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
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.
