartered beverage giant as it seeks to boost sales in mature markets like the US and Europe.

India, boasting the world’s largest population and a youthful demographic, stands as one of the top five priority markets for volume growth for the manufacturer of Coca-Cola, Sprite aerated beverages, Minute Maid juices, and Kinley bottled water.

“The executives are keen on meeting the government brass,” said one of the executives cited above. “They will also be engaging with bottling partners that now operate close to half of Coca-Cola’s bottling business in India – and are crucial since they will infuse capital into the business.”

The teams are scheduled to meet in Goa. Alongside Quincey, the company’s president and CFO, John Murphy, and the global chief marketing officer, Manuel Manolo Arroyo, are leading the teams of Coca-Cola officials.

“India is gaining prominence in global system due to strong earnings over the last two years. There are significant investments into building capacity, and the focus is now on ensuring growth is balanced with profitability,” said one of the executives cited above.

India is considered a core growth target due to the low penetration of packaged soft drinks in the country. However, beverage makers remain concerned about the taxation of aerated drinks. Despite being priced at INR 10 and above, soft drinks are classified in the same tax bracket as alcohol. Under the GST regime, carbonated drinks attract a peak GST rate of 28%, along with an additional 12% compensation cess.

Continue Exploring: Coca-Cola reports robust growth in India in 2023, plans increased investments for expansion

In an earnings management commentary following the December quarter, Quincey stated that Coca-Cola’s business in India experienced “strong growth throughout 2023” despite climate disturbances.

“A significant portion of our expected capital investment increase is to build capacity for our India business and Fairlife (Coca-Cola’s dairy business),” Murphy said during the fourth-quarter and full-year earnings call last fortnight.

In December 2023, Coca-Cola’s regional bottling partner, Hindustan Coca-Cola Beverages (HCCB), unveiled plans to invest INR 3,000 crore in Gujarat for the production of juices and aerated beverages.

In its full-year earnings presentation, The Coca-Cola Co highlighted India and Brazil as leading growth markets in developing and emerging economies throughout 2023. The company noted an augmented value share in the Asia-Pacific region, primarily driven by India, the Philippines, South Korea, and Japan. However, specific market share gains were not disclosed.

Continue Exploring: Coca-Cola undertakes major refranchising move in India, shifting bottling operations to independent partners

Throughout the full year, developed markets saw a 1% growth, with decreases observed in the US and Chile. Conversely, developing and emerging markets experienced a 2% expansion, fueled by the growth witnessed in India and Brazil, as stated by the beverage company.

According to financial data obtained from the business intelligence platform Tofler, Coca-Cola India’s consolidated profit surged by 57% to INR 722 crore in FY23, while revenue from operations rose by 45% to INR 4,521 crore.

An economic policy think-tank, ICRIER, projected that India’s non-alcoholic beverage market would grow to INR 1.47 lakh crore by 2030, a substantial increase from INR 67,100 crore in 2019. The report highlighted carbonated soft drinks and bottled water as the primary contributors to the non-alcoholic beverages sector. Additionally, it emphasized the expanding market for juices, energy drinks, tea, milk, and coffee-based beverages, indicating significant potential to boost consumption of packaged drinks.

NewsHub