Coca-Cola CEO James Quincey on the economy, expanding the company’s line of beverages, the pricing outlook, the Super Bowl, marketing, launching bottles and cans themed to the Korean boy band BTS and the company’s ‘World Without Waste’ initiative.
Coca-Cola, the world’s largest beverage company, is dialing back on sugar and ramping up coffee to quench consumers’ thirst for non-alcoholic beverages.
“There’s a couple of truths about the consumer in the beverage industry,” Coca-Cola CEO James Quincey said to FOX Business’ Maria Bartiromo during the World Economic Forum in Davos, Switzerland, on Wednesday. “One, they are drinking more commercial beverages but two, they want more choice.”
And Coke wants to be the company that serves those many choices. Last year, Coke spent $5.1 billion for U.K. coffee chain Costas, its largest acquisition ever. The deal sparked speculation that the beverage giant was on the hunt for more similar deals, as covered by FOX Business.
“Coffee is a big industry,” said Quincey. “The biggest [barrier] to the coffee industry by far is selling coffee in someone else’s outlet. The independent stores of all sorts of shapes and different sizes around the world sell coffee.”
Coca-Cola has expanded into several key non-alcoholic areas encompassing more of a focus on sparkling products, reformulating iconic Diet Coke with flavors like Diet Coke Ginger Lime and Diet Coke Feisty Cherry and upgrading its Coke Zero brand as Coke Zero Sugar with no sugar or calories.
The soft drink maker, headquartered in Atlanta, Georgia, has more than 500 brands, including Sprite, Dasani, Powerade and Coca-Cola, and sells its products in over 200 countries and territories across the globe.
Coca-Cola is the largest provider of beverages to independent stores, according to Quincey.
By Julia Limitone
Source: Fox Business
Coca-Cola is unveiling a fully plant-based PET (bPET) bottle prototype, excluding the cap and label. The beverage giant has produced a limited run of 900 bottles, confirming the prototypes are recyclable within existing recycling infrastructures, alongside PET from oil-based sources.
McDonald’s and Starbucks are committing an additional US$10 million to the NextGen Consortium, an initiative aiming to improve environmental sustainability standards in the foodservice industry. Founded by investment firm Closed Loop Partners, the Consortium is investigating methods of advancing the design, commercialization and recovery of packaging materials.
Hortifrut is purchasing Atlantic Blue for US$280 million. Atlantic Blue is a key player in the growing and marketing of berries in Europe and Northern Africa, based in Huelva, Spain. The transaction will allow Hortifrut to expand its growing area by about 20% and consolidate its position as the largest fresh blueberry platform in Europe and the UK.