Coca-Cola expects India to deliver strong growth in the coming years and emerge as one of its top three global markets, supported by resilient consumer demand, an evolving retail ecosystem and favourable government-led economic initiatives, the company’s Global President and Chief Financial Officer John Murphy said on Friday.
Speaking at a media roundtable in New Delhi, Murphy said Coca-Cola’s growth momentum in India is expected to remain robust in 2026, despite weather-related disruptions that impacted performance last year.
“Notwithstanding how many items have come at us over the last couple of years, the underlying consumer sentiment overall is quite robust,” Murphy said. “When I look at the year ahead, it’s a pretty solid foundation from which we can build.”
India is currently Coca-Cola’s fifth-largest market globally by volume, where the company operates through its bottling arm Hindustan Coca-Cola Beverages (HCCB) and multiple bottling partners. When asked about India’s potential to move into the top three markets, Murphy said the country is “moving in the right direction” and has the fundamentals to achieve that position over time.
The beverage major faced a challenging operating environment in 2025 due to a shortened summer season caused by higher-than-normal monsoon activity, which weighed on beverage demand. However, Murphy said the outlook for the current year remains positive.
“India has all the underlying fundamentals to believe that it will be a top-three market in the coming years,” he said, adding that the country remains one of the most important markets in Coca-Cola’s global portfolio.
Murphy also highlighted the role of government initiatives over the past decade, including investments in infrastructure, universal electrification and the digitization of the economy, in stimulating consumption and supporting long-term growth.
“The digitization of the economy is going to be a significant tailwind for a business like ours,” he said, referring to the rapid growth of e-commerce and hyperlocal delivery platforms.
Coca-Cola completed the divestment of a 40% stake in HCCB to the Jubilant Bhartia Group last year, a move aimed at strengthening its local bottling operations as it continues to scale its presence in one of the world’s fastest-growing consumer markets.